Hi, when I first heard about Bitcoin it changed my life. I left my [successful] career as a lawyer, I started coding and I went into academia and completed my PhD about blockchain.
I’d like to share my concerns about the future of Bitcoin. About its value, not price. About its purpose and utility. As I was always a true believer of Bitcoin and its open competitive consensus.
I projected bitcoin’s market dominance - and it indicates it is going to lose at least half of its market value within the next 3-5 years. And probably sooner or later will give ground to Ethereum.
Though the problem is more than that. It has been locked in a paradigm that does not work. It had to become a [global] peer-to-peer electronic cash. The title and abstract of Nakamoto’s paper clearly state these goals.
But who even uses it as cash? I am looking at the number of transactions and I see pure speculation.
When was the last time someone bought anything for bitcoin? (ok, maybe on this forum there are more chances to see these rare people, but ask anyone in your town). It is not money and will not become so in its true meaning.
If you take a look at Top 10 on coinmarketcap you will see only Bitcoin and Dogecoin - two pure cryptocurrencies that are left in this list. Others are application platforms.
I clearly realise that
Bitcoin should change its strategy.Bitcoin still has one fundamental advantage -
it is the most secure digital repository that humankind has ever created. This should be leveraged in its transformation into a web3/dapp platform.
Unfortunately, this Turing-complete smart contract narrative completely misled people, and apps on Bitcoin-like systems and apps on them are perceived as flawed systems, which is not true.
Throughout years of my academic research I came across a number of techniques of application development on bitcoin-like ledgers. I can say with 100% certainty there is no lack of technologies and techniques of developing well-designed and functional applications on Bitcoin, including token-applications. It is a matter of the community and its leaders - where they want to direct Bitcoin.
Before anything dramatic happens, before irreversible processes begin, I’d put my efforts with other thinkers into Bitcoin’s greater future.
If you wish to hear more thoughts about it you’re welcome to watch my video and join the discussion down below.
https://youtu.be/b_mWdQSZgPU*********
UPDATE:
Since many folks perceived that I was talking about forking, changes in the core, or sidechaining, I should clarify that I was not. And I am not trying to raise money for anything.
I am referring to various techniques of app development using anchoring (publishing data on blockchain). Probably the most known is OMNI Layer. I came across different techniques of app dev on blockchains (not only Bitcoin) and realized that there are methods and techniques that are worth looking at. So, to mind nothing really limits app development on Bitcoin (including creation of digital assets). Of course, there could better conditions for that. For example, block size or better scripts for publishing data (more data), etc. But look at it from another perspective - Bitcoin as a resource is limited, it should be limited and expensive - it is what it is, and it is what it makes Bitcoin the most secure repository - a digital stronghold. So, I'd work with it. And I’m pretty sure there will others who'd like to enjoy such an infrastructure for their dApps. Combining best practices of app development is the right answer. In a while I’ll elaborate on that in the Tech section of the forum.
