CGV Research | From Colored Coins, Mastercoin/Omni to Ordinals/BRC20, a Comprehensive Analysis of Technological Evolution in the Bitcoin Ecosystem
Author: Cynic, CGV Research Why not turn to Ethereum, and instead have to start over on Bitcoin? Because this is Bitcoin. Bitcoin, as the first successful decentralized digital currency, has been at the core of the cryptocurrency field since its inception in 2009. As an innovative payment method and store of value, Bitcoin has sparked widespread global interest in cryptocurrencies and blockchain technology. However, as the Bitcoin ecosystem continues to mature and expand, it also faces various challenges, including transaction speed, scalability, security, and regulatory issues. Recently, the inscription ecosystem led by BRC20 has set off the market, with multiple inscriptions achieving over a hundredfold increase, severe congestion in Bitcoin on-chain transactions, and an average Gas price exceeding 300 sat/vB. At the same time, the airdrop of Nostr Assets further attracted market attention, and protocol design whitepapers such as BitVM and BitStream were proposed. The Bitcoin ecosyst...