1. Introduction
Welcome to the Ryze Up segment brought to you by Ryze Labs. Ryze Labs serves as a bridge between the East and the West, aiming to accelerate the development of Web3 in emerging markets and influence the global Web3 world. Local Insights, Global Impact – let's embark on this journey together. Time to Ryze Up.
Ryze Labs has successfully invested in high-growth potential projects like Polygon, Sui, Solana, LayerZero, and Wintermute.
Host: Joven, Head of Business Development at Ryze Labs, focuses on expanding the fund's outreach to global developer communities and helping portfolio companies with go-to-market strategies.
Special Guest: Jeff, Founder of Bitmap Tech, dedicated to creating new asset protocols and scalability solutions within the Bitcoin ecosystem, including the BRC420 asset protocol and the Bitcoin Layer 2 Merlin Chain.
2. Attracted by DMT Theory, Deciding to Build Bitmap Tech
Before founding Bitmap Tech, Jeff had been an entrepreneur in the Web2 industry for over a decade. Although always interested in the blockchain industry, it wasn't until 2023, after observing Ordinals and the BTC ecosystem, that he decided to venture into the Web3 space in May-June 2023, when there was still a bias against inscriptions in the market.
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The distinction between Bitmap Tech and Bitmap often leads to confusion. Bitmap originated from Blockamoto, while Bitmap Tech is a dedicated developer on the Bitmap platform. The decision to leverage Bitmap was driven by the Digital Meta Theory (DMT), where each block represents a unique digital entity - an avatar, a song, or a micro-universe - ensuring enduring storage and security. Bitmap, as the most promising asset linked to this theory, was the natural choice for development.
3. Core Advantages of BRC420
BRC420, developed by Bitmap Tech, stands out as a uniquely intricate yet user-friendly asset protocol. It boasts two primary advantages: Firstly, unlike Ethereum-based NFTs that often rely on centralized cloud services like Amazon Cloud or Alibaba Cloud, BRC420 assets are stored directly on-chain, guaranteeing immutable and permanent content storage.
The second advantage is the enhanced composability due to its open and permanent nature. This mirrors the evolutionary nature of innovation, where new creations build upon existing ones. Just as landmark games like League of Legends and CS evolved from earlier creative ideas, BRC420 enables creators to build upon previously inscribed content, fostering innovation.
At its core, BRC420 is about content modularization and module assetization. Modularization allows different elements such as gameplay, characters, and music to be embedded into inscriptions as modules. Imagine 1000 inscriptions, each a module, combining to form a complete content piece. This content can then be tokenized, turning token holders into both shareholders and potential contributors to the project.
The potential of BRC420 is immense, spanning music, gaming, and various domains where elements can be modularized and transformed into assets, opening vast opportunities for builders and developers.
4. Pandora, BRC420, and the Graphic Tokens Duality
Discussing Pandora's ERC404 and the concept of graphic token duality, Jeff points out that this idea was initially introduced by Bitmap Tech. While many projects have adopted similar concepts, BRC420 distinguishes itself from projects like Pandora, which primarily focus on the financial aspect, dealing with liquidity from a monetary standpoint.
Bitmap Tech, in contrast, emphasizes utility. For example, Bitmap in the metaverse could represent land, offering spatial utility and beyond. The strategy is to prioritize utility, with financial aspects following organically.
Bitmap Tech's launch of the Blue Box was driven by the need for a pioneering token in any asset protocol, akin to Domo's introduction of the Ordi token with BRC20. Opting to let the protocol's development team issue the first token, Bitmap Tech released the BRC420 token, known as the Blue Box.
The project's early supporters, known for their analytical acumen and influence, played a crucial role in raising its profile. As the project gained traction and value, these community pioneers further contributed by elucidating and promoting its concepts.
Since the BRC420 protocol's inception, it has spawned over a thousand projects, leading to novel innovations like Blue Crystals and Music Boxes.
5. Community Trust: The Key to Merlin Chain's Success
Merlin Chain's inception was driven by a need to address unmet demands in the metaverse, autonomous worlds, and finance that Bitcoin Layer 1 couldn't fulfill, necessitating a scale-up to Bitcoin Layer 2.
Merlin Chain stands out among Layer 2 solutions not for its technical uniqueness but for its commitment to solving on-chain congestion and enhancing user experience. This focus contrasts with many Layer 2 projects that are still pre-mainnet, often overly emphasizing technical specifics.
The cornerstone of Merlin's community success is its transparent and open communication. In public interviews and on platforms like Twitter, the team shares candid insights, such as acknowledging Merlin as a Layer 2 in a landscape where many projects, despite having similar or less advanced technology, claim the same. This honesty has significantly resonated with the community.
Moreover, Merlin Chain adopted a zero-marketing-expense policy to maintain community fairness, relying instead on organic promotion through YouTube, podcasts, and Twitter. This approach fostered a community built on belief and mutual respect.
Another factor contributing to Merlin's popularity is its early involvement in the Bitcoin ecosystem, which has garnered more community acceptance compared to later entrants seeking to capitalize on Bitcoin's growth. The Western audience, in particular, has shown interest in Merlin due to its enhancement of Bitcoin inscriptions and the demand for Bitcoin-based income generation.
6. The Core is Serving the Target Users Well
Looking towards the future of Bitcoin Layer 2, Jeff emphasizes the importance of focusing on serving the target users effectively. He envisions a collaborative ecosystem with numerous potential builders.
Merlin Chain is supported by three key funds: a liquidity fund enhancing ecosystem liquidity, an ecofund for project investments, and the Merlin token, with a significant portion allocated to builders and early development teams.
Bitmap Tech is currently advancing recursive protocols and BRC420 within Merlin, balancing the need to support existing products and users while addressing broader technological challenges and market demands.
7. Conclusion
The future holds great potential for more skilled developers to join Merlin, which has already attracted a considerable retail investor base and assets. The team's focus is on optimizing asset utilization and enhancing user services.
With the Bitcoin ecosystem still in its nascent stages, the aspiration is for developers, investors, and the ecosystem at large to avoid rushing for short-term gains. Instead, the emphasis should be on laying a robust foundation in these early stages, fostering collective growth and a more robust Bitcoin ecosystem.