The current crypto market is seeing a clear narrative shift back to the Bitcoin ecosystem. A new storm is brewing and is about to erupt.
Although Bitcoin, as the pioneer of cryptocurrencies, boasts a broad user base and strong network effects, its ecosystem still faces numerous challenges, particularly scalability issues. This bottleneck severely limits the potential for large-scale applications on the Bitcoin network and hinders the prosperity of its ecosystem.
To address this critical issue, the MetaID protocol has proposed a Bitcoin scaling solution called MetaBitcoin. This solution centers on the BTC chain and allows dynamic linkage to other Bitcoin isomorphic chains, creating a dynamic and infinitely expandable Bitcoin isomorphic network. Based on the MetaID protocol, developers can build Web3 applications on the Bitcoin chain, such as on-chain Twitter, on-chain Facebook, on-chain Amazon, and on-chain TikTok.
"With the MetaID technical framework, we can now construct a scalable Web3 world on Bitcoin and its ecosystem, capable of reaching a global population of 8 billion. This breakthrough will not only drive the prosperity of the Bitcoin ecosystem but also inject new vitality and opportunities into the entire crypto market," said the MetaID team. They are confident in building a more prosperous and healthy Bitcoin ecosystem and remain committed to advancing this goal.
This bull market's narrative centers on the BTC ecosystem.
This year, the crypto market has been bustling with activity. From Meme tokens to AI to DeSci (Decentralized Science), new trends have continuously emerged, sparking wealth effects that have excited participants. However, a closer analysis of the market landscape reveals that the Bitcoin ecosystem will remain the central protagonist in the bull market narrative. There are three reasons for this:
First, the continuous net inflow of funds into Bitcoin ETFs has injected new vitality into the Bitcoin ecosystem. Especially in the current macroeconomic context of interest rate cuts, Bitcoin is becoming the largest reservoir for traditional funds. According to data from SoSoValue, the historical cumulative net inflow into Bitcoin spot ETFs has reached $30.704 billion. This massive influx of capital not only drives up Bitcoin prices but also provides strong momentum for the development of the Bitcoin ecosystem. More capital inflows mean more developers and enterprises will invest in building and innovating within the Bitcoin ecosystem, thereby fostering the prosperity of the entire system.
Second, the Bitcoin ecosystem's capacity to accommodate larger scales of capital facilitates the entry of significant investments. This vast scale of capital not only brings more investment and support to the Bitcoin ecosystem but also better attracts institutional investors. In contrast, the market capitalization of other cryptocurrencies is relatively small, unable to meet the investment needs of large-scale funds.
Lastly, Bitcoin remains far ahead in terms of recognition within the cryptocurrency industry and is also the most widely recognized cryptocurrency beyond the crypto community. According to a report by PwC, among surveyed cryptocurrency users, a striking 82% were familiar with Bitcoin, significantly surpassing Ethereum, Solana, and other mainstream cryptocurrencies. This unique advantage in recognition not only attracts more users but also brings in top talent to the Bitcoin ecosystem. More professionals from traditional finance and technical developers will be drawn to the Bitcoin ecosystem, driving innovation and providing additional growth momentum.
Supported by these factors, the Bitcoin ecosystem is already showing strong development momentum. Data reveals that Bitcoin's market capitalization currently accounts for over 50% of the entire cryptocurrency market, further solidifying Bitcoin's core position in this bull market.
Fundamental Limitations Restrict the Prosperity of the Bitcoin Ecosystem
As the pioneer of blockchain, Bitcoin has achieved tremendous success in decentralization and value storage. Its ecosystem will inevitably witness more prosperous development in the future. However, achieving this goal first requires addressing the inherent limitations of the Bitcoin network, as its technical framework and design philosophy have struggled to meet the demands of rapidly advancing blockchain technology.
Performance Bottlenecks
The Bitcoin network was designed with a priority on security and decentralization rather than transaction speed and processing capacity. As the first-generation mainstream cryptocurrency, Bitcoin's initial design goal was not to achieve high transaction throughput but to ensure network security and decentralization. As a result, its transaction throughput is limited to 7 transactions per second (TPS), with an average confirmation time of 10 minutes. This makes the network unsuitable for large-scale payments or complex applications, hindering its ability to meet the growing demand for applications and thus restricting the development of the Bitcoin ecosystem.
