Bitcoin script seems to have been greatly underestimated.
Following the release of the Ordinals Protocol and BitVM whitepaper in 2023, perceptions are changing about what is possible on Bitcoin's underlying layer, and it is clear that Bitcoin is now absorbing demand from other blockchains in the broader cryptocurrency ecosystem.
Naturally, developers have had aspirations to add additional features to Bitcoin since the early days of the protocol's 15-year history. From early sidechains like Liquid and Rootstock to future L2s, Bitcoin Magazine has always covered legitimate scaling initiatives.
However, there is a new wave of imitators seeking to take advantage of these developments in order to commercialize random crypto tokens. Amid the Bitcoin L2 gold rush, the editorial board of Bitcoin Magazine believes it is necessary to clarify its position on L2 coverage.
To be eligible for coverage, Bitcoin L2 must:
- Use Bitcoin as a native asset: L2 should be designed primarily to use Bitcoin as the underlying token or unit of account, and the system fee payment mechanism. If it has a token, it must be backed by Bitcoin.
- Use Bitcoin as a settlement mechanism to enforce transactions: Tier 2 users should be able to exit the system through a mechanism that restores unilateral control of their funds in the first tier.
- Show functional dependence on Bitcoin: If Bitcoin experiences a complete failure, and the system in question would still be running, our position is that this system is not a second layer of Bitcoin.
Bitcoin-based protocols that do not fit into the Layer 2 category, but are still eligible for coverage include:
- Identification protocols: Systems like Counterparty (XCP) or Ordinals, which are protocols outside the confines of the Bitcoin protocol, exist and operate on Bitcoin Layer 1, but do not have their own separate blockchains. Bitcoin Magazine has historically covered news and events related to these protocols, and will continue to do so.
- Layers of “parasites”: These systems rely on the existence of Bitcoin, cannot operate independently without Bitcoin, but do not meet the other criteria required to be considered a second layer. Bitcoin Magazine does not cover these protocols at this time.
This policy clarification does not apply to our decisions regarding coverage of stablecoins or tokens.
Furthermore, it relates only to BitcoinMagazine.com and its print publications, and does not represent the policies imposed by the Bitcoin Conference, Rare BTC or UTXO Management, the institutional fund owned and managed by BTC Inc, which may have exposure to Bitcoin. L2s.
