This space is hosted by Morningstar_vc
Space Summary
This wallet niche Twitter space explores the potential of the runes protocol, challenges in integration, and expectations for the Bitcoin ecosystem. The MSV ROUNDTABLE: 'Growing the Bitcoin Ecosystem' featured discussions on decentralized indexing, scalability, user experience, protocols, ecosystem, and community. The success of the protocol's launch in onboarding new users was emphasized, along with ongoing maintenance and community dedication. The hosts expressed gratitude for audience support and engagement, encouraging them to stay tuned for future Twitter spaces with more insightful discussions.
Questions
Q: What was the focus of the discussion in the wallet niche Twitter space?
A: The discussion primarily focused on the potential of the runes protocol and related builder activities in the ecosystem.
Q: What was the noted success of the launch of runes?
A: The success of the launch of runes was evident in its effectiveness in onboarding new users into Bitcoin.
Q: What challenges were highlighted in integrating protocols like runes?
A: Challenges such as continuous maintenance and effort required for seamless protocol integration were emphasized.
Q: What maintenance and effort are required for protocols like runes?
A: Proper maintenance and staying updated with the protocol were mentioned as essential efforts for protocols like runes.
Q: What were the expectations discussed for the Bitcoin ecosystem?
A: Expectations for the Bitcoin ecosystem's development and the community's dedication were discussed.
Q: What was the discussion about the Bitcoin community dedication?
A: There was a conversation about the dedication of the Bitcoin community towards advancements and ongoing support.
Q: Any speculation mentioned about the future of Bitcoin?
A: Speculation regarding the future of Bitcoin, including its price trajectory and ecosystem growth, was brought up.
Q: How was the support and engagement of the audience appreciated?
A: The hosts expressed appreciation for the audience's support and engagement throughout the discussion.
Q: What activities were mentioned regarding hosting Twitter spaces?
A: The hosts highlighted the regular hosting of Twitter spaces featuring interesting projects and interviews with founders.
Q: How was the audience encouraged to stay updated on future spaces?
A: The audience was encouraged to stay updated on future Twitter spaces for more insightful discussions and updates.
Highlights
Time: 00:05:14
Introduction to Bitcoin Ecosystem Growth, Overview of the session's focus on Bitcoin's growth narrative.
Time: 00:10:39
Development Platform Perspective, Discussion on Bitcoin being seen more as a platform for development.
Time: 00:17:54
Comparative Ecosystem Analysis, Comparing Bitcoin's progress with other blockchain ecosystems.
Time: 00:22:54
Conservative Bitcoin Culture, The impact of Bitcoin's conservative culture on innovation.
Time: 00:31:10
Importance of User Experience, Emphasis on creating a better user experience in the Bitcoin ecosystem.
Time: 00:34:40
Simplifying Blockchain Processes, Efforts to abstract complex processes for users.
Time: 00:38:29
Community Engagement Role, The role of community engagement in driving ecosystem growth.
Time: 00:45:55
Continuous Innovation, Importance of ongoing development and releasing new features.
Time: 00:49:26
Supporting New Developers, Encouraging and supporting new developers in the ecosystem.
Key Takeaways
- Focused on the potential and builder activity in the ecosystem around the runes protocol.
- Success of the launch of runes in onboarding new users into Bitcoin.
- Continuous maintenance and effort required when integrating protocols like runes.
- Emphasis on ensuring proper functioning and staying up to date with the protocol.
- Expectations for the Bitcoin ecosystem and community dedication.
- Speculation about the future of Bitcoin in terms of price and ecosystem.
- Appreciation for the support and engagement from the audience.
- Regular hosting of Twitter spaces with interesting projects and founder interviews.
- Audience encouraged to stay updated on future Twitter spaces.