Limited Functionality
Bitcoin's scripting language is constrained in its capabilities, unable to support complex logical operations, and therefore lacks the ability to facilitate smart contracts like Ethereum. This has left Bitcoin with little competitiveness in fields such as decentralized finance (DeFi) and non-fungible tokens (NFTs). Additionally, Bitcoin network fees are relatively high. During times of network congestion, transaction fees can soar to tens of dollars. This cost limitation greatly reduces Bitcoin's practical value in scenarios involving small payments or micro-transactions.
To address these issues, the industry has developed a variety of innovative scaling solutions, the most prominent of which are Layer 2 solutions. These solutions are built on the Bitcoin mainnet and leverage methods such as offloading transactions to improve overall transaction throughput. Layer 2 scaling solutions can be categorized into three main types based on their architecture:
Bitcoin-homogeneous solutions
EVM solutions that establish cross-chain solutions with Bitcoin assets
Other non-Bitcoin-homogeneous and non-EVM solutions, such as the Lightning Network and Stacks.
The market generally views Bitcoin-homogeneous solutions as the optimal choice, as they leverage Bitcoin's SHA-256 mining algorithm. This compatibility allows many miners within the Bitcoin network to transition to the new network, potentially becoming security enforcers for sidechains or Layer 2 solutions.
A recent example capturing market attention is Fractal Bitcoin, which belongs to the category of Bitcoin-homogeneous solutions. It utilizes Bitcoin Core code to implement recursive virtualization, with a "fractal" design as its core technology. In geometry, fractals replicate patterns resembling the original shape, retaining key attributes. Inspired by this concept, the UniSat team proposed encapsulating core Bitcoin code to create embeddable network extension layers.
This extended network links recursively to the main Bitcoin network, allowing each application to operate independently while ultimately reporting back to the main network. Such a design enhances transaction processing capacity across the network while ensuring that layers do not interfere with each other, significantly boosting parallel processing capabilities. However, there is a notable downside: Fractal Bitcoin can only connect to BCSP (Bitcoin Core Software Package) constructed from replicated Bitcoin Core nodes and is incompatible with other UTXO-based public chains.
In reality, this issue reflects a broader challenge faced by all Bitcoin scaling solutions today: the lack of collaboration. Each project operates independently, building technological barriers to create its own "moat." This results in isolated islands of development, where developers lack a universal language system for interoperability between scaling solutions. This fragmentation ultimately harms the overall interests of the Bitcoin ecosystem, preventing large-scale breakthroughs.
MetaID's Infinite Scaling Solution for Bitcoin
To break the isolation within the Bitcoin ecosystem, the MetaID protocol team has proposed a simple and feasible Bitcoin scaling solution: the MetaBitcoin Network (MBN).
MBN is a dynamic, infinitely expandable Bitcoin-homogeneous network centered on the BTC chain, capable of linking other Bitcoin-homogeneous chains. Its goal is to solve Bitcoin's scalability issue and build a Bitcoin-based Web3 network that serves a global population of 8 billion people.
"From its inception, MBN's goal has been clear—to plan and design for large-scale Web3 applications on Bitcoin. By leveraging the MetaID protocol and existing Bitcoin ecosystem infrastructure, MBN aims to build a secure, user-owned, high-performance Web3 network on Bitcoin that meets the daily needs of people worldwide," the team explained.
MBN is not a specific chain or project but a Bitcoin-based Web3 solution comprising existing UTXO public chains and technologies, combined with suitable asset bridges and data rollup solutions. It has several clear advantages:
Compatibility
MBN can support most mainstream UTXO public chains and their replicated chains, including BCH, BSV, FB, and MVC. Each Bitcoin scaling solution can maintain its current development pattern, expanding its own ecosystem without requiring new technical development or migration.
