BitMEX research argues that the Bitcoin community pushed developers toward other ecosystems in 2014 due to its highly conservative mindset.
BitMEX Research recently published a report detailing why Ethereum has dwarfed Bitcoin as the center of Dapp and developer activity within crypto. While there are technical reasons for the discrepancy, the team claims that Bitcoin developer culture prior to Ethereum’s launch drove alternative use cases away from its ecosystem.explores online discussions from March 2014 among Bitcoin Core developers pertaining to Bitcoin’s application layer.
Nevertheless, on March 20th, 2014, Bitcoin contributor Jeff Garzik began criticizing CounterParty’s use of Bitcoin blockchain space in a Bitcointalk forum. He argued that the function’s storage of arbitrary data in the blockchain could have “negative” or “unintended consequences” and that more efficientIn a quick back and forth, Counterparty developers ultimately agreed with Garzik’s stance.
Others argued that Counterparty’s transactions constituted financial transactions and therefore were in line with what Bitcoin nodes agreed to store. “You have a much narrower view of the possible use cases for Bitcoin than do others,” said Counterparty co-founder PhantomPhreak. One of these limitations involved the complexity of building such a sidechain. Developers simply did not have time to build a secure, merge-mined sidechain before other protocols won market share. Though sidechains like Rootstock and Liquid now exist, they are still dwarfed by Ethereum in popularity.
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