Behind the Mic
I'm totally enjoying kind of the excitement of runes in general because onboarding users into bitcoin was always about how can we get more adoption into bitcoin. As you said, I totally agree that right now there's definitely a lot of interest in terms of bindings for bitcoin such as DeFi, smart contracts and so forth. We are definitely in a new era of bitcoin where we are also kind of welcoming a lot of new users and people get really excited with all the new features that we are building mostly also because we don't have a proper JSON-RPC which most people wouldn't care about but developers do in order to connect their apps and services. That is something that we are struggling to work on right now. Yeah, to echo what Jan said, along the same lines, being able to offer an end-to-end solution it's probably the most important aspect. If you can offer a simple UX and more technical feature developers can go both ways. And also by providing this sort of frictionless experience it's how we get more adoption like the experience what Apple has with iPhones. That's where we need to be. Yeah, let me just add something internal, every internal meeting I vividly remember this is we focus a lot on how can we make it as easy as possible for new users to join or migrate from other chains because there is always a bit of learning curve from other ecosystems and that's been always our primary focal point. You mentioned bitcoin DeFi, really we're excited to see whether these developments, the generator interest and also the broaden scope may bring more developers for the bitcoin ecosystem. When we talk about the brethren ecosystem, you're also seeing other chains integrate in their respective wallets mostly in terms of DeFi as well as kind of NFTs in gaming. What are some common pitfalls you think bitcoin projects should avoid mainly while building their application? Very good question. When we talk about common pitfalls, the first thing that comes to mind is proper testing and quality assurance, you know, your ordinary testing including smart contracts and nodes, any component that you are putting out there in the wild. These are definitely aspects that cannot go under the radar otherwise people lose money. And ultimately, the integrity of bitcoin ecosystem suffers which hurts everybody. So definitely testing properly and making sure that your protocol is ready to go to mainnet is essential for every project. There're other aspects and a lot of people complain, it's mostly about product market fit. This applies to every chain but in bitcoin it's very crucial because there're a lot of eyes on you, when you launch something and it doesn't work properly. So my advice to people is launch slow, launch on testnet, iterate, get people's feedback and then go to mainnet. It's probably gonna save a lot of headache and probably also resources, if people adopt this cycle. I think what we also learned from this discussion is there are still many unexplored opportunities within the bitcoin ecosystem. It's encouraging to see more users get involved but the resources are limited that's for sure. And some aspects are hard to implement, you know, but we need to be patient with them. For instance, everybody's excited about the release of bit VM, but there are super clever people sitting on it that take their time to come out with something that actually works. If it would be so easy, it would exist already, simply speaking. And this, if you see that as a movement to help developers to get hooked up on that and you are able to facilitate that with your projects, then I believe this kind of problem solving thing is actually what's most important, at least to date and moving forward. Yeah, definitely. So I think to sum up, I mean, there's just so much untapped potential that's still to be seen, where everything is going to go and how developers are going to create a more efficient ecosystem. Jan, actually from developers, I think also what's important, right, is user experience and how to create a better user experience. Being that you guys are the leading wallet on the bitcoin ecosystem and you guys have really ensured seamless onboarding for your users, what advice would you give to other projects that are maybe not just building in the bitcoin ecosystem, but building in general to create a solid ux for their users? Yeah, that's a great question because I'm obsessed by user experience and I think we still have a lot of things to improve, to be very frank with you. Because ultimately I think, yeah, the product is good and it works, but I think it can still become confusing at times, you know, because again, people are used to different chains and different experiences with smart contracts, capabilities, etcetera. And there's a lot of things, even when it comes to security, etcetera, that we have had to make some choices, you know, on the user experience to basically make sure that people don't lose their assets, for instance, because many of these things are kind of dependent on indexers. And if the indexers don't work properly, you could end up losing your assets, especially early on in ordinals that happen, unfortunately. And so we have to make that design choice that we have two addresses, the legacy and the new one. I know it's not nice, but it's about protection of wallets. It's necessary otherwise we have issues. Actually, there's another side to the user experience which I also think is important is to make sure is that, you know, people have a consistent overview between like mobile app and desktop and so forth, that they don't have to figure too much out what's happening. And it's ultimately that we keep duplicity as low as possible in our mailing systems. You know, a lot of other chains have these problems but if you can kind of unify that experience and just keep duplicity as low as possible, I think everybody's going to win at the end of the day. That's really good input everyone. And another topic very quickly is the adoption of Taproot and Schnorr over time. And Jan, you mentioned earlier in the conversation that a lot of developers are using Taproot and Schnorr transactions to facilitate these new kind of actions like runes for instance. How do you see the future adoption of Taproot in the bitcoin ecosystem as of now and what are your future projections for it? I'm actually quite happy