Welcome to Built on Bitcoin - Your home for innovation happening in the Bitcoin ecosystem.
Jan. 10, 2023

E103: This Week in Bitcoin for January 10th, 2023 (Bitcoin, Lightning, Stacks, RSK, Liquid)

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Links to everything mentioned inside the link below!
https://builtonbitcoin.beehiiv.com/p/week-bitcoin-january-7th-2023


Big thank you to our sponsor, The Stacks Foundation.
If you want to get started building on Stacks and push the mission forward of a user-owned internet with Bitcoin as the base layer. Check the links below.

Learn Clarity: https://start.stacks.org/
Learn more about Stacks: https://stacks.co/
Apply for a grant: https://stacks.org/grants

—--------------------------------------------------------

Follow Built on Bitcoin on Twitter: @JakeBlockchain
Stay updated on everything Built on Bitcoin:
https://www.builtonbitcoin.xyz/


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Love yall! 
See you in the next episode.
Peace!
Transcript

video1778284602-1

Jake: [00:00:00] and we are back. What is up? You beautiful people. Welcome to 2023. It's a new year. The bear market is still fully in swing. It's gotten very quiet across Bitcoin, but we're still rocking. We're still gonna talk about Bitcoin. What's the latest that's been going on? I'm here to update you. If you don't know me.

My name is Jacob Brown, but I go by Jake Blockchain on the interwebs, and I'm here to give you just that. I talked to the founders that are building on Bitcoin, covering all the innovation that's happening. So without further ado, let's jump in. We're covering Bitcoin, lightning stacks, RSK and Liquid today.

And yeah. So we'll start off with Bitcoin. It had an anniversary of sorts. So on January 3rd, 2009, the first ever Bitcoin transaction was submitted. And then on the ninth, that first one was [00:01:00] mined where Satoshi got the first 50 Bitcoin in exist. . So pretty crazy to think that 14 years later this is how much has happened where it's has the real potential to be some kind of new global reserve currency and we can effortlessly, effortlessly exchange value with things like lightning across the world.

So really, really curious to. Just how much happens in the next 14 years. Cause these things obviously have a slow start to get going and then they just kinda like ramp up as adoption goes. And there's just more and more stuff. Infrastructure built, so super bullish on Bitcoin. Nothing has changed even though there's a bunch of BS going on in the past year.

I. . Next up there's an old proposal called BIP 300, or BIP 3 0 1 as well. They're kind of two of them, and it's to attach drive chains to Bitcoin where you could bridge in your native Bitcoin and it will [00:02:00] mint the appropriate amount of tokens on another chain like Ethereum or Zcash. Basically, you could clone a a crypto.

and instead of having an altcoin, it would be pegged one to one with Bitcoin. And so you can have everything that you need with these smart contract platforms or privacy layers using just the native asset that is Bitcoin, but it's kind of been on the shelf. Four years now, to be honest. Partially because Bitcoin's so resistant to change that no one thought it was really feasible.

So Paul Sztorc is the creator of BIP 300, and he just raised 3 million for a new entity called Layer two Labs to bring some of this stuff to life and put more effort into the building of it, marketing, et cetera, just really bring it to life and operationalize it. So props to him. If you haven't listened to my podcast with the man highly recommend you check it out.

I'll put it on the link in the YouTube video. [00:03:00] And then last little fun fact for Bitcoin for this week is 8 trillion, over 8 trillion was settled on Bitcoin last year, which is a staggering number. All right, next up we got stacks. But before I jump in, a quick word for my sponsor.

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If you want to come build with the most active developer community building new use cases for Bitcoin, then it's time you make the leap to learning Clarity. Clarity is the stack Smart contract programming layer, which enables us to work on defi smart contracts and so much more. All built with the safety and security that comes with Bitcoin.

Start today by going to start [00:04:00] Stack dot. Start stack.org has a five-step journey that will take you from complete stack novice to teaching you clarity all the way to finding a job with a Web three stack startup. Don't wait another month, year, or decade waiting to get involved in the Bitcoin ecosystem.

Start building on Bitcoin today. Go to start.org to start learning and building . Today.

Jake: Thank you to the Stacks Foundation as always, for sponsoring. So without further ado, let's jump in. First Stacks Bridge, which is a bridge to connect stablecoin on ETH U S D C, specifically to stacks as it's it's variant that exists on stacks called X U S D. So with this bridge in a fully trustless way, You can connect your U S D C from ETH and bridge it into applications, and your hero wallet on the stack side could be used on Arco, on Alex and things like that.

So [00:05:00] you, you get liquidity pulled from either chain and they can go back and forth and this permission this way. So, super, super, super excited. It's live on testament right now, coming soon, but it looks fantastic. Next in, in tandem with that Alex is launching a stable swap on their platform. So you'll soon be able to launch swap from U S D A, which is ARDI's Stablecoin, and X U S D, which is the wrapped version of U S D C.

So this is on testnet now also coming. Next up experts, which is by far the best mobile wallet experience if you're on stacks. They just released their desktop Chrome extension, so now it's not just the Hero wallet. If you want to, you can use the Experts Wallet, and I gave it a shot. The experience was excellent, which expect nothing less from the X Experts team.

