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An engineer at Blockstream, a Bitcoin-focused development company, said: Said She sees a “Cambrian explosion” in the development of layer 2 technology for the Bitcoin network.
The rapid growth in the attention of Layer 2 technology is driven by upcoming updates such as the Bitcoin Improvement Proposal (BIP) 118, known as SIGHASH_ANYPREVOUT (APO for short), Simplicity, and a new programming language for Bitcoin smart contracts called Blockstream. will be partially facilitated. As her engineer girlfriend Lisa Neigut said at her Consensus 2023 conference:
“APO hopes to unleash the Cambrian Explosion with these script updates and new contracts.
“I think there will be a lot of new Layer 2 stuff in the future.”
The remarks were made during Neigut’s State of the Chain presentation at a conference in Austin, Texas last week.
A Mature Bitcoin Layer 2 Ecosystem Already Exists
While lesser known among DeFi users than the Ethereum-based Layer 2 network, Bitcoin already has one of the most developed second layer ecosystems of any blockchain network.
Current Bitcoin-based Layer 2 networks include the widely used Lightning network for payments, Blockstream’s Liquid sidechain, and emerging technologies known as Fedimint and Cashu.
Blockstream is a Vancouver-based company working on the infrastructure of the Bitcoin network.
The company is led by veteran cypherpunk Adam Back, best known as the inventor of Hashcash, the Proof-of-Work mining algorithm later used in Bitcoin.