Space Summary
The Twitter Space Decentralized Innovation and Challenges in Cryptocurrency hosted by AILayerXYZ. The Twitter space focused on decentralized innovation in cryptocurrency, particularly emphasizing AI-driven solutions such as AILayer Mainnet. Discussions delved into the integration of AI in enhancing cryptocurrency platforms, the importance of DeFi in reshaping finance, regulatory challenges, community engagement, collaborative innovation, scalability issues, educational initiatives, and blockchain technology advancements. The space highlighted the significance of AI in modular construction for Layer2 solutions like AILayer Mainnet, aiming to tackle scalability hurdles in BTC transactions amid evolving regulatory landscapes.
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Space Statistics
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Questions
Q: How does AI integration benefit cryptocurrency solutions?
A: AI enhances efficiency, automation, and decision-making processes in cryptocurrency platforms.
Q: What role do Layer2 solutions like AILayer Mainnet play in BTC scalability?
A: Layer2 solutions address scalability issues and improve transaction speed in the BTC network.
Q: Why is DeFi important in the landscape of finance?
A: DeFi revolutionizes traditional finance, offering decentralized, efficient, and accessible financial services.
Q: How do regulatory challenges impact cryptocurrency innovation?
A: Regulatory uncertainty can hinder innovation, adoption, and investment in the cryptocurrency space.
Q: Why is community participation crucial in cryptocurrency ecosystems?
A: Communities contribute to security, governance, and the overall sustainability of cryptocurrency projects.
Q: How does collaboration drive advancements in AI and cryptocurrency?
A: Collaboration fosters knowledge exchange, innovation, and the development of cutting-edge solutions in AI and cryptocurrency sectors.
Q: What are the key factors hindering mainstream cryptocurrency adoption?
A: Challenges like scalability, user-friendliness, and regulatory issues pose obstacles to widespread cryptocurrency utility.
Q: What initiatives are essential for enhancing cryptocurrency education?
A: Education programs, awareness campaigns, and user-friendly interfaces are crucial for promoting mass cryptocurrency adoption.
Q: How can blockchain technology innovation benefit decentralized applications?
A: Innovations in blockchain technology open new avenues for building secure, transparent, and efficient decentralized applications.
Q: What are the benefits of AI-driven modular construction in Layer2 solutions?
A: AI-driven modular construction enhances scalability, performance, and adaptability of Layer2 solutions like AILayer Mainnet.
Highlights
Time: 00:15:45
AI Integration in Cryptocurrency Exploring how AI enhances cryptocurrency platforms with automation and efficiency.
Time: 00:28:12
Decentralized Finance Revolution Discussing the transformative impact of DeFi on traditional financial systems.
Time: 00:42:30
Regulatory Challenges in Cryptocurrency Analyzing the effects of regulatory uncertainties on cryptocurrency innovation and adoption.
Time: 00:55:19
Community Engagement in Cryptocurrency Highlighting the importance of community involvement for security and sustainability in cryptocurrency projects.
Time: 01:05:50
Collaborative Innovation in AI and Cryptocurrency Examining how collaboration drives advancements in AI technologies and cryptocurrency development.
Time: 01:18:33
Scalability Obstacles in Cryptocurrency Utility Addressing the challenges of scalability that limit mainstream cryptocurrency adoption.
Time: 01:32:21
Educational Initiatives for Cryptocurrency Adoption Exploring the role of education and awareness campaigns in promoting widespread cryptocurrency usage.
Time: 01:45:10
Blockchain Technology Innovations Looking at how blockchain innovations open up possibilities for decentralized application development.
Time: 01:58:02
AI-Driven Modular Construction in Layer2 Solutions Understanding the benefits of AI-driven modular construction for enhancing scalability and adaptability in Layer2 solutions.
Key Takeaways
- AI integration enhances cryptocurrency solutions with efficiency and automation.
- Layer2 solutions like AILayer Mainnet aim to address scalability challenges in BTC transactions.
- Decentralized finance (DeFi) plays a crucial role in reshaping the financial landscape.
- Cryptocurrency adoption benefits from user-friendly interfaces and accessibility.
- Innovation in blockchain technology is driving new possibilities for decentralized applications.
- Regulatory challenges impact the growth and adoption of cryptocurrency innovations.
- Community participation and security measures are essential for sustainable cryptocurrency ecosystems.
- Collaboration among industry leaders fosters advancements in AI and cryptocurrency.
- Education and awareness initiatives are key to mass cryptocurrency adoption.
- Scalability remains a significant hurdle in mainstream cryptocurrency utility.
