Highlights of the Closing Day of Bitcoin Devcon: A Tribute to Innovators in the Bitcoin Space

Author: Techub News

On May 8, the Bitcoin Devcon conference concluded successfully, bringing together Bitcoin elites from around the world to discuss the future of Bitcoin. Following a day of enthusiastic discussions and exchanges, the agenda for the second day was even more exciting, featuring keynote speeches, roundtable forums with industry leaders, and presentations of innovative ecological projects, all showcasing the vitality and innovation of the Bitcoin ecosystem.

The Bitcoin Devcon conference was hosted by UTXO Management, co-hosted by Satoshi Lab, and received strong support from Yakihonne and Web3port, with Techub News providing comprehensive coverage. The conference attracted numerous developers, engineers, researchers, designers, artists, and investors from the Bitcoin field, who collectively contributed ideas for the future development trends of Bitcoin and injected new vitality into the global Bitcoin ecosystem.

It is worth mentioning that the venue for this conference not only recognizes Hong Kong's key role in the early development of Bitcoin but also represents our firm determination to move towards the future from the historical starting point of Bitcoin activities. Here, global Bitcoin enthusiasts witnessed the growth and expansion of the Bitcoin ecosystem and looked forward to a bright future for Bitcoin.

This article will present the highlights of the day's speeches in written form, allowing you to experience the wisdom and insights from developers, founders, and renowned institutions around the world. Let us look forward to the future of the Bitcoin ecosystem, anticipating more innovations and breakthroughs.

HKSTP Senior Business Manager Isaac Tse Keynote Speech "Hong Kong Science Park - Your Ideal Launch Platform"

Isaac Tse, Senior Business Manager of HKSTP, delivered an impressive speech today at the Hong Kong Science Park, showcasing the unique charm and immense potential of the park as a center for technological innovation. Although Hong Kong has traditionally been viewed as a hub for finance and trade, under government initiatives, the Hong Kong Science Park has transformed into a cradle for technological innovation, attracting a large number of tech companies and forming a vibrant tech ecosystem.

As the management and operational body of the park, HKSTP works closely with the government to support the growth of enterprises. From incubating startups to expanding the global business of mature companies, HKSTP has collaborated with numerous partners to create a comprehensive and in-depth tech ecosystem.

Tse emphasized that their goal is to establish Hong Kong as an international center for technological innovation. Under this goal, the Hong Kong Science Park has gathered over 1,007 tech companies that thrive within the park, collectively writing a new chapter in Hong Kong's technological innovation.

BSquare Asia Pacific Market Head Arwen Keynote Speech "Introducing Bitcoin DA Layer and Expanding the Ecosystem"

Arwen, the Asia Pacific Market Head of BSquare, delved into the new development direction of the Bitcoin ecosystem in his keynote speech "Introducing Bitcoin DA Layer and Expanding the Ecosystem." Arwen first pointed out the main difference between Bitcoin and Ethereum, which is Bitcoin's limitations in executing smart contracts. To address this shortcoming, they introduced the DA layer (Data Availability Layer), allowing more decentralized finance (DeFi) projects like dfinance, social finance, and gameplay to thrive and expand within the Bitcoin ecosystem.

Arwen stated that their goal is to build a multifunctional Bitcoin layer to expand the Bitcoin ecosystem and provide DA layer support for more zk roll-ups and op roll-ups in the market. They aim to achieve this through four key aspects: fast, cheap, and secure transactions, simple access for individual users, collaboration with account abstraction solution providers like Particle Network, and providing developers with rich tools and resources.

Lorenzo Protocol CEO Matt Keynote Speech "The Importance of Building a Bitcoin Liquidity DeFi Ecosystem"

Matt, CEO of Lorenzo Protocol, emphasized the importance of building a Bitcoin liquidity DeFi ecosystem in his speech. With the expansion of the Bitcoin ecosystem and the prosperity of Altos, the demand for BDC liquidity is continuously rising. To meet this demand, they are creating efficient markets to facilitate supply and demand matching. Matt pointed out that while these projects consume liquidity, idle BDC also needs to be fully utilized. Therefore, Lorenzo Protocol is dedicated to creating a market platform that allows BDC holders to find quality projects and realize liquidity appreciation. To avoid users losing liquidity due to staking, they pursue a DeFi ecosystem that balances flexibility and opportunity. This ecosystem aims to promote mutual benefit between Bitcoin holders and project parties, driving the prosperity and development of the entire ecosystem.

