CoinWorldNet Report:
Author: Ryze Labs Insights
Table of Contents
1. Introduction
2. Development of the Bitcoin Ecosystem
3. Bitlayer Project and Ecological Highlights
4. Experiences and Gains from Different Roles
5. Core Advantages of Bitlayer
6. Differences in Usage Scenarios between Bitcoin and Ethereum
7. Challenges and Feelings in Entrepreneurship
01. Introduction
Welcome to “Ryze Up” brought to you by Ryze Labs. Ryze Labs serves as a bridge between East and West, aiming to accelerate the development of Web3 in emerging markets and influence the global Web3 world. Local Insights, Global Impact, let’s embark together, Time to Ryze Up.
Host of this episode:
Fred, Ryze Labs Researcher, focuses on expanding the influence of funds in the Chinese-speaking community and providing ideas and advice to the fund’s portfolio companies.
Special Guest:
Charlie Hu, Co-founder of Bitlayer, brings rich experience and a deep professional background in the blockchain industry. He participated in the first round investment of Polkadot in 2017 and actively promoted Polkadot projects in China, establishing the PolkaBase brand, supporting the success of multiple Polkadot projects. In 2021, he joined the Polygon official team to lead 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 development.
02. Development of the Bitcoin Ecosystem
The Bitcoin ecosystem is rapidly evolving, especially post-Scriptum Summit, with many new assets and opportunities emerging. Scriptum Summit revealed Bitcoin’s immense potential in the digital asset space, attracting significant attention from developers and investors alike. Bitcoin, known as digital gold, is trusted and valued globally for its decentralization and censorship resistance. In the DeFi sector, Bitcoin has shown significant potential, particularly in asset management, lending, and liquidity provision. Charlie Hu believes that Bitcoin’s development in DeFi will bring more innovation and growth opportunities to its ecosystem.
03. Bitlayer Project and Ecological Highlights
The Bitlayer project, co-founded by Charlie Hu and partner Kevin, aims to address scaling issues within the Bitcoin ecosystem. The project has seen rapid development, completing its seed funding round and attracting attention from many internationally renowned investment institutions. The Bitlayer ecosystem features several outstanding projects such as Avalon Finance and Vanilla Finance. Avalon Finance is a Bitcoin-native lending project that achieves high capital efficiency and rapid growth through combining Bitcoin assets and smart contracts. Vanilla Finance, on the other hand, is a low-threshold prediction market project that integrates Bitcoin’s free market logic, attracting a large number of users. Moving forward, Bitlayer plans to further expand its ecosystem to support more developers and application scenarios, driving the development of the Bitcoin ecosystem.
04. Experiences and Gains from Different Roles
In the blockchain industry, different roles bring different 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 in various roles. He believes that technical understanding and innovative thinking are crucial in ecosystem development, both of which are core competencies applied in the Bitlayer project. Past experiences have shaped his thoughts on developer support and ecosystem building, enabling him to approach ecosystem support and activities with rigorous thinking and effective execution.
05. Core Advantages of Bitlayer
Existing Bitcoin scaling solutions have many shortcomings and fail to meet the needs of large-scale commercial applications. Bitlayer addresses this by introducing new technologies and solutions, achieving secure equivalent scaling of Bitcoin while avoiding the security risks associated with traditional sidechains. Its core technologies include Bitcoin layer-two scaling and decentralized cross-chain asset solutions, bringing new development opportunities to the Bitcoin ecosystem. Bitlayer boasts significant advantages in technology and security. By supporting EVM and multiple VMs, Bitlayer can attract more Ethereum developers, thereby promoting the development of the Bitcoin ecosystem. Additionally, Bitlayer’s decentralized cross-chain solution significantly reduces security risks and enhances user trust in cross-chain assets. Its innovative scaling technology also provides robust support for the sustainable development of the Bitcoin ecosystem.
06. Differences in Usage Scenarios between Bitcoin and Ethereum
Bitcoin and Ethereum exhibit significant differences in security, decentralization, and usage scenarios. Bitcoin, as a more secure and decentralized digital asset, is primarily used for store of value and transactions. Ethereum, on the other hand, is widely applied in various decentralized applications and DeFi projects due to its smart contracts and Turing completeness. Differences in user demand and application scenarios determine the distinct approaches to ecosystem development for each. Bitcoin users prioritize security and stability, whereas Ethereum users focus more on asset appreciation and transaction speed. These differences position Bitcoin advantageously in terms of security and long-term stable returns, while Ethereum excels in rapid transactions and innovative applications.
07. Challenges and Feelings in Entrepreneurship
During the entrepreneurial journey, Charlie Hu faced numerous challenges including team management, business expansion, and marketing pressures. Compared to investing, entrepreneurship demands multifaceted abilities and greater responsibility. Charlie Hu emphasizes that entrepreneurship requires not only technical and business skills but also effective management and team collaboration to navigate dynamic market environments and competitive pressures. Throughout the entrepreneurial process, he has invested heavily in international team collaboration and market expansion to ensure Bitlayer’s sustained growth. Charlie Hu shared experiences from managing small teams to larger ones in entrepreneurship, highlighting the importance of maintaining team culture and addressing various challenges encountered along the way.