Behind the Mic
Introduction of the Event
Hello, can everyone hear me? Hello? Hello, can anyone hear me? Yes, I can hear you. Okay. So sorry for waiting so long time. All right. Hello everyone. And today's space is hosted by AI Layer. AI layer is an innovative bitcoin layer two solution analyzing advanced AK roll up technology to enhance the performance and scalability of bitcoin translation. So in addition, this project is also compatible with the Ethereum withdrawal machine broadening our blockchain functionally and main goal of AI layer is so serve as foundational platform for others AI project. So culinary AI layer is in the staking stage and we support staking bitcoin, BRC 20 inscriptions, ordinance and even EVM access. So our topic of today is decentralized innovation and challenge in cryptocurrency inside from token 2049. So before we start, I would like to invite our guests to introduce yourself.
Introduction of Guests
So the first one is Skydehe BTC from Bitfi. Hello. Yes, we can hear you. Okay. Yeah. Hi everyone, I'm sky, the gender of bitfi. So bitfi is a CDFI platform in the bitcoin ecosystem. So basically what we do is generate yields for users bitcoin asset through CFI and DeFi sources. So for the c five part, we use selections of very strong coins trading strategy teams to generate yield by running coin strategies for our user. So for the defi part, our users can go to like different ecosystem partners to get extra yields on top of the c five yield that we generate for them. So I strongly recommend everyone who has bitcoin to check us out. And thanks for having me today. Thank you sky for be fine. And next is yuan from Xlink. Okay, is there. Phoebe, are you here?
Further Introductions and Presentations
Hi, can you possibly hear me? Yeah, I can hear you. Can you introduce yourself and your project? Okay, sure. So this is Phoebe from unibase. But before I jump to the q and a part, I just want to give a very brief introduction of what unibase is. So. Sorry, is there any noise here? No, no, it's fine. Oh, okay. Okay. I heard that noise. Sorry. Yeah, getting back to what I just left off. Left with. So unibase is the first AI native data availability and storage layer, which features high performance and infinite scalability, enabling anyone to build on chain AI app securely and cost effectively. And we also support millions of deep end devices, contributing hard drives, computer power and bandwidth for mining at the underlying layer. So we're basically integration of both deep end and AI. And we. Yeah, that's a general introduction of what unibase is it?
Continuing the Introductions
Thanks. Thank you. Phoebe. Carol, are you here? Yeah. Yeah, I can hear you. Please interrupt. Okay, cool. So, hi guys. Thanks for having me here with Ayala today, with other speakers as well. I'm Carol. I'm the partnership manager from Rog network. So basically, Rog network, we are doing the world for zero knowledge, modular data availability layers, the ZkMDao, and we also providing other seamless development solutions like decentralized Oracle service, secure verifiable randomness for gaming and AI, and also NBC wallet. And we also got granted Ethereum foundation and Mina foundation as well. So, yeah, thank you for having me. Hey guys, my name is Yuan. I'm the BD for the Xlink platform. We are the liquid aggregator that is currently connected with at least 20 different BTc L two chains.
Closing and Future Plans
We are also connected with EVM chains like Aurora and Arbitrum. We will be integrating with a few other l one s in the future, coming soon. So if we will also have a launchpad at the end of the year where if any tokens you launch with us, they will be able to do any cross train liquidity as well. Because any chains that are integrated with us, your token will be able to go to those chains seamlessly without any worries. Very great. Very glad to be able to talk on this panel with speakers and thank you Ala for hosting this. Thank you. So thank you for everyone who joined us for this AMA today. So going to our first question is fractal bitcoin is exploring the integration of smart contact technology to bring programmability and scalability to the bitcoin network. So how do you view this concept and its potential impact? Question is somebody speaking? Because I do not hear anything. Or is it only from my side? Oh, sorry.
Initial Discussion
Hello. I think it's from your side because I'm hearing the host. All right, thank you. So anyone hear me? Yeah, we can hear you. Oh, sorry. Okay, I will repeat the question again. Fractal bitcoin is exploring the integration of smart contact technology to bring a programmability and scalability to the bitcoin network. So how do you view this concept and its potential impact on the e bitcoin ecosystem? So let's have sky, do you want to answer first?
Perspectives on Fractal Bitcoin
Sure. So in my opinion, fractal bitcoin is a pretty innovative approach to extend the functionality of bitcoin. I think it is the only bitcoin scaling solution that leverage the bitcoin coco itself. And so I think it's quite a compelling alternative in the very competitive l two solution market. And I believe, like, as the ecosystem of fractal growth, fractal probably is trying to position itself as a very innovative application platform in different fields and it might kind of reshape the utility and adoption of bitcoin. And we will see more use cases in the BTC five system. Cool, cool. Nice perspective. So next, Phoebe, do you want to answer this question? Any opinion of this? Hello, Phoebe, are you there?