Roundtable Discussion Theme "Cultivating the Challenges, Opportunities, and Future Prospects of the Bitcoin Ecosystem"

In today's roundtable discussion, several industry leaders gathered to engage in an in-depth discussion on the challenges, opportunities, and future prospects of cultivating the Bitcoin ecosystem. Participants included Jakub, Global Marketing Director of Bihelix; Yves La Rose, Founder of exSat; Justin, Founder of Zeus Network; Aisling Connolly, Senior Research Scientist at the ICP DFINITY Foundation; and Ken Liao, Founder and CEO of Xverse.

They unanimously agreed that the development of the Bitcoin ecosystem faces multiple challenges, including technological bottlenecks, market acceptance, and regulation. However, they also recognized the tremendous opportunities brought by technological innovation, market potential, and policy support. Regarding the future, participants held an optimistic view, believing that the Bitcoin ecosystem is expected to continue to grow and become an important pillar of the digital economy.

During the discussion, the guests shared their experiences and insights and proposed suggestions such as strengthening technological research and development, enhancing market education, and optimizing the regulatory environment to promote the healthy development of the Bitcoin ecosystem. They also emphasized the importance of collaboration, believing that only through cooperation can mutual benefits be achieved and the prosperity of the Bitcoin ecosystem be promoted.

The atmosphere of the entire meeting was lively, and the guests' speeches were insightful, providing valuable reflections and inspirations for the attendees. Finally, the host summarized the guests' speeches and thanked everyone for their participation and support. This roundtable discussion not only deepened the attendees' understanding of the Bitcoin ecosystem but also provided valuable suggestions and directions for the future development of Bitcoin.

Ord.io Co-founder Leonidas Keynote Speech "Bitcoin as an Innovation"

Leonidas, co-founder of Ord.io, delivered a keynote speech titled "Bitcoin as an Innovation." In his speech, Leonidas stated that since October 2008, when a photographer using the pseudonym Satoshi Nakamoto published a white paper describing a purely decentralized network called Bitcoin, Bitcoin has become a key innovation. He believes that people need to focus on how to harness the energy brought by this innovation.

Leonidas emphasized that although many interesting applications and experiments have emerged with other cryptocurrencies, people should not merely replicate these codes. Instead, they should, like Satoshi Nakamoto, start from fundamental principles to create something entirely new. He illustrated how Satoshi created Bitcoin from scratch, utilizing the basic idea of non-fungible tokens to create a more robust digital asset.

Leonidas's speech was filled with insights and inspiration, encouraging people to create new things from fundamental principles, rather than merely copying existing technologies and applications.

Bel2 Founder Han Feng Keynote Speech "BeL2 - Your Money, Your Bank"

Han Feng, founder of Bel2, delivered a keynote speech titled "BeL2 - Your Money, Your Bank," exploring the concepts, challenges, and future prospects of Bitcoin. Han Feng emphasized the importance of Bitcoin as a decentralized currency, arguing that the core idea of Bitcoin is to reclaim the power of issuing currency from governments and central banks, allowing ordinary people to participate in the currency issuance process. He mentioned that the emergence of Bitcoin has given people the freedom to control their assets and currency, which is the greatest freedom. At the same time, he criticized attempts to centralize the management and expansion of Bitcoin, viewing this as a betrayal of Bitcoin's original principles.

Han Feng further pointed out that the biggest challenge Bitcoin currently faces is the problem of good money being driven out by bad money. Although Bitcoin is the strongest currency, its liquidity is the worst because holders are unwilling to sell. He believes that to improve Bitcoin's liquidity, this profound contradiction needs to be addressed. He suggested drawing lessons from the historical relationship between gold and the dollar, positioning Bitcoin as a consensus-based wealth and improving its liquidity through the issuance of stablecoins.