So you can check that out. Everything I mentioned will [00:06:00] be in the description below if you want to try it out, right. . And then last but not least by far, the biggest news to come outta the past few months is S B tc, which is a Bitcoin pein peg out solution to be able to bridge in native B TC and then have a derivative S B T C minted on stacks one to one.

You could spend it however you want across the ecosystem and then when you're ready, you can peg back out and get your data Bitcoin back. So, Lots to explore in this. ton of work is going on right now inside working groups to bring this to life. But there's also been a lot of questions about how exactly does this work.

And so Max from Hero Systems, which is the developer tooling company inside Stacks did an interview with Igor, which is one of the main developers working at trust machines and working on sbt. So it's probably the best 30, 40 minute conversation I've seen to date [00:07:00] on the nuances of how e c will work.

So if you're curious, you wanna know what's gonna be the next big thing in the next six months to a year as this comes to fruition. Highly recommend you spend the time, watch this video. All right. Jumping over to lightning. It continues to dis, there's so much going on on lightning. So first up, nice little stat.

It's been over 5,000 B T C in capacity for a couple months now, which was a line that for a while it was just approaching but never quite crossed. Now it's staying over that number. Hasn't grown too much since then. It's kind of holding a steady state. , but a lot more people I'm seeing are trying out running lightning nodes to get like free stats to earn a yield.

So I'm continuing to watch that stat. That 5,000 mark is, is interesting in the bear market. 5,000 B T C is the capacity of lightning currently. We'll see how that grows. Next a [00:08:00] breeze, which is a company that does lightning infrastructure. They just raised 4.5 million and their main target is to make lightning as a service products.

So currently they have a podcast player and they have a point of sale system that runs on your phone and you can control your entire Your entire transaction, just the mobile phone. So it'll handle, you know, if you have a coffee shop, you could choose a Grande Cappuccino. It'll spin up a lightning invoice.

The person pays it, it goes to your wallet, almost no fees. Super frictionless on you as a smartphone and a cellular wifi connection. So huge implications for disrupting a ton of the entrenched players for not discredit card processors. But them getting a whole bunch of new funding, they'll be able to bring a lot more features to these existing tools.

And they really wanna be a a whole company that builds out a suite of lightning tools. So, Watch out for Breeze [00:09:00] Next Mash, which is also an excellent lightning company. They do a Chrome extension and allow you to add small snippets of code to your website and put things behind lightning paywalls.

So it could be, send me 10 cents and I'll unlock my email address so you can spam me. You know, something like that. , if you wanna watch this YouTube video, pay me X amount with this invoice. And it's super freshness. If you're using the the MASH extension, you don't even have to scan anything on your phone.

You just hit the button. It takes out a small amount from your MASH wallet that you've already bridged in on the Chrome extension, and it's just you get what you need. So, They released a whole bunch of new updates for using their code, how to monetize, how to make different things display differently so you get more customization, a bunch of stuff.

So I've used Mash really, really like it. It's a good experience. And that team is is top tier. Top tier. [00:10:00] So if you got a website and you want to integrate Lightning mash is the way to. All right, next up, this one's kind of crazy. I was on stacker News and saw something about Bitcoin NFTs, and so I clicked in and there's something called inscriptions, which is someone made it possible to attach NFT data directly to an individual satoshi, so you can inscribe a Toshi with this data and attach Bitcoin NFTs to it.

Pretty crazy that people are still innovating at these different layers, like the Satoshi or on Lightning, for example, or something like Taro. So I'll, I'll link that below, but that's, that's something that's super interesting. Just popped up in the past couple days. Next up Davis. I think that's how you say it.

Officially submitted to the Apple App Store. This is a Noster Twitter client that integrates the Noster protocol and lightning in a very integral way. So they're [00:11:00] recreating Twitter in a decentralized fashion that also has lightning at the core. So they're trying to go full-time and not just be on test flight, which.

Very friction experience and has a cap of how many users can use it, and they want to be popularly recognized on the app store. So, Good luck to them. And then last Zeus released an update. Zeus is trying to be the best non-custodial wallet for Bitcoin and Lightning, and it gives you a ton of features on how to connect to your personal node if you want to, and how your Bitcoin gets spent in a very granular way.

So they just please our big update. Very cool to see.

All right. Bringing it home. We got R s K and liquid on the R S K side, there's a new stablecoin that's now in the mix called Dollar on Chain. This LA launched last month. I missed it, but yeah, it's a Bitcoin backed stablecoin, but [00:12:00] I tried to use it. See, learn a little more about it, but it's blocked in my geography, so you could check it out.

Dollar on. and then itchy bond Swap is a new Dex on R S K for swapping tokens that exist inside the RS K ecosystem. And then last for Blockstream they updated their liquid network core client to match the latest Bitcoin core, which is version 22. And there's a new application called Fuji Money that allow.

Bitcoin backed stables and swaps to happen on liquid or on lightning, so pretty cool to see. There's a ton of stuff happening around this stablecoin market. I think people are really realizing that this is a huge use case for. It's a global population and they have to do it on East for the most part today.

So you might as well get your head outta your ass and try and bring it to Bitcoin, so very cool to see that. Is this week in [00:13:00] Bitcoin, the latest and greatest? I'm your humble host, Jake, blockchain, and until next time, I love y'all. Peace.

Welcome to Built on Bitcoin. I know the things going on with, I'll be right. Wait now trying to figure out a way to make it out. Make it out. Cause I don't think about everything going.