Bitcoin stands as the largest cryptocurrency in terms of market capitalization, as it has retained dominance since its inception. In the midst of this dominance, bitcoin is being used for the development of NFTs and not only as a means of transferring value.
The CEO of Trust Machines, and co-founder of Stacks, Muneeb Ali, said at the Consensus 2023 that he was excited about the new use cases for Bitcoin coming up, especially from Q4 2022 to date. “Bitcoin is fun again because there’s a place to build again,” Muneeb added.
Trust Machines is a web3 project designed to build applications and technology to unleash the true potential of Bitcoin as a final settlement layer. According to the Trust Machine, the project will expand on the success of Stacks, and build applications that make Bitcoin productive, such as trustless Bitcoin lending.
Stacks is an open-source blockchain with security based on the Bitcoin network, enabling DApps and smart contracts to be deployed. Its native STX token is used to process transactions and execute smart contracts.
Trust Machine said that there has been massive attention given to the development and adoption of Bitcoin in Q1 2023, with projects such as Bitcoin NFTs, Bitcoin name services (BNS), and developments on the Stacks blockchain leading the way. More than 1 million Bitcoin NFTs have been minted, and there has been a 400% surge in BNS registrations since 2022.
Developers are coming back to Bitcoin
Ali explained that one of the major reasons behind the resurgence of Bitcoin and redirecting its use case is the congregation of developers that are coming back to build innovative products on the first and most successful blockchain. “It’s the revival of the developer culture that I’m by far the most excited about,” Ali said.
For the Stacks protocol, which powers applications in the Trust Machines’ ecosystem, its average daily active users and addresses rose by 76% and 42%, respectively, at the end of 2022. This signified that more users were interested in what was happening in the Bitcoin space. In addition, Stacks revealed it will launch Stacks Bitcoin (sBTC) to make Bitcoin a programmable protocol.
Trust Machines also hinted that part of the surge in the attention given to Bitcoin is due to the launch of Nostr by Jack Dorsey, the former CEO of Twitter and CEO of Bluesky.