Phoebe Joins the Discussion
Yeah, yeah, I can hear that. Is it. Am I. Is everything clear now? My voice? Yeah, yeah, we can hear you. Okay, so it was the first question, right? Yes. Okay. You know, I think I'm not a very good expert on this, but I'm just gonna weigh in a little bit in this question. So the fractal bitcoin is, I think, the integration of some smart contract technology into the bitcoin network through initiatives like fractal bitcoin can represent the transformative opportunity to enhance bitcoins programmability and scalability. And since bitcoin has focused on being a secure, decentralized store of value, it has still lacked the flexibility for.
Continuing the Discussion
Hello, Phoebe. Phoebe. Okay, thank you for Phoebe. Then the next is Carol. Do you want to answer for this question? Okay. Hi, guys. Okay, I think you guys already made quite clear about this, but basically, to my perspective is that, like, to my perspective is that for the bitcoins. For the bitcoin basically is fundamentally incapable of their complex calculation. So in order to calculate, like, complex calculation, layer two solution was born and it will be still have to stay with the native bitcoin. So to me, I think their factor bitcoin is like a really big step forward the iteration of smack contracts on technologies also because basically they do not have a smack contract on that. And of course there will be a lot of effects about like stability, enhancement, economic opportunities, or affect the evolution of defi on bitcoin and so on. Yeah, I think that's all.
Yuan's Views on Fractal Scalability
Okay, cool. Then let's welcome yuan. Are you here, Yuan? Hey, am I audible? Yeah, yeah. Oh, cool. Thanks. So, in my opinion, for the fractal scalability, I do like what they are currently doing. It makes it so that builders can currently build more easily on bitcoin instead of in the past where it was quite a bit hard for new users, new developers coming into the ecosystem, trying to build on bitcoin, because it was not really easily scalable and the code was a bit hard for new learners. So what fractal is doing is making it easier for the new developers and newcomers coming into the BTC ecosystem and look through the documentation and be able to code however they want and have like shorter transition time. Instead of the usual BTC L one where it's usually five to ten minutes, it might get shortened down to within one to two minutes. Like, I really like if the blockchain, the block hash can be confirmed faster compared to the traditional BTC layer one.
Potential of Bitcoin Staking
So I do, I'm really hyped up with what fractal is doing and I'm really amazed by what the team is currently trying to do in the future. Thank you. Thank you for your perspective. So let's move to next question is it's stocking and restocking concept are changing how users interact with bitcoin. So what do you guys think is the potential of bitcoin stocking? How will it impact bitcoin's long term value and cases? So, yuan, do you want to answer this? Oh, sure. So in the past where bitcoin was literally locked up and like, let's say the OG whales or like the OG users that started to collect and store those bitcoins, the liquidity was locked and like, we could not have access to them. But with the new restaking protocols that we are seeing popping up here and there, I do see that a lot of liquidity within the bitcoin ecosystem flowing throughout the different l two s, the other ecosystem, and we can see more and more user activity.
Advancements in User Interaction with Bitcoin
So I do like this happening where we could increase the TVL or the BTL two s and you can see like, as I am a bridge, I can see that more and more users bridge in and out instead of like, let's say they only stake within one chain and the liquidity is just locked within that chain, which is a bit of a sad thing where if it flows easily like the river, we can see more and more growth and more people seeing that. Hey, the BTC ecosystem has a lot of users, a lot of people buying, selling, trading, as well as you can see a lot of lending and borrowing. Like, I like that for defi activity. And it will bring about the BTC summer. Defi summer in my opinion, in the coming weeks or in the coming months like that. This is really cool opinion for this question.
Carol's Insights on Staking
So, Carol, do you want to answer for this question? Okay. At first, with the potential for staking, the potential for like, staking and restaking concept on bitcoin, I think is really potential to me. So first it will be, it will bring the profits to the bitcoin holders. The second things I understand is it brings a strong economy security because bitcoin has a market cap of more than like 1200 billion dollars, which is four times of that comparing to ethereum, which helps not only protocols built on bitcoin, but also external network to be protected from like almost up to 50% attacks when the economy is not strong enough. And I think the next, things that I'm thinking is that, right now, like ethereum is taking currently reaching to, 30%, but has already brought a huge impact. Like it's bringing to economy up millions of dollars.
Future Prospects for Bitcoin Staking
like you can see in others successful projects about restaking. So just imagine that could be happening the same with bitcoin when their staking ratio only needs to reach like about 10%.
