No great mind has ever existed without a touch of madness. Anonymity is the new fame, they say. Nothing ignites curiosity like a pseudonymous luminary with a secret identity. It’s a blessing in disguise. More so, because it helps people feel safe and protected under its veil.
History is full of examples of people who chose the ‘anonymous’ path and yet, gained fame. Satoshi Nakamoto, the apparent creator of Bitcoin, is one such person.
Even though Nakamoto remains a mysterious figure to date, his purpose behind creating Bitcoin has never been a riddle. He devised it with the intention of wresting control of currency from elites and other traditional financial system flag-bearers and putting it in the hands of the common man.
Ten years down the line, Bitcoin and its underlying technology have sort of become outmoded. When compared to other newer networks, Bitcoin’s utility continues to be limited.
Despite the recent Taproot upgrade[1], some from the space have already started attaching the “slow” and “inefficient” tags to Bitcoin. Well, such people aren’t completely wrong either. Bitcoin noted the aforementioned upgrade after a long four-year gap. And yet, its not-so-high transaction and confirmation speeds continue to act as roadblocks.
Further, unlike other blockchain networks, a host of DeFi services aren’t natively available to Bitcoin network users. Now, it’s a known fact that need is the primary driving force for most new inventions. Even though Nakamoto, with the utmost diligence, pre-planned and programmed things a decade back to cater to future shortcomings of the network, he inadvertently missed out on a few aspects. And, interoperability remains one of them.
Evolution of blockchains
Bitcoin can’t speak the language of Ethereum and neither can Ethereum speak the language of Bitcoin. One can’t necessarily spend Bitcoin on the Ethereum network, nor
