Introduction
From price and trading volume data, inscriptions are returning to value. It seems we have finally ended the frenzy of new asset issuances via inscriptions, and people are beginning to ask: besides issuing assets, what else can we do?
Centralized trading and speculation are clearly not enough. Capital's choice is: L2 - an ecosystem direction that can carry greater liquidity and higher valuations. How hot is BTC L2? If you count projects not yet announced, there are already hundreds in development. However, we need to pour cold water: currently there are very few L2s that truly inherit the security of the BTC mainnet.
Especially chain-structured L2s, regarding the security of multisig bridges and data availability (DA), and even in extreme cases the security of "escape pods", there is currently no good answer. Especially for multisig bridges. Most L2 bridges on the market imply a trust assumption, namely that the several controllers of the bridge will not collude to act maliciously.
Look at the big brother
When we talk about BTC L2, we are actually heavily influenced by Ethereum's L2 concept - some even think L2 is equivalent to Rollup. Even all security standards are copied from Ethereum's top-level definitions. However, whether scaling truly needs to imitate Ethereum with its account model and smart contract support is questionable.
Looking back at the scaling solution that has been tested for years (although criticized for slow progress), and which currently has the highest TVL among BTC scaling solutions - the Lightning Network - there may be more inspiration. It is worth noting that in the Bitcoin community's sense of scaling, the Lightning Network is actually also a kind of L2. It simply sacrifices much extensibility in the blockchain scaling impossibility triangle, including the much-desired smart contract support.
Of course, there are currently many explorations attempting to combine the Lightning Network with smart contracts - for example, the RGB protocol.
Lightning Network's native security mechanisms
After years of development, the Lightning Network has provided its own security solutions:
1. Bidirectional payment channels
Establishment mechanism: Users create a two-party signed multisignature address on the Bitcoin blockchain, which requires both parties' private keys to jointly sign transactions. In this way, users can establish a private payment channel between them.
Security basis: This payment channel leverages Bitcoin's scripting language and transaction validation mechanisms to ensure funds can only be transferred when both parties agree. This means any transaction through the payment channel inherits the Bitcoin mainnet's cryptographic and validation security.
2. Hash Time-Locked Contracts (HTLCs)
Implementing conditional payments: HTLCs allow conditional payments where the recipient must provide a correct preimage (unlock condition) before a specified time to claim the payment.
Security guarantee: HTLCs combine cryptographic hash functions and time locks to ensure payments can be safely routed between nodes, and no party can fraudulently withhold or steal funds. These contracts are enforced on the Bitcoin blockchain, thus inheriting its underlying security and immutability.
3. Routing and network
Decentralized routing: The Lightning Network uses a decentralized approach to find a path from payer to payee. Although routing occurs off-chain, final settlement of payments and any necessary dispute resolution mechanisms are carried out on the Bitcoin blockchain.
Security and privacy: By using private routing and onion routing techniques, the Lightning Network can preserve the privacy of payment paths while preventing intermediate nodes from seeing the full picture of payments, thereby enhancing network security and privacy.
4. Monitoring and penalty mechanisms
Automated monitoring: Users can use monitoring services or monitor their channels themselves to ensure the counterparty does not attempt to submit an old state to the blockchain.
Penalty mechanism: If one party attempts to defraud by submitting an outdated channel state, the other party can retaliate using a proof of the latest state, thereby confiscating the fraudster's funds. This mechanism strengthens incentives to follow the rules, because violations lead to economic loss. Essentially, the game is played off-chain, while on-chain submissions perform fraud-proof verification and penalties.
Interests at stake, endless debate
Everyone votes with money. From current TVL, the native community still remains with the "orthodox" Lightning Network, focused on small payment use cases. Bitcoin capital with a total network value exceeding $850 billion has yet to produce benefits. Attracting them to a richer ecosystem depends on whether there is convincing security, even native security.
So many BTC sleeping in addresses are bound to attract many projects fighting over them, even redefining security. Domestically we can see major figures challenging each other over technical authenticity, such as Are the so-called zk rollups of Bitcoin L2s real or fake? https:.
Overseas there is a booming "OP_CAT" proposal movement, attempting to push BTC's validation capabilities "one more centimeter". In a few months, we will see the "Hundred L2s War"; from testnets to mainnets, the security of new L2s will face challenges from real users and hackers.
And whether Lighting Lab will, with the support of Taproot Assets, bring more diverse ecosystem use cases to the Lightning Network - which has already endured "orthodoxy" and "security" - is also highly anticipated.
Finally
OneKey is the world's first hardware wallet to fully support the Lightning Network and Nostr, and has full App support - looking forward to building the BTC ecosystem together with everyone.