Finally, Han Feng called on everyone to adhere to the principles of Bitcoin's originalism, rejecting any expansion of Bitcoin's credit and functionality, as only in this way can Bitcoin truly become people's money and their bank. His speech was passionate and filled with conviction, earning enthusiastic applause from the audience.

Conflux Co-founder and CTO Wu Ming Keynote Speech "Achieving Ultimate Security, Efficiency, and Customizability through the BTC Ecosystem"

Wu Ming, co-founder and CTO of Conflux, explored the challenges of security, efficiency, and customizability in the BTC ecosystem in his keynote speech. He emphasized the balance between security and performance in blockchain development, noting that historical projects often sacrificed security in pursuit of performance. Wu Ming proposed a vision for the future Bitcoin ecosystem that achieves both extreme security and high performance, analyzing the relationship between different consensus mechanisms and market value and security. He showcased how high security and scalability can be achieved through examples of Ethereum Layer 2 expansion and emphasized the importance of Layer 3 and customizability. Finally, Wu Ming discussed why Bitcoin needs Layer 2 and pointed out the challenges and future possibilities facing BTC Layer 2.

Wu Ming stated, "I hope that the future Bitcoin ecosystem can balance security and performance well. The Conflux team's focus includes building decentralized and secure cross-chain asset mechanisms and expanding customizable virtual machine execution environments to promote ecosystem development and cross-ecosystem interaction."

Zeus Network Founder Justin Keynote Speech "Zeus Network Solana as Bitcoin's L2"

Justin, founder of Zeus Network, articulated the concept of using Solana as a Bitcoin Layer 2 network (L2) in his speech. He criticized some projects for merely using Bitcoin as "gas" rather than truly leveraging its value and potential. Justin emphasized that true blockchain innovation should focus on facilitating C2C and C2B transactions and promoting interaction with project parties, Libert, and DIY application development. He chose Solana as Bitcoin's L2 because it possesses high performance, low cost, and strong support from a robust user and developer community. Justin introduced how Zeus Network connects with the Bitcoin mainnet using slot versions to form a 1.5-layer solution, enhancing Bitcoin application performance and scalability. He believes that the rapid growth of large asset currencies and Solana's significant position demonstrate its potential and value as Bitcoin's L2, bringing new opportunities for Bitcoin application development.

ICP DFINITY Foundation Senior Research Scientist Aisling Connolly Keynote Speech "Bitcoin L2 Powered by Chain Fusion on ICP"

Aisling Connolly, Senior Research Scientist at the ICP DFINITY Foundation, elaborated on how the ICP network provides Layer 2 support for Bitcoin through Chain Fusion technology in her speech. The ICP network is a decentralized network composed of standard node hardware running in independent data centers. Connolly pointed out that the DFINITY Foundation offers a range of tools that leverage the ICP network and Chain Fusion technology to help developers build Bitcoin's L2 solutions, accelerating development and reducing risks. She emphasized DFINITY's expertise in the cryptocurrency field, particularly its advanced cryptographic technology, which ensures the security and privacy of the network. Connolly's speech showcased DFINITY's unique perspective and strong capabilities in the Bitcoin L2 space, injecting new vitality into the development of the Bitcoin ecosystem.

Bitmain PoW Ecosystem Manager David Kim Keynote Speech

David Kim, PoW Ecosystem Manager at Bitmain, discussed how Ethereum Classic (ETC) empowers the Bitcoin ecosystem in his speech. He highlighted the commonalities between ETC and Bitcoin in PoW mechanisms and supply mechanisms, noting that ETC's EVM functionality can introduce more diverse decentralized applications to the Bitcoin network. David Kim stated that Bitmain is committed to building industry infrastructure and supporting the PoW ecosystems of both ETC and Bitcoin. He believes that through collaboration and integration, ETC and Bitcoin can jointly promote the development of the cryptocurrency field, achieving broader applications and stronger network security. In summary, David Kim's speech demonstrated the collaborative potential between ETC and Bitcoin, providing new perspectives and opportunities for the future development of the cryptocurrency field.

