The transformation of Bitcoin is picking up steam, with last year’s halving and the launch of the first exchange-traded funds driving up its value. Meanwhile, innovations like ordinals and runes are making waves, expanding their applications. But the biggest change of all involves Bitcoin’s evolving programmability, creating a framework for it to become the foundation of a new economy, where unprecedented amounts of value can flow into decentralized finance, real-world assets, and beyond.
The story of Bitcoin’s newfound programmability begins with the earlier initiatives aimed at scaling its network. One of the earliest mechanisms for this was state channels, which provided a secure way for users to process transactions instantly, off-chain and with reduced costs. They create private connections between two parties, enabling them to transact directly without waiting for the network to confirm those payments. However, state channels are notoriously complex, and they t
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