I don't think it will ever be possible to create a token under the Bitcoin network if it could have been it should have been done in the past long ago..
I see Bitcoin Blockchain as something which is not compatible for other tokens to be developed under them, don't really know the language to use in explaining it..
But the I see Bitcoin a Blockchain which don't operates a public smart contract that's a place where others can just built their own token under it just like the ETH Blockchain and Bsc and many others which are out their.
The Bitcoin version of tokens was proposed originally proposed in the Bitcoin whitepaper by Satoshi as "colored coins". Also, it's not really a matter of "if" at this moment, it's a matter of when. Smart contracts already somewhat exist after the Taproot upgrade as well. Also refer to my post about StarkWare's development:
which aims to power the issuance of digital assets on the Bitcoin blockchain
agreed, you have already summed it up, but one thing confusing me like when this taproot will be completed and companies can launch their digital assets or collectibles on the BTC blockchain and can pay Fees using BTC. Isn't it will put more processing work for the BTC blockchain like this could increase the load on the BTC blockchain to process transactions?
I am not that technical person regarding taproot so i am curios after reading your mentioned article because recently I read a post in which the OP was saying,
Bitcoin can't become world currency (at least now).. Like he is totally right about one thing BTC is not fully developed to hold a load of transactions of the whole country, like in his OP i replied using this example of El-Salvador that, let's say a population of 7 million if make transactions on BTC, it will take around more than 10 days to validate them.
Using the same scenario, if it going to start leveraged for paying fees for collectibles and other digital assets, isn't it will put more load on the BTC blockchain?
You raise a fantastic point! The answer will circle back to "priority". The highest fees paid will get confirmed the fastest. The way ordinals (dubbed "bitcoin nfts" but aren't really nfts) work and how they are working kind of outside of the blockchain right now, is that they are placed inside a block with the remaining space. This way, ordinals don't take away from transfer transactions, rather using up the remaining space.
In terms of tokens, I believe that the purpose of zkSTARK proofs is to compress transaction data to help eliminate the possibility of effecting scalability. How exactly it will be implemented into blocks is something I have not fully dug into yet. I'm not sure if any of zkSTARK/Taro documentation/posts address this yet or if I have just not read it yet (I'm sure they have at this stage, I'll come back if I ever look further into it in my spare time)
