Overview of New Bitcoin Technology Development

1. The Main Exploration and Conflicts of Bitcoin's Original Technology

The original technology of Bitcoin has always faced conflicts between large-scale application and its intended capabilities. With the development of technology, many issues have received clearer answers. The Bitcoin main chain and related "test chains" have undergone a process of change, culminating in the emergence of technologies like Taproot, which have propelled new applications such as the Ordinals protocol, re-entering a new peak of development.

1.1 The scripting language of Bitcoin and instruction reduction

Bitcoin uses a reverse Polish notation script language, which has no loops or conditional control statements and is not Turing complete. This design avoids certain security risks but also limits the implementation of complex functions. Throughout its history, Bitcoin has repeatedly removed instructions, mainly involving string operations, arithmetic operations, and so on. This reduction helps to make the underlying protocol more fundamentally stable.

1.2 Bitcoin Fork History and Reasons

The block size debate is one of the main reasons for the Bitcoin hard fork. Satoshi Nakamoto initially set a 1MB block size limit but considered it temporary. Later, a heated discussion arose over whether to increase the block size, leading to the emergence of forked coins such as BCH. These forks are a form of developmental exploration, attempting to meet more demands through their own changes.

1.3 Typical Explorations in Bitcoin Development

After Satoshi Nakamoto left, various explorations were conducted around the scalability of Bitcoin:

• Colored Coins(: Representing a broader range of assets by adding special annotations to Bitcoin.
• MasterCoin)OMNI(: Established a complete node layer to maintain the state model database by scanning Bitcoin blocks.
• CounterParty: Use OP_RETURN to store data, enabling asset issuance, trading, and other functions.

) 1.4 The Imperfection of Bitcoin and Layered Protocols

Some limitations of Bitcoin include:

• The UTXO account model is not conducive to the implementation of smart contracts.
• The non-Turing complete scripting language limits complex functions.
• Centralization issue in mining
• Scalability issues

From the perspective of layered protocols, these characteristics are more suitable as the infrastructure of a layer network.

![On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development]###https://img-cdn.gateio.im/webp-social/moments-a1a0a7c80d29f909fe52d2245296e64c.webp(

2. Important New Technologies in the Development of Bitcoin

) 2.1 OP_RETURN and Segregated Witness

OP_RETURN allows arbitrary data to be stored on the chain. Segregated Witness ###SegWit( separates transaction signature data from transactions, effectively increasing block capacity.

) 2.2 Schnorr, MAST, Taproot Scripts

• Schnorr signatures: can aggregate multiple signatures, improving efficiency and privacy.
• MAST### Merkle Abstract Syntax Tree (: Optimize transaction data storage
• Taproot Scripts: Expanded the native scripting capabilities of Bitcoin

![On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development])https://img-cdn.gateio.im/webp-social/moments-074ff0b9337dec4aa746c91bae22716d.webp(

) 2.3 Ordinals, Inscriptions, BRC-20 and other protocols

• Ordinals: Assigning a unique number to each Satoshi
• Inscriptions: Engraving information on the smart contract to create NFTs
• BRC-20: Creating a fungible token standard on Bitcoin
• Atomicals, ARC-20: Other token standards similar to BRC-20
• Rune: UTXO-based homogeneous token scheme
• BTC Stamps, SRC-20: another type of NFT and token standard

![On the Eve of Another Outbreak, A Comprehensive Summary of Bitcoin's New Technology Development]###https://img-cdn.gateio.im/webp-social/moments-8e4224e5242adda2c65a4b8f4d909699.webp(

![On the Eve of Another Outbreak, A Comprehensive Summary of Bitcoin's New Technology Development])https://img-cdn.gateio.im/webp-social/moments-6eaa1335a958daf244f652625ac1ba8a.webp(

![On the eve of another outbreak, a ten-thousand-word summary of Bitcoin's new technology development])https://img-cdn.gateio.im/webp-social/moments-983664079f5d1f82a788cf7e798b82e1.webp(

![On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development])https://img-cdn.gateio.im/webp-social/moments-4a1d474f41b0ecfa22c0ff3f682049b8.webp(

3. How to Use New Technologies and Future Development

) 3.1 How to Use New Technologies

The current application mainly explores scenarios after blockchain expansion, such as NFT and token issuance. In the future, there will be more applications that utilize expanded capabilities, such as Layer 1 and Layer 2 connection technologies.

3.2 Future development needs

Short term: Complete major capability expansion to meet financial application needs. Medium term: Based on layer two construction, meet the needs of financial and trust applications Long-term: Completing large-scale Web 3.0 ecosystem construction

In the future, we will continue to develop applications for asset issuance, management, and gradually expand to a broader range of Web 3.0 applications.

![On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development]###https://img-cdn.gateio.im/webp-social/moments-d344fbb874295b2609c3c11c09bd6ea9.webp(