As a full-time researcher of Bitcoin Season 2, Bitcoin Layers co-founder Yah-Noosh (Janus) is becoming cynical: “It’s all a massive shitcoin casino.”
Janus sat down with me for an hour in person to discuss how his research group compares and rates the swell of Bitcoin L2s now entering the fray, ranging from lightning, to rollups, to federated sidechains. As emerging BitVM and ZK-based layers fight to gain traction while remaining decentralized, he later argued why such projects will inevitably launch tokens as a reality of doing business.
TIMESTAMPS:
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01:59 How Janus entered the Bitcoin L2 conversation
04:36 Bitcoin L2 builders learned from Ethereum
07:52 What is a “rollup”?
08:47 Stacks doesn’t count as a rollup
09:40 What is a Bitcoin Layer 2?
12:00 Trusted sidechains are still useful
13:15 Advantage of rollups over lightning network
15:58 Lightning is one of few trustless L2s
17:10 Shielded CSV: a potential lighting alternative
18:40 Coupling shielded CSV with rollups
20:37 Rollups alone have limited scale
22:08 Non-payment use cases for Bitcoin
24:30 Shitcoin casinos are coming to rollups
27:09 ICP and Arch: how they work
29:50 Multisigs are “the best we can do” today
31:04 How Bitcoin Layers reviews Bitcoin L2s
35:40 Trust assumption of BOB network
37:12 The biggest multisig hack that ever happened
38:14 SolvBTC: bitcoin derivatives on derivatives
40:29 Will BitVM-based bridging really gain traction?
42:39 “It’s all a massive shitcoin casino”
44:42 The inside pump and dump game of Bitcoin Season 2
46:20 Are utility tokens necessary for Bitcoin L2s?
48:43 What is a rollup sequencer?
50:33 The need for decentralized sequencers
52:40 Decentralizing the sequencer using tokens!
55:38 All the Bitcoin L2s are gonna launch tokens
57:30 An option to bypass the token game
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