Author: Prayank 2021-12-23 09:42:02
Published on: 2021-12-23T09:42:02+00:00
In his day 6 post, Rubin discusses why smart contracts may be a critical precursor to securing Bitcoin's future rather than something that should be done after making the base layer more robust. However, there are some comparisons and links that he considers misleading or incomplete, which he tweeted about but wanted to archive in this email. He highlights several differences between Bitcoin and Ethereum that affect the fee market, including block size, block limit, UTXO vs account model, failed transactions that pay fees, and the need for nodes to run smart contracts. He also notes that stablecoins, DEX, NFT platforms, CEX, and VCs are all paying fees. There are other factors affecting the fee market as well, such as darknet markets using Monero, stablecoins no longer using Omni, and most transactions being related to exchanges. Additionally, new users are influenced by people like Elon Musk and are interested in quick riches rather than DeFi or other technologies that could improve the Bitcoin ecosystem. Finally, Rubin notes that projects like DLCs are not yet used in any high-volume projects.
Updated on: 2023-06-15T03:21:42.210187+00:00