In a recent announcement, Best in Slot, the infrastructure company that feeds some of the most popular Bitcoin applications and Bitcoin wallets such as Xverse and Liquidium, revealed that BRC-20 are receiving an update.
Nicknamed BRC2.0, it is expected to be launched in Bitcoin Testnet in the first quarter of 2025, with the aim of bringing “smart contracts” to BRC-20, which allows them to compete with Bitcoin’s lateral technology designs.
In summary, the “BRC20 programmable module” is designed to “unlock new infinite cases for native assets in Bitcoin, including defi without seams, RWAS, Daos, Stablecoins and more, without trusting multiple bridges or L2S.”
After many years in space, we can all agree that we have heard promises as it is before. However, metaprocol have a distinguishable advantage: they are completely in the chain, instead of relying on completely separated chains with new assumptions of trust. Of course, metaprocol may not be the best approach to decentralize the economy of the Token in Bitcoin, but they are a beginning.
The runes suffered overwhelmingly high expectations before launch, and this is an opportunity for BRCS to return. No matter its position on tokens in Bitcoin, competition between different standards will finally bring more efficiency and reduce swelling in the chain, something that we can all agree is desirable.
The real question is this: for regular bitcoinists who use bitcoin purely as a monetary network, do we really need to go through this again? Chain congestion, useless pump and fall schemes, fired rates …
My answer is: Absolutely!
The Mempool has been “dead” for most of the last six months.
First, as Bitcoiners, we are supposed to support free markets. Having additional users who pay rates is literally the best possible result for Bitcoin survival. The miners have just passed through another half, and maintaining mining is the only way to avoid centralization in the hands of subsidized actors (whether they are governments or financial markets, yes, miners that emit unlimited loans to buy machines will not last forever) .
For the context, according to Coindesk, the validators of Solana experienced a record influx of more than 100,000 sun, with a value of almost $ 25.8 million, in rates and tips due to an intense commercial activity of the Trump and Melania tokens.
Second, Pandora’s box has already opened. Bitcoin chips are here to stay. If users want additional programability, who has the authority to stop it? (Apart from pro-centered thought, of course).
As the Bitcoin ecosystem evolves, the introduction of the BRC-20 update presents a convincing case of why it could eclipse the runes token standard. Here are several reasons why:
- The main charm of BRC2.0 lies in its promise to improve efficiency. With the functionality of the smart contract, the BRC-2.0 tokens could handle complex operations directly in the Bitcoin block chain, which potentially reduces the need for additional layers or lateral technology. This could lead to more compact transactions, reducing swelling in the chain, problems have been criticized due to their initial exaggeration and subsequent congestion. This efficiency could be a change of game for the scalability of Bitcoin, offering a simplified approach to tokenization without altering the security or decentralization of the central protocol.
- BRC2.0 is designed to integrate with existing bitcoin infrastructure. Thanks to the collaborations with the tastes of the Layer 1 base, I could improve the user experience and interoperability. Unlike the runes, which faced challenges in the adoption of the user due to the complex processes of Mint and UX Malo, BRC2.0 aims to provide an easier interface to use for the creation and interaction of Token. This could lead to a broader acceptance and use, which makes Bitcoin a more attractive platform for developers and users equally.
My predetermined position in anything new related to Bitcoin is always a caution. We will have to wait for the real details of this new protocol to be revealed, but I am excited about the possibility of more efficient defi use cases in Bitcoin, not in minor chains.
If you are still skeptical, I will leave you with this question: if the tokens in Bitcoin are inevitable, what is worse?
- Metaprocol using the bitcoin block space in exchange for rates, without changing the network rules?
- Or Bitcoiners who yield your bitcoin won with effort to centralized and competitive chains to access the same tokens markets?
Like Bitcoin Maxi, I want all the rates. I want all users. Bitcoin Maxis should be rates of income income, provided that the central spirit of the underlying network remains unchanged (looking at felines enjoyyyers).
My TL; DR:
- Wait and see what BRC2.0 has to offer. Will it really become programmable in a way that is safe enough for Bitcoiners to trust?
- The runes can become irrelevant if the BRC organize a real return, especially with better UX.
- Let the miners rejoice with the Degén rates.
- Bitcoin tokens without changing the rules are better than Bitcoin tokens that require new operation codes or altered rules.
- Grateful for all Gigabrain developers that are built in Bitcoin applications instead of vaporware chains.
This article is a Carry. The opinions expressed are completely from the author and do not necessarily reflect those of BTC INC or Bitcoin magazine.
The articles I write can discuss issues or companies that are part of my company’s investment portfolio (Rubo management). The opinions expressed are only mine and do not represent the opinions of my employer or its affiliates. I am not receiving financial compensation for these shots. Readers should not consider this content as financial advice or support from any company or investment in particular. Always do your own research before making financial decisions.
