As we all know, Bitcoin inscriptions have set off a trend. So how do you view the impact of the Bitcoin ecosystem on the overall trend of the Bitcoin market in the future?

Bitcoin's UTXO mechanism makes every smallest unit of Bitcoin (satoshi) traceable and non-homogeneous. Driven by this gene, standard protocols such as BRC-20, ORC20 and BRC21 have been created, promoting the ecological development of Bitcoin NFT, BTC domain names, etc.

ERC20 and smart contracts are the core cornerstones of the Ethereum ecosystem. Based on this, developers in the Bitcoin community created the Ordinals protocol and the BRC-20 token protocol, which promoted the development of meme tokens and NFT ecosystems based on the Bitcoin network. In response to the "double-spending" risk of BRC-20, the community launched an improved ORC20 protocol; since the Bitcoin network does not support smart contracts, considering the interoperability of assets, developers launched the BRC21 protocol - an asset cross-chain anchoring protocol similar to WBTC.

Since Bitcoin is not Turing complete and does not support smart contracts, it has not produced DeFi innovation effects like AMM. Therefore, the development of the Bitcoin ecosystem requires native innovation to trigger a wealth effect.

Therefore, Bitcoin will not be saved if it follows the path of Ethereum completely. We can only rely on the ecological development of Bitcoin and mobilize native innovation based on Bitcoin’s own “genes” to make the Bitcoin public chain go further and further.

Therefore, the Bitcoin ecosystem will surely explode with huge traffic wealth in 2024, let us wait and see!