Diversity
Each technical solution retains its unique strengths, fostering diverse development within the Bitcoin ecosystem. For instance:
- Lightning Network has achieved impressive results in the payments sector, creating bidirectional payment channels for nearly instantaneous payments and significantly reduced transaction fees. By connecting directly to the Lightning Network, MBN enables faster transfers and lower costs for payment scenarios.
- MVC (MicrovisionChain) has created the high-performance smart contract framework MetaContract, which utilizes modern computing's multi-core advantages to greatly enhance contract execution speed and network TPS. High-frequency and complex Web3 applications, such as games and social networks, can be directly built on MVC and integrated into the Bitcoin mainnet via MBN.
With MBN, how will the Bitcoin ecosystem change?
From two dimensions: first, the user side; second, the developer side.
On the user side, some long-time Bitcoin natives will be able to experience a brand-new on-chain experience more conveniently on the oldest network.
In fact, Bitcoin, as a store of value or "digital gold," has accumulated vast amounts of capital but has not been fully utilized due to its performance constraints.
With the advent of MBN, Bitcoin natives can interact directly with various Bitcoin Layer 2 solutions and sidechains without using cumbersome on-chain tools.
Some of their accumulated Bitcoins can also be managed through on-chain products to earn higher returns.
On the developer side, project deployers can use MVC network's fast replication feature ("100 MVC") and within half an hour, deploy a replicated version of MVC, adjusting parameters as needed while maintaining the core UTXO structure and underlying functionality to ensure future compatibility with MVC and BTC.
Similar to AltLayer's Rollup-as-a-Service, 100 MVC allows developers to quickly build networks based on scenario requirements, eliminating the need for foundational work and enabling them to focus on the business itself, further enhancing Bitcoin's network scalability and practicality.
Alternatively, developers can deploy a sidechain that meets MBN's criteria and enjoy Bitcoin's ecosystem liquidity and user traffic.
Developers only need to focus on the product and operation, without the need to perform migration or replication like in the EVM ecosystem, saving a lot of funds and manpower.
According to the official documentation, the conditions for an MBN sidechain are as follows:
A permissionless public chain.
Homogeneous with Bitcoin, including using the UTXO structure and supporting Legacy addresses, etc.
Uses the SHA256 mining algorithm and has an average hash rate of at least 10 PH/s over 30 days.
Currently, fully compliant chains include MVC (MicrovisionChain) and its replicated chains, FB (Fractal Bitch) and its replicated chains, BCH (Bitcoin Cash), BSV (Bitcoin SV), and XEC (eCash).
"It is a permissionless, completely open Bitcoin scaling solution built for the massive Web3 applications of the future. It is a vision, and from a technical perspective, it may also be the simplest and most elegant solution for building a Web3 Bitcoin scaling solution," says the official documentation.
Using Social Networks to Ignite the Bitcoin Ecosystem and Usher in a New Web3 Era
MBN represents one of MetaID's foundational strategies aimed at achieving Bitcoin scalability. Another significant move is the principle of "applications as the king," which promotes explosive growth of Web3 applications by facilitating data interoperability between various cross-chain applications using the MetaID protocol.
The large-scale application of the MetaID ecosystem begins with decentralized social networking, starting with the creation of MetaSo, the first decentralized social network built on Bitcoin.
Why Start with Social Networks?
Social networking is one of humanity's basic needs. In the traditional Web2 world, industry giants like Tencent, Twitter, and Facebook have emerged. While Web3 has seen products like CYBER and Friend.tech, none of these social applications have truly broken through to mainstream adoption. The root cause lies in their failure to establish long-term competitiveness by fully leveraging the unique advantages of Web3.
Meanwhile, venture capitalists continue to bet on the social networking track, with renowned investment firms like a16z, Binance, Sequoia Capital, and Paradigm pouring resources into various decentralized products.
As Web3 continues to grow, decentralized social networking is poised to become a critical component of the blockchain space. MetaSo has taken the lead by developing a decentralized social network on the Bitcoin network.
