Is Bitcoin Ready To Spur Development Outside Its Ecosystem?

The Bitcoin community isn’t known for being open to outside development like DeFiChain, but, it doesn’t have to be that way.

Covered:

  • Bitcoin Community And The Future
  • Advantages To Development With Bitcoin

Bitcoin Community And The Future Of Dapps

The debate has been raging for years in the Bitcoin community about whether to accept Dapp development off-chain or even on a sidechain. Most recently, the debate has seen the Bitcoin community turn on crypto investor Nic Carter for injecting money into a protocol that wasn’t centered around Bitcoin or its development team.

As a result of this type of insular vision, Bitcoin hasn’t built up its utility as much as it can. Sure, in-house options like Lightning Network exists, but it’s limited to speeding up transactions — and only to a point, at that.

Where is all the Bitcoin-based DeFi, NFTs, or play-to-earn games? If that stuff is too silly for you, how about the crucial real world applications like useable apps for banking the unbanked? For example, El Salvador’s Chivo app has long been the source of rumors of whether it actually runs on Bitcoin. Can one actually run on Bitcoin and meet the complex demands of people around the world?

The limitations stem from the UTXO model that Bitcoin employs. Yes, it’s safe and keeps great financial records, but it doesn’t allow for complexities needed for all the advanced needs that the crypto world now demands.

Is it time for the Bitcoin community to open up to off-chain or sidechain options?

Recommended: Why Bitcoin Is Undoubtedly ‘The Best Money’

Advantages To Development With Bitcoin-Adjacent Protocols Like DeFiChain

Whether or not it’s time or not is something that Bitcoiners won’t let go of easily. But one thing is for certain, there is no shortage of protocols that can offer something for developers looking to work in Bitcoin.

One example, DeFiChain, presents an attractive option, even for Bitcoin maxis. It manages to overcome the biggest difficulty for Dapps which is security. Within smart contracts, exist many exploits. In particular, bridges are very vulnerable.

To overcome that, DeFiChain anchors itself to Bitcoin by saving its last Merkle tree every few minutes. Not to mention, transactions can be checked against Bitcoin proving the transactions took place and also their immutability. 

Another great reason to develop on DeFiChain is developers can work with DefiChain to overcome Bitcoin’s bad environmental PR. Regardless of whether the environmental FUD is fair or not, it certainly influences user and investor choices.

Beyond that, DeFiChain also shares some characteristics with Bitcoin like its community support. Like Bitcoin, the users of the community-owned DeFiChain are entirely responsible for its development, maintenance, and future. Moreover, the community boasts the DeFiChain Accelerator, a program geared toward funding development on the burgeoning chain.

The question was never if sidechain or offchain development was possible. It was more about a purity test. Is it still Bitcoin if its not done the way the Bitcoin community wants it to be? DeFiChain doesn’t answer that question, but it does provide a way to get the development to Bitcoin that it desperately needs to keep up with the current pace of crypto.

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