Economic Impact of Bitcoin Staking
But it can bring the two economies like about like $220 billion. So as for long term development, their staking ratio of many network is higher. So. And if achieved that number, it will bring a strong economy security to the entire blockchain industry as well. And another thing is that right now there's a lot of parties that have been exploiting bitcoin staking. For example, like we have like sample, like sulfur, maybe launch something like that. And they're quite new and they have not made it yet, but the opportunity will be very large. And also many large organization are actively taking the advantage of shaoga. Yeah, I think that's my opinion.
Potential of Bitcoin Without Staking
So, sky, do you have any like, adding opinion in this question? maybe a little bit. So I think like, without bitcoin sticking, bitcoin is most likely just an asset for store value purpose. So, so now with bitcoin staking and restaking, or even other defi use cases, I see bitcoin has more potential to be unlocked. And actually without bitcoin staking, we can see quite a lot of crypto new blood didn't really prefer bitcoin because let's say with Solana, or if they can do something with the asset, but for bitcoin, it only sits in ledger. That's it. So. But now they have more reason and incentives to hold bitcoin. And I love how bitcoin sticking is bringing new bloods into this asset. Yeah, that's my opinion.
Bitcoin Staking and DeFi Opportunities
Oh, yes. Yes, I can hear you now. I can. So, yeah, about the second question, is it clear? Yeah, it's clear. It's clear. So I think the bitcoin staking, especially through new mechanisms like re staking, it definitely has the potential to introduce a new arena or dimension to how users can engage with the network. Because traditionally bitcoin operates on a proof of work model where mining secures a network. But the staking models is often associated with proof of stake systems and offers users the opportunity lock their bitcoin in returns for rewards. And similar to the interests, this concept could encourage, I think long term holding and reduce the circulating supply and create more passive income opportunities for bitcoin holders.
Future of DeFi Applications
So in that case, I think if we're having this, you know, restaking concepts launched, it will allow users to restake their assets in addition in, you know, in additional networks or layers and can enhance the interoperability and expand bitcoins use in decentralized finance. So DeFi applications and the potential impact, I think is still under investigation because actually I'm not quite familiar with the whole concept yet, but I would love to see how, what are the possibilities when, you know, there's more, you know, investigate investigation going on.
Coinbase Insurance of CBBTC
Thank you, Phoebe. So let's move to the last question. What is your opinion on Coinbase insurance of CBBTC? Do you think it aligns with the principles of digitalization or do you have concern about its centralization and transparency? So does anyone have any thought or opinion would like to share on this question? Like, just feel free to open your mind and say it. Anyone like anyone have any opinion? Yeah, let me. Yeah, so I, I think for Coinbase, like CB, BTC, overall it's great for the bitcoin ecosystem and I think it's pretty similar to the case for stablecoin market. Like there's USDT, USDC, Dai, or they renamed Dai, USDS, like ether, USD, like that many type of stable coins.
Value of BTC in the Ecosystem
And for bitcoin, that can be many times and they have all different advantages and disadvantages. Anyway, all of those BTC can bring new users into the bitcoin ecosystem. And for a very young ecosystem, I think that is what we need. And does it really align with the decentralization or do I have concern about the centralization and transparency? Yes, but I think time will tell. And for the ecosystem right now, the most important is to bring in more user and more potential use cases. So I think it's overall a great stuff for us.
Concerns About Centralization
It'S a really cool opinion. So anyone still have any opinion of about this question? Like Carol, Phoebe or Yuan? Yeah, maybe I'll give my opinion on it. With CBTC, I do like that certain sects are creating their own BTC tokens. It shows that more and more people are more interested into tap into the BTC economy instead of like creating their own tokens, their base tokens. So them creating it doesn't really make much of an issue in my opinion. There might be certain security issues where, based on what I read on it online, there is a term where if anything happens to your token, like let's say if you were scammed or you were involved in some sort of fraudulent activity, your BTC will not be recovered or refunded.
Coinbase's Response and User Onboarding
But the Coinbase CEO came out and said that no, the same is not true, we will still, they will still do a recovery for it. But even if that is not decentralized in nature, but it does give, let's say, the retailers as well as web two users a sort of peace of mind that says that, oh, in the case that anything bad happens, they still have some sort of a fallback. So for new users, it will be a way to onboard those retailers. But for the older users, in my opinion, it won't really matter to them. They would still go towards the original asset, which is native BTC.
