an engineer in Bitcoin-Focused development firm Blockstream owns Said She sees a coming “Cambrian explosion” for the development of layer 2 technologies on the bitcoin network.
The rapid development for layer 2 technologies was partly fueled by Bitcoin Improvement Proposal (BIP) 118, known as SIGHASH_ANYPREVOUT, or APO for short, as well as a new programming language for bitcoin smart contracts called Simplicity, Blockstream. It is said, as the updates will be fueled by the arrival. engineer Lisa Neigut said at the Consensus 2023 conference.
Expressing optimism about the future of bitcoin layer 2 technologies, Negut said, “The APO is, hopefully, going to unlock the Cambrian explosion with these script updates and new covenants.”
“I think a lot of new Layer 2 stuff will come in the future.”
The comments were made during Neigut’s State of the Chain presentation at the conference last week in Austin, Texas.
Mature bitcoin layer 2 ecosystem already exists
Although less known among DeFi users than Ethereum-based Layer 2 networkBitcoin already has the most developed second layer ecosystem of any blockchain network.
Current bitcoin-based layer 2 network include the Lightning Network, which is used extensively for payments, as well as Blockstream’s Liquid Sidechainand new technologies known as Fedimint and Cashoo.
Blockstream is a Vancouver-based firm working on the infrastructure for the bitcoin network.
The firm is led by veteran cyberpunk adam back Best known as the inventor of Hashcash, a proof-of-work mining algorithm later used in bitcoin.