in terms of Taproot and Schnorr because we are basically seeing at least from our ecosystem perspective quite a lot of adoptions, for personalized signatures and many more. I believe that with this kind of adoption, what we usually see from people, they see one use case for Taproot and Schnorr and they kind of get excited about and then they dive forward and then many new use cases start coming out of it. And to be very frank with you, for us, it was a no brainer to adopt Taproot and Schnorr as soon as kind of it was released and it's in the feature set of bitcoin. And we are going to see even more down the line in my opinion because it has become quite significant in the ecosystem recently. I think to pick up on what you said, right? When Taproot first came out, people were very focused on privacy and people were quite concerned on that. Some thought maybe it wasn't deployed correctly. But like you say, people have found ways to integrate it and even discovering new use cases like bit key and a lot more actually. And I think it's a great feature to add the ecosystem especially when people can see its multiple benefits and people like, you know, security as well, do appreciate the capabilities of Schnorr but ultimately Taproot as well. Absolutely and David being exposed to lot of more communities even globally and it's accelerating their needs as well. So in terms of working in the bitcoin ecosystem, what would you say are the unique benefits for builders and developers when they compare it to other chains? First thing first is definitely the track record and security. You know building on bitcoin, leveraging all those innovations are getting very important nowadays. And second is the community. You have very strong, passionate and knowledgeable bitcoin community that can really help, you know, build on this chain and to realize your vision. You have extremely talented developers that have been working in this space for so long time as well. Lastly, you are playing on a chain which is 100% decentralized. And I can say with a without a doubt, you know, people always look to bitcoin as a synonym for decentralization and the costs. And I think it's unique to other chains because basically these benefits provide a very solid foundation when you're building on bitcoin ecosystem. And it's a lot more reassuring, especially for first time developers to see how resilient the bitcoin market is and they will know that they can rely on the support of a global community. Yep, I mean just to add onto Jan's point, something what you guys talked about already, decentralization is the key word here and you know because people value it a lot and it will always be the primary focus of the bitcoin ecosystem. There's also something else that's important which is that no matter what you build you have a lot of users because the user base of bitcoin is just enormous and this is a unique advantage that you don't necessarily have with other chains especially new and niche chains. At the end of the day, you are getting also this chain security as like a very huge benefit and becoming a significant part of this global ecosystem, will basically cement your position in the current digital financial ecosystem really. Yeah, so I think the final thing we probably get a lot of questions from developers who always want advice on how to build prominent bitcoin ecosystem and apps. You guys happen to already work in it every day so any last piece of advice you would give to any developers out there? Sometimes it's not a question of advancement, it's more of implementing the simple things properly and make them available to the broad economy. This drives adoptions significantly rapidly. And also, keep your stuff simple and easy to use that helps a lot. Yeah, absolutely agree with that. I think pushing for mainstream adoption by making it simple and increasing awareness, things like this are vital really. Other typical advices focus on just building and providing seamless, you know end-end solutions. Go-to-market is equally vital, finish your product, launch it, push to mainnet once you are ready. I know it sounds challenging but it's extremely rewarding at the end. These are exactly right statements. And also very important, I would say interact and connect, try to connect with web3 meetups conferences, digital conferences, to connect with builders and people from across the world. And so that's another big focus, you know, like really make sure that we push the community narrative further and, you know, we just support everybody who is building in the ecosystem and we're extremely welcoming for, to the new people that are coming. Maybe just learning about bitcoin for the first time now. So that's also a huge focus for me personally. Yeah, I couldn't agree more, Jan. And also, just to echo what you said, congratulations really to all three of you on shipping so many new product features and also just developing your projects further and really growing the ecosystem and making an impact. I think it's always great to see projects, you know, with a strong roadmap. And also, Benny, you mentioned some stats with some really impressive stats. So once again, congratulations also to everyone listening. I will do some shilling, go follow the projects on their Twitter, join their discords, check out their website. You know, Jan Express is available on iOS android and extension. So yeah, check it out, guys. They're very interesting projects. I also agree. I think that there's a lot of great groundwork that has been already built for bitcoin and also the bitcoin ecosystem. The community is super dedicated, probably one of the most influential ones. I'm very curious to see what is going to happen. Where are we going to be in terms of price and ecosystem at the end of this year? There's a lot of speculation, so let's see. But it was really great chatting with everyone. We had a lot of love from you guys in the comments section. So thank you guys for tuning in. And yeah, we host Twitter spaces on a regular basis with interesting projects like yourselves. And we also do one one interviews with founders in the space. So make sure to keep an eye out on our Twitter for the next Twitter spaces. And thank you again for joining and see you next time. Thanks, guys. Thanks, everyone. Thank you, guys. Have a great day. Have a great day.