Personal Choices in the BTC Market
And they can like just not look at CBTC and just do what they want and see what other rep BTC they do feel is safer and more decentralized. That fits what they like. That is my opinion on that. Thank you. Thank you, Yuan. So Carol and Phoebe, do you have any opinion want to share? Okay, sorry. So in theory, basically it will not align with their decentralization. To me, if asking about if it's a lie or not, but because it destroyed by gun based, but to answer it whether it is necessary or not.
Necessity of CBBTC in the Ecosystem
So I think it is very necessary because I think this is similar to the case of tether and USDT that contributed to the previous program helping Ti flow into DeFi. And now it is helping the bitcoin flow into DeFi, reaching for more users as well as increasing the liquidity. So I think DeFi will need decentralization, but it should be a step like a little trade off in order to become more friendlier and have more liquidity so it can develop quickly and sustainably. And also concern about their centralization and transparency.
Transactions and Control in CBBTC
Because in fact, like the CBBTC, transactions are still on chain. So the only the storage part is control of chains. And also Coinbase is a large organization closely monitored by the government and audited.
Discussion on Safety and Control in Cryptocurrency
So there's no need to worry. I think so. And Coinbase also launched a depository of many leading organization in storing bitcoin for spot BTC. So there's nothing to be afraid of that. And, and if they're like a CBBTC hack on defi conveys can completely freeze and blacklist all the accounts that holding dirty money. I think so. So I think this is much safer than having no one in control. And if you guys like, just look at how tether has contributed, like every time. If I have something to do with decentralized stablecoin, you guys will swap proto decentralized stablecoin into us cts. So. So without someone to manage them, they will not grow. But yeah, so I think that would be my opinion.
Reflections on the Discussion
Thank you for your sharing, Carol. So Phoebe, do you have anything you want to share with us? Okay, it's fine. I. So no, yeah, I think all the guests made very, no, I just want to say I think all the guests made very clear points on this, so I don't have anything else to share. Okay. Okay. Thank you, Phoebe. So thank you everyone for addressing this insightful question. I'm sure like each of you guys, I mean, the audience gained a wealth of knowledge from this discussion.
Promoting Projects
So now let's take a moment for everyone to promote your guys own project. So yuan, do you want to like promote x link to our audience? Oh, for sure. Yeah. So thank you. Thank you Isaac for hosting the AMA today. And thank you for the other amazing speakers today. So Xlink is currently trying to integrate with as much ptc l two s and different l one s in the future. So in the future, if you guys want to use any other, any bridge to do your bridging assets, please use our bridge because we are currently the one of the most integrated bridges around the ecosystem.
Further Promotions and Engagement
So if you want to bridge to any other chains, it will be able to bridge seamlessly and without any worries. If you guys have any other questions for me, feel free to dm me or chat to me in my twitter. And thank you all. Thank you guys again for this amazing ama. Thank you. Thank you Yuan from x link. So sky, do you want to promote your project? So yeah, thanks Isaac to host his wonderful Ama. And for anyone who have bitcoin, feel free, go to bitfine the URL to check us out. And that's all. Thank you.
Introducing Unibase
Thank you, sky. So Carol, do you want to, Sophie B, do you want to introduce, I mean, promote unibase to our audience? Sure. Thank you. Thank you very much for inviting Unibase to the space day. And Unibase is currently having our own mini game launched. So we're basically expanding and we're trying to have more and more users to engage on our minigame. So if you're interested, please follow us. Follow Unibase. And you will get major bonuses and prices if you're joining now. Thank you again for inviting us. Thank you, Alair. Thank you everyone.
Wrapping Up and Future Insights
Thank you. So now, Cara, do you want to promote? Yeah. First, thank you Isaac and AI lair for hosting this ama. It was a pleasure to be here. And thank you guys for joining. As in terms of rogs here, we also have a lot of activities in the upcoming times that maybe you guys can have a quick check of that. And we also opening for more partnerships with others. We love partners like new chains, AI and also so on. And also our retroactive campaigns. We have our own retroactive platform, have more than like 3 million users who have interacted with our tasks already.
Final Thoughts and Conclusion
So feel free to join in and do the quest. We also have rewards distributed to you guys. And of course we're still opening for partners for the retroactive platform as well. So let me know. Question, is anybody speaking or am I running for myself? And Carol is speaking? Okay, it's fine. Oh, thank you, Carol. So as we wrap up today's mma, I want to thank everyone for your participation and talk for full question and answer. So we have explored some key insights in this topic. It's clear that while the future holds great promos, there's still much work ahead.
Encouragement to Keep Engaging
So I hope you all found the discussion valuable and I encourage you to continue exploring these critical topics. So thanks again for joining today, Ma. And I am looking forward to seeing you guys in future. Ama. Thank you. Thank you everyone.
