Bitcoin Shapes Up As The Most Stable Base Layer For Web3 Development
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Many people see Bitcoin as the leading cryptocurrency but look elsewhere for innovative applications, products, and protocols. As a result, the ongoing growth of Bitcoin in the application space has largely flown under the radar, although there is substantial growth. In fact, the ongoing expansion of Bitcoin-based services continues to accelerate.
Recent research by The Block into Bitcoin and its viability for next-generation applications yield some interesting insights. it is essential to look at the world's leading cryptocurrency beyond the base layer it provides today. While the Bitcoin network has been chugging along for over a decade, it is capable of much more than processing transactions and keeping transparent records on the blockchain. In fact, it has become an appealing base layer for many builders.
While Ethereum's network value is largely on par with the applications running on top of it, that is not the same for Bitcoin. The trillion-dollar network - before the recent market dip - has a handful of known applications, which represent a fraction of the network's valuation. Things are slowly improving as more builders create value on top of Bitcoin through various initiatives and narratives.
Additionally, one has to acknowledge Bitcoin is the most stable and secure base layer. While it may not be the fastest in throughput or cheapest in fees, it is a reliable platform for current and future development. The community and maintainers have shown a strong resistance to attempts to change Bitcoin's core rules - consensus algorithm, supply, etc. - whereas Ethereum and
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