CoinWorld reports:
Navigation Index
1. Introduction
2. Development of the Bitcoin Ecosystem
3. Bitlayer Project and Ecosystem Highlights
4. Experiences and Gains for Different Roles
5. Core Advantages of Bitlayer
6. Differences in Usage Scenarios Between Bitcoin and Ethereum
7. Challenges and Insights in Entrepreneurship
01. Introduction
Welcome to “Ryze Up,” brought to you by Ryze Labs. Ryze Labs serves as a bridge between East and West, accelerating the development of Web3 in emerging markets and influencing the global Web3 landscape. Local Insights, Global Impact — let’s embark together, Time to Ryze Up.
Host of this Episode
Fred, Ryze Labs Researcher, focusing on expanding fund impact in the Chinese-speaking community and providing insights to portfolio companies.
Special Guest
Charlie Hu, Co-founder of Bitlayer, brings extensive blockchain industry experience and a strong professional background. He participated in the initial investment round of Polkadot in 2017 and actively promoted Polkadot projects in China, founding the PolkaBase brand. Joining the Polygon official team in 2021, he led ecosystem development in the Asia-Pacific region. In 2022, he co-founded Bitlayer with partner Kevin, focusing on Bitcoin layer-two scaling solutions and infrastructure.
02. Development of the Bitcoin Ecosystem
The Bitcoin ecosystem is rapidly expanding, especially post the Inscriptions Summit, unveiling new assets and opportunities. The summit highlighted Bitcoin’s immense potential in the digital asset realm, attracting considerable attention from developers and investors worldwide. Recognized as digital gold, Bitcoin’s decentralized and censorship-resistant properties make it globally trusted and valued. In the DeFi sector, Bitcoin shows significant promise, particularly in asset management, lending, and liquidity provision. Charlie Hu believes Bitcoin’s development in DeFi will bring further innovation and growth opportunities to its ecosystem.
03. Bitlayer Project and Ecosystem Highlights
Co-founded by Charlie Hu and Kevin, Bitlayer aims to address scaling issues within the Bitcoin ecosystem. The project has seen rapid development, completing its seed funding round and garnering attention from numerous internationally renowned investment institutions. Notable projects within the Bitlayer ecosystem include Avalon Finance and Vanilla Finance. Avalon Finance is a Bitcoin-native lending project combining Bitcoin assets and smart contracts for high capital efficiency and rapid growth. Vanilla Finance, a low-barrier prediction market, integrates Bitcoin’s free market logic, attracting substantial user participation. Looking ahead, Bitlayer plans to further expand its ecosystem to support more developers and application scenarios, driving Bitcoin ecosystem development.
04. Experiences and Gains for Different Roles
In the blockchain industry, different roles yield distinct experiences and gains. As a project founder, investor, and entrepreneur, Charlie Hu emphasizes the importance of international team collaboration and shares skills and experiences accumulated across various roles. He underscores the critical role of technical understanding and innovative thinking in ecosystem development, both of which are core competencies applied in the Bitlayer project. Past experiences have honed his insights into developer support and ecosystem development, enhancing his strategic thinking and effective execution in ecosystem support and activities.
05. Core Advantages of Bitlayer
Existing Bitcoin scaling solutions exhibit shortcomings that fail to meet the demands of large-scale commercial applications. Bitlayer addresses this by introducing new technologies and solutions, achieving secure, equivalent scaling of Bitcoin while avoiding traditional side-chain security risks. Its core technologies include Bitcoin’s layer-two scaling and trustless cross-chain asset solutions, presenting new development opportunities for the Bitcoin ecosystem. Bitlayer holds significant advantages in technology and security. By supporting EVM and multiple VM compatibility, Bitlayer attracts more Ethereum developers, promoting Bitcoin ecosystem growth. Additionally, Bitlayer’s trustless cross-chain solution significantly reduces security risks, enhancing user trust in cross-chain asset transactions. Its innovative scaling technologies provide robust support for sustainable development within the Bitcoin ecosystem.
06. Differences in Usage Scenarios Between Bitcoin and Ethereum
Bitcoin and Ethereum differ significantly in security, decentralization, and usage scenarios. Bitcoin, as a more secure and decentralized digital asset, primarily serves as a store of value and medium of exchange. Ethereum, with its smart contracts and Turing completeness, is widely utilized in various decentralized applications and DeFi projects. User demands and application scenarios dictate the differences in their ecosystem development. Bitcoin users prioritize security and stability, whereas Ethereum users focus more on asset appreciation and transaction speed. These differences position Bitcoin favorably in terms of security and long-term stable returns, while Ethereum excels in fast transactions and innovative applications.
07. Challenges and Insights in Entrepreneurship
Throughout the entrepreneurial journey, Charlie Hu has faced numerous challenges, including team management, business expansion, and marketing pressures. Compared to investments, entrepreneurship demands multifaceted capabilities and a higher sense of responsibility. Charlie Hu stresses that entrepreneurship requires not only technical and business acumen but also effective management and team collaboration to navigate evolving market environments and competitive pressures. During his entrepreneurial journey, extensive work in international team and market expansion has been essential to ensuring Bitlayer’s sustained growth. Charlie Hu shares insights gained from managing small to large teams during the entrepreneurial process, highlighting the importance of maintaining team culture and addressing various challenges encountered.
