#baby $BABY @BabylonLabs_io Last night, a simple disagrement with my husband turned into a question that transcends the boundaries of everyday life.
Does the success of a new Bitcoin-based system depend solely on good technology, or is it equally important whether people are actually ready to use it?
Reading about @BabylonLabs_io ’s TBV testnet, I realized that they are not just trying to build a Mainnet here, but are already slowly building an entire ecosystem. They have been working directly with Bitcoin holders since the end of May. Participants like Bedrock, GoMining and 84 Labs have committed up to 1,000 BTC. Number is not impressive, but it shows that testing has been going on with real users from the beginning. And yes, it is something to think about. Talking about a new technology and working with real users from the beginning for it are not the same thing. Hmm, then the wallet thing came to mind. TBV requires additional cryptographic signatures and secret generation than a normal Bitcoin transaction. So just supporting one wallet would not do. Hardware Wallet, software Wallet and MPC Wallet - 3 types of preparation for 3 types of users. It may seem like a small decision but it can actually make a big difference in terms of adoption. And listen, it's not just lip service, there is a real reason behind supporting different types of Wallets. Think about it, Retail users and institutions - the needs of both are not the same. So this difference has been kept in mind from the beginning. And after reading the infrastructure part, it seemed that a network does not run with code alone. Vault Provider, Universal Challenger, governance, security participant - all together create a balance. I think these types of roles are the least discussed, but in the long run they become the most important.
It's quite surprising, isn't it? Mainnet is not yet here but @BabylonLabs_io not just busy with the protocol. Users, wallets and infrastructure - are trying to build all three together.
How effective it will be in the end, only time will tell👍
Does the success of a new Bitcoin-based system depend solely on good technology, or is it equally important whether people are actually ready to use it?
Reading about @BabylonLabs_io ’s TBV testnet, I realized that they are not just trying to build a Mainnet here, but are already slowly building an entire ecosystem. They have been working directly with Bitcoin holders since the end of May. Participants like Bedrock, GoMining and 84 Labs have committed up to 1,000 BTC. Number is not impressive, but it shows that testing has been going on with real users from the beginning. And yes, it is something to think about. Talking about a new technology and working with real users from the beginning for it are not the same thing. Hmm, then the wallet thing came to mind. TBV requires additional cryptographic signatures and secret generation than a normal Bitcoin transaction. So just supporting one wallet would not do. Hardware Wallet, software Wallet and MPC Wallet - 3 types of preparation for 3 types of users. It may seem like a small decision but it can actually make a big difference in terms of adoption. And listen, it's not just lip service, there is a real reason behind supporting different types of Wallets. Think about it, Retail users and institutions - the needs of both are not the same. So this difference has been kept in mind from the beginning. And after reading the infrastructure part, it seemed that a network does not run with code alone. Vault Provider, Universal Challenger, governance, security participant - all together create a balance. I think these types of roles are the least discussed, but in the long run they become the most important.
It's quite surprising, isn't it? Mainnet is not yet here but @BabylonLabs_io not just busy with the protocol. Users, wallets and infrastructure - are trying to build all three together.
How effective it will be in the end, only time will tell👍