Roundtable Discussion "Exploring Investment Prospects of Emerging Projects within the Bitcoin Ecosystem"

In the roundtable forum "Exploring Potential: Investment Prospects of Emerging Projects within the Bitcoin Ecosystem," guests discussed the investment potential of emerging projects within the Bitcoin ecosystem. Vishal Kankani (MULTICOIN Capital) emphasized the importance of team strength, technological innovation, and market potential. Engineers from Electric Capital analyzed the potential and sustainability of emerging projects from a technical and engineering perspective. Eric (CMS Bitcoin ecosystem investor) focused on the business models and market adaptability of projects. Jademont (founding partner of Waterdrop Capital) highlighted the importance of community support and project vision in investment decisions. Seb Ramirez (NC Partners investment team) emphasized the long-term growth potential and scalability of projects. The guests unanimously agreed that exploring the potential of emerging projects within the Bitcoin ecosystem requires a comprehensive consideration of technology, team, market, and community factors.

Next is Demo Day* project presentations, showcasing projects that have been carefully selected over the past two months, reflecting their innovative capabilities in the Bitcoin ecosystem, and we hope these projects will promote the diversified development of the Bitcoin ecosystem*.

UTXO stack

John Riggins, a partner at UTXO, pointed out during the Demo Day presentation that the Bitcoin ecosystem lacks native solutions to address challenges of programmability and scalability. He believes that while there are many Bitcoin layer tools on the market, multi-chain bridging methods have not truly solved the fundamental issues. To address this, he proposed a solution to solve programmability issues directly on Bitcoin's first layer and introduced more flexible and simpler programmability through the RGB++ protocol. Additionally, they plan to provide UK-based Layer 2 solutions to enhance security and high-speed transactions. The RGB++ protocol supports building smart contracts on Bitcoin, combining Layer 1 and Layer 2 capabilities to provide native cross-layer cost solutions without the need for bridging. This solution is expected to bring revolutionary progress to the Bitcoin ecosystem.

Fractal Bitcoin

During Demo Day, project representative Laurendo introduced Fractal Bitcoin, a scaling method designed specifically for Bitcoin. He emphasized that previous attempts, such as the Lightning Network, were not effective, leading to the development of Fractal Bitcoin, which achieves native scaling for Bitcoin without introducing new variables and components. Its core is a virtualization method that virtualizes Bitcoin nodes into new instances without historical burdens, supporting protocols like runes and BRC20 for elegant scaling. Laurendo also mentioned the Unicet Wallet developed by the Unicet team, which supports switching between the mainnet and Fractal Bitcoin, providing convenience for users. In summary, Fractal Bitcoin offers a new, more elegant, and simpler scaling approach for the Bitcoin ecosystem.

Bihelix

At Demo Day, Jakub, Global Marketing Director of Bihelix, delivered a speech on integrating the RGB protocol and the Lightning Network. He pointed out that despite Bitcoin's 15-year history, its ecosystem still lacks an application ecosystem, with a significant amount of capital lying dormant. With the introduction of ordinals, the builder culture and interest in Bitcoin are reviving, and market demand is growing. However, despite technologies like SegWit and Taproot, Bitcoin's development remains relatively slow. To catch up with Ethereum, more smart contracts need to be added to Bitcoin, and the impossible triangle problem needs to be addressed. Existing solutions like sidechains and colored coins have limitations, so they are exploring better scaling and intelligent methods. Among these, integrating the RGB protocol and the Lightning Network is a viable solution that is expected to inject new vitality into the Bitcoin ecosystem.

TerpLayer

Hannah, co-founder of TypeLayer, emphasized their role as an infrastructure service provider, focusing on data pricing and the core issue of ensuring data trustworthiness in a native environment. TypeLayer's infrastructure consists of three main service components, one of which is "Verified Essentials without Network," featuring its own consensus mechanism to verify Bitcoin's foundational layer data. Additionally, they provide text tagging functionality to assist developers in modularization and similarity building. Their infrastructure includes foundational trends and large coin foundational trends, with a decentralized node verification network providing various services such as ZK guardians and GRB services to ecosystem members. TypeLayer has collaborated with commercial clients to support Bitcoin's first-layer serialized data.