The Structure and Features of MetaSo
The MetaSo network consists of MetaSo nodes, where each node is a decentralized social media application. Data is stored entirely on-chain, ensuring immutability, user ownership, and permanent preservation. MetaSo nodes are interconnected, enabling seamless data sharing across the network. Built on Bitcoin or its sidechains, this system eliminates the possibility of data tampering or deletion.
Developers and users can deploy a MetaSo node within 30 minutes to become part of the decentralized ecosystem and earn corresponding rewards. According to MetaSo's official website, it is set to become the first fully decentralized, independent social network on Bitcoin, where users no longer need to worry about the closure of applications or the deletion of content.
Show.Now is the first node and the first application of the MetaSo network. Its data is interconnected and backed up with the data of other MetaSo nodes. The long-term plan for Show.Now is to become a decentralized OnlyFans on-chain, integrating various NFT and token use cases based on user needs.
Currently, Show.Now has largely implemented the core functionalities of on-chain Twitter and on-chain OnlyFans. This includes features such as publishing encrypted posts and paying (in BTC) to view encrypted posts. According to the roadmap, future features will include tight integration with BTC assets, including NFTs and BRC20 tokens. For instance, the platform will support NFTs as emojis, Meme Tokens as community access credentials, and even encrypted video uploads on-chain. These features already make it one of the most functionally rich SocialFi applications on-chain. It can be imagined that when MetaSo nodes are distributed globally, the day this decentralized social network matures will have a disruptive impact on the entire traditional social network model. We are very excited to see what impact the first truly decentralized storage social network on Bitcoin will have on Bitcoin and the blockchain industry.
In fact, the aforementioned MetaSo and ShowNow functionalities are not isolated; they are part of the larger MetaID and MVC ecosystem. By leveraging traffic as an entry point, they attract millions of users into the entire ecosystem, also bringing more incremental users to other projects.
For example, the MetaSo network supports several Bitcoin network asset protocols (including Ordinals, BRC20, MRC20, etc.), and these assets require wallets as storage mediums. Users must use the Metalet wallet to access ShowNow in the early stages.
Additionally, the MetaSo network supports MetaID users, allowing them to issue their own ID-Coins. These user-issued ID-Coins can be freely traded and used for various scenarios, such as paying for content or subscribing to services, on platforms like MetaID.Market, Octopus.space, and Orders.exchange.
Additionally, MetaSo/ShowNow users can seamlessly use NFTs on BTC (including protocols like Ordinals, MRC721, etc.). Users can insert NFTs in their posts, and the sales information for their NFTs can appear on their user profiles. Furthermore, users can directly use BTC-based Meme Tokens as community functional tokens, bringing Meme tokens into practical use within the ecosystem.
According to the official documentation, all images and videos on MetaSo/ShowNow are stored by default on the MVC sidechain. The official team will airdrop a certain amount of SPACE coins to all ShowNow users, allowing them to freely obtain SPACE at the beginning and use ShowNow seamlessly without prior knowledge of MVC. Users only need BTC assets to enjoy the benefits brought by the Bitcoin sidechain without any additional effort.
In summary, Web3 social media and various trading scenarios can now be fully realized on MetaSo/ShowNow, and users can experience this without noticing any disruptions or needing to switch to third-party pages.
Conclusion:
The attention on the Bitcoin ecosystem continues to rise, with more and more traditional developers entering the space. In this grand event, whether a large-scale Web3 solution can emerge on Bitcoin is a key focus and one of the most exciting narratives to follow in the Bitcoin industry. Building a permissionless, open Web3 world on Bitcoin that can support billions of daily users has always been the goal of the MetaID protocol team.
It is also important to note that MBN currently does not have venture capital funding, nor has it issued project tokens. All value is concentrated on the MVC sidechain. According to the market data, the MVC native gas SPACE currently has a circulating market cap of only $6.2 million and an FDV (Fully Diluted Valuation) of just $24 million. Compared to FB, which has a circulating market cap of $45 million and an FDV of $700 million, SPACE still has significant growth potential.
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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Company Name: MetaID Labs
Contact Person: Sunny Fung
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Country: China
Website: https://metaid.io
