Summary
TLDR: Bitcoin script has been underestimated, with the release of the Ordinals protocol and BitVM white paper in 2023 changing conceptions about what is possible on the Bitcoin base layer. Bitcoin is now absorbing demand from other blockchains in the wider cryptocurrency ecosystem. Bitcoin Magazine’s Editorial Board clarifies its position on coverage of Layer 2s, stating they must use bitcoin as its native asset, settle transactions with Bitcoin, and demonstrate a functional dependence on Bitcoin. Protocols built on Bitcoin that do not fit into the category of Layer 2 may still be eligible for coverage. This policy clarification does not apply to stablecoin or token coverage decisions and only pertains to BitcoinMagazine.com and its Print publication.
Key Points
1. Bitcoin script has been underestimated, but with the release of the Ordinals protocol and BitVM white paper in 2023, conceptions are shifting about what is possible on the Bitcoin base layer.
2. Bitcoin is now absorbing demand from other blockchains in the wider cryptocurrency ecosystem, with developers seeking to add additional features to Bitcoin through initiatives such as sidechains, L2s, and other scaling solutions.
3. Bitcoin Magazine’s Editorial Board clarifies its position on L2 coverage, stating that eligible Bitcoin L2s must use bitcoin as its native asset, use Bitcoin as a settlement mechanism, and demonstrate a functional dependence on Bitcoin.