ZKM

Kevin, founder and CEO of ZKM, introduced their project to build a universal zero-knowledge oracle aimed at solving the problem of blockchain fragmentation and providing unified liquidity. The team has a strong background and is supported by several well-known institutions. They have built a complete system that includes oracle technology, verification networks, and upper-layer frameworks to achieve connectivity and universal verification across different chains. Kevin specifically mentioned that the team focuses on the issue of idle Bitcoin assets and hopes to collaborate to ensure the security of user assets while providing them with expanded functionalities.

SHELL Finance

The SHELL project representative introduced their work in building a large-scale native lending mechanism, aiming to achieve functionalities similar to IV or Maker DAO, but with technical innovations utilizing PSBT, DLC, and Beacon native technologies. The choice of a large native platform is due to its high transaction fees and limited income sources for miners. The project representative mentioned the unsustainability of transaction fees in other projects and expressed the desire to build a large quantitative trading mechanism to achieve sustainable transaction fees. They finally showcased the process of lending using native assets like ORDINALS and RAINS, demonstrating the technical strength, innovative thinking, and market insight of the SHELL project.

OpenBit

The OpenBit project representative introduced their goal of enhancing Bitcoin's liquidity. He pointed out that although Bitcoin has become a multi-trillion-dollar ecosystem, liquidity has always been an issue. To address this, OpenBit is committed to building a cross-chain liquidity infrastructure to bring Bitcoin's liquidity into other layers.

He emphasized three major advantages of OpenBit. First, they provide native asset support for the entire Bitcoin ecosystem, enabling the free flow of assets across different layers. Second, they have built a secure and efficient infrastructure to ensure smooth liquidity. Finally, they offer critical infrastructure support for blockchain builders, users, traders, and liquidity providers.

During the presentation, judges may ask questions about how OpenBit ensures asset security, how it collaborates with other blockchain platforms, and how it attracts more liquidity providers. The project representative needs to be prepared with corresponding answers to showcase OpenBit's technical strength and market prospects.

iOracle

Kayla, the project representative of iOracle, introduced a hybrid essential testing framework based on deep learning, specifically designed for Bitcoin. This framework innovatively combines deep indexing with zero-knowledge provable data aggregation, developing the I Know network and ZK processor. This combination of technologies is novel and has great potential, lowering the entry barrier and achieving top-notch security performance using a large number of nodes. iOracle employs the most secure data aggregation consensus algorithm to ensure honest execution and verifiability. Compared to other decentralized indexing solutions, iOracle is more efficient, with performance improving as the number of nodes increases. Nodes index only a single block rather than synchronizing the entire chain history, enhancing efficiency. Multiple computational tasks can be executed in parallel, showcasing iOracle's advancement and practicality.

Bool Network

The Bool Network project representative introduced a project aimed at ensuring the security of Bitcoin Layer 2 assets. By submitting transaction data to DA and allowing users to submit Merkle Root proofs of remaining assets, user assets can still be safely transferred to Bitcoin in case of issues with Layer 2. Additionally, Bool Network's vision is to bring interoperability to Bitcoin and provide convenience for developers, opening up its source code and offering a Bitcoin SuperChain development framework to promote further development and application of the Bitcoin ecosystem. Its use cases include decentralized asset management and cross-chain bridge services using the original zero-knowledge proof algorithm RingVRF to ensure secure transfers between Bitcoin and other assets, supporting various native Bitcoin assets such as BTC, BRC-20, RUNES, etc. The project representative emphasized Bool Network's openness and scalability, providing developers with powerful tools to address the current centralization issues of indexers.

Bittap

Ray, the project representative of Bittap, introduced Bittap as a non-custodial wallet and decentralized marketplace based on the Type Perss protocol, aiming to become the infrastructure on the Bitcoin network, providing users with robust asset management and trading solutions. He also explained the new asset insurance protocol Temper Asset, emphasizing its low complexity and lack of burden on the Bitcoin network, but pointed out that its insufficient infrastructure limits users. Therefore, Bittap is dedicated to filling this gap with the latest technology, allowing everyone to issue and manage their assets. Ray's presentation showcased Bittap's commitment to providing users with a more convenient and secure Bitcoin trading experience, highlighting its important role in the Bitcoin ecosystem.

Lnfi Network

The Lnfi Network project representative introduced their platform as a Layer 2.5 solution aimed at promoting the global adoption of the Lightning Network. They pointed out that the asset locking volume of the Lightning Network is lower than that of Ethereum, primarily due to the lack of decentralized financial applications. To address this, Lnfi Network launched the "Lightning Fire" solution to provide infrastructure for decentralized finance. The project ensures security through Bitcoin on Layer 1 and token insurance, supports instant transactions with the Lightning Network on Layer 2, and allows various applications to be built on Layer 3. For example, Lnfi Network can enable Starbucks to issue token assets to develop a points system, while the pure Lightning Network only supports simple payment transfers. The innovation and practicality of Lnfi Network were highlighted.

Dotswap

Lin Zheming, the founder of Dotswap, passionately introduced his product at the conference—DotSwap. This is an innovative product that combines liquidity, smart contracts, and AMM exchanges, aiming to become a leader in the native field. Despite many competitors in the A1 native field, he is confident in his project.

Lin Zheming pointed out that with the popularity of fair launches and public minting, community enthusiasm for fair launch models is rising. However, this has also brought about a problem: limited liquidity before tokens are listed on centralized exchanges. To address this, their team developed an AMM exchange based on PSVT, aiming to enhance token liquidity before listing.

He used Satoshi Nakamoto's token as an example to emphasize the importance of liquidity issues. Although the mining cost of this token reached 300 BTC, the trading volume on mainstream trading platforms was far below this. This indicates that current fees are more focused on minting rather than actual liquidity.

Subsequently, Lin Zheming introduced their solution—Dotswap. This is the first native room providing an AMM model for tokens like Rooms and BS 20s, ASC 20s. Since its launch last September, it has been warmly welcomed by users. Dotswap is fully decentralized, requiring no deposits or bridges. It supports mobile devices, has a simple and intuitive interface, and offers one-click trading functionality, greatly facilitating users.

Vertex Labs

The Vertex Labs project representative introduced the BSAA wallet, aimed at solving blockchain network congestion issues. They pointed out that Layer 2 networks often face challenges such as insufficient equality and a singular ecosystem, with many relying on EVM, requiring users to use multiple wallets. To address this, Vertex Labs proposed the Beat Sign and Obstruct Account Wallet solutions as connectors between the DS and BTC networks, allowing users to operate through Bitcoin network wallets and submit to Layer 2 network verification. The project adopts the ERC 4337 technical mechanism and plans to use Hash Log and Hash Time Log to reduce gas costs, achieving cross-chain asset management. Vertex Labs emphasized the advantages of its solution in terms of security, aiming to bring greater convenience and security to the blockchain industry.

dustup

Richard Bensberg, the project representative of Vdustup, introduced their Bitcoin-native esports software platform, aiming to promote the popularity of Bitcoin through the esports field. The esports field has a large user base, but they hope to significantly increase the number of users utilizing the esports platform. They believe that by using Bitcoin as the currency for esports competitions, they can change the mainstream negative perception of Bitcoin. Although the project is currently in its early stages, they hope to gain more support and collaboration to achieve this goal. Richard overcame technical difficulties and successfully showcased the project, hoping to attract more attention and support to drive project development.

Summary

After a day filled with exciting keynote speeches, roundtable forums, and innovative ecological project presentations, the Bitcoin Devcon event on May 8 came to a successful conclusion. These segments not only showcased the vitality and innovation of the Bitcoin ecosystem but also gathered the wisdom and strength of Bitcoin elites from around the world, collectively contributing ideas for the future development trends of Bitcoin.

As the last project concluded, attendees expressed that the day's activities were rewarding, deepening their understanding of the Bitcoin ecosystem and igniting their expectations and aspirations for the future. The guests' brilliant speeches not only brought profound insights but also resonated with and inspired the attendees; the roundtable forum provided a platform for exchanging and colliding ideas, allowing different viewpoints to spark here; while the presentations of innovative ecological projects revealed the new forces and opportunities continuously emerging within the Bitcoin ecosystem.

Overall, the Bitcoin Devcon event on May 8 was not only a successful communication conference but also an important milestone in the development of the Bitcoin ecosystem. We look forward to Bitcoin continuously innovating and breaking through in future developments, bringing more surprises and possibilities to the global digital currency field.