On May 7th, the highly anticipated Bitcoin Devcon officially commenced at Hong Kong Science Park. This landmark event brought together Bitcoin developers, engineers, researchers, designers, artists, and investors from around the globe to explore the future development trends of Bitcoin and inject new vitality into its global ecosystem.
Bitcoin Devcon is more than just a gathering; it represents a symbolic milestone demonstrating the Bitcoin community's steadfast commitment to technological innovation and ecosystem growth. The choice of location not only acknowledges Hong Kong's pivotal role in Bitcoin's early development but also signifies a renewed dedication to advancing the global Bitcoin ecosystem from its historical roots.
Opening Insights from Industry Leaders
The event began with opening remarks from key figures, including Tyler, Chief Information Officer of UTXO Management; Jack Kong, founder of Nano Labs and advisor to SatoshiLab; and Dr. Wu Jiezhuang, Member of the National Committee of the Chinese People's Political Consultative Conference and Hong Kong Legislative Councilor.
Tyler emphasized the critical importance of Layer 2 innovations within the Bitcoin ecosystem. He argued that these advancements are not a zero-sum game but instead bring more opportunities, attracting a greater number of projects and builders to the space. He highlighted that Layer 2 tools not only provide scaling solutions but also enable innovative functionalities like gaming, DeFi, and real-world asset tokenization—areas long overlooked in Bitcoin's development. Tyler predicted that as more developers join, the Bitcoin ecosystem will see increased prosperity and innovation.
Jack Kong presented ten compelling reasons for returning to Bitcoin, underscoring its consensus status in the current bull market and its role as the ultimate platform for token issuance. He believes it is only a matter of time before Bitcoin surpasses gold, noting the immense value potential of the Bitcoin ecosystem. Additionally, he discussed Bitcoin's transformation from a zero-interest asset to a yield-bearing one and the correlation between Layer 2 opportunities and the ecosystem's繁荣 (prosperity). Kong also forecasted the emergence of influential meme projects within Bitcoin's sphere and pointed out the significant role of the Chinese community and Hong Kong as a core hub.
Dr. Wu shared updates on Hong Kong's latest Web3 policies and virtual asset developments. He announced the upcoming launch of a new virtual asset training platform and the issuance of REP2 licenses for assets like Bitcoin and Ethereum, marking their official recognition by the Hong Kong government. He also mentioned the recent introduction of Asia's first spot virtual currency ETF, acknowledging that while trading volumes haven't yet reached U.S. levels, it represents a positive start. Dr. Wu emphasized the importance of this innovation for the preliminary integration of traditional financial markets with the virtual asset space, viewing it as a significant advancement for Hong Kong and the global community.
Presentations from Major Bitcoin Layer 2 Projects
Representatives from seven prominent Bitcoin Layer 2 projects delivered speeches outlining their visions and technological contributions.
BEVM's Chief Government Relations Officer, Hakan, reported that since its successful mainnet launch, BEVM has achieved over one billion on-chain transactions. The project is dedicated to simplifying the developer experience, enabling one-click deployment of smart contracts, and introduced a new structural consensus mechanism aimed at facilitating the circulation of large coins across different chains. BEVM's vision is that in 100 years, Bitcoin will form the foundational infrastructure running the world, with BEVM being crucial for building the entire financial system atop Bitcoin. Hakan viewed the renewed focus on Bitcoin as a positive signal, especially with the introduction of ordinal inscriptions and the Runes protocol, where transaction fees have surpassed mining revenues, showcasing the ecosystem's vitality and prospects. He stressed the importance of this progress for Bitcoin miner incentives.
Willem, CEO of Botanix Labs, predicted that 2024 would be a pivotal year for Bitcoin. He stated that while building on Bitcoin was challenging in the past, it has now become easier thanks to his team's work providing an Ethereum-compatible EVM equivalent. This innovation allows smart contracts from Ethereum to be replicated on Bitcoin, leveraging its massive capital pool. With a background in deep research and cryptography, Willem's team believes Bitcoin will become a global infrastructure used by hundreds of millions. He emphasized Bitcoin's uniqueness as a purely decentralized and secure monetary asset, with EVM operating as a software layer following OS rules.
Jeff, founder of Merlin Chain, reflected on the evolution of the Bitcoin ecosystem and highlighted the key role of Layer 2 solutions in enhancing transaction efficiency, fairness, and asset innovation. He pointed out that Layer 2 not only optimizes transaction performance but also supports new asset types like NFTs, showing unique advantages in asset issuance. Jeff stated that Merlin Chain's development focuses on improving asset liquidity, supporting the trading of Layer 1 and Layer 2 assets, and building more asset liquidity at Layer 2.
Baiyu from CKB introduced the RGB++ protocol, which allows assets from the Bitcoin ecosystem to seamlessly integrate with the CKB chain without the need for cross-chain bridges. Despite Bitcoin's massive market capitalization, the number of assets issued on it is relatively small, presenting huge potential for issuing NFTs and FTs. To address Layer 1 protocol selection issues, CKB proposed RGB++, characterized by building smart contract systems off-chain, allowing users to self-custody data and perform self-verification without relying on centralized entities. CKB, as a four-year-old smart contract platform, collaborates with global miners and mining pools, using UTSO technology to host RGB++ assets and offering one-click UTSO chain activation for free asset flow between Bitcoin, CKB, and UTSO chains.
Atlas, Head of Business Development at AINN Layer2, expressed optimism about the broad application prospects of Bitcoin and blockchain in the AI field during his speech. He emphasized the importance of decentralizing AI and highlighted the key role of combining Layer 2 with AI. Through zero-knowledge proof technology, Layer 2 protects user data privacy while promoting the training and application of AI models. Additionally, Layer 2 provides necessary incentives for the AI ecosystem, addressing the lack of motivation in open-source models. Therefore, the application of Layer 2 in AI will drive the development of the Bitcoin and blockchain ecosystems. AINN is committed to bringing the benefits of this technology to more people through the combination of Layer 2 and AI.
Dominik Harz, co-founder of BOB, described BOB as an innovative hybrid L2 that merges the characteristics of Bitcoin and Ethereum, aiming to bridge the innovation gap in the Bitcoin ecosystem by combining the strengths of both. By introducing rollup technology and trustless bridging, BOB enhances transaction processing capacity and scalability while maintaining Bitcoin's security. It supports EVM compatibility, allowing developers to deploy Ethereum dApps on Bitcoin.
Kevin, founder of Bitlayer, stated that one of Bitlayer's goals is to solve on-chain verification problems on Bitcoin. Bitlayer can be seen as a powerful smart contract system built on Bitcoin, aiming to bring Ethereum-like programmability and decentralized computing power to Bitcoin. It offers a more economical and faster on-chain application experience, all under the equivalent security guarantees of Bitcoin Layer 1.
Engaging Panel Discussions
As the event progressed, three panel discussions formed the climax of Bitcoin Devcon's first day.
Panel 1: Paving the Way for Developers—Difficulties and Challenges in Building the Bitcoin Ecosystem
Moderated by John Riggins, Managing Partner at UTXO Management, the panel featured Zack, Marketing Director at Botanix; Kevin, Founder of Bitlayer; and Dominik Harz, Co-founder of BOB. They explored the various difficulties and challenges developers face when building in the Bitcoin ecosystem. A common view was that a lack of educational resources and insufficient understanding of Bitcoin's unique properties are major barriers to entry. Additionally, achieving scalability while maintaining Bitcoin's decentralization and security poses a significant technical challenge. The panelists shared their work experiences and insights within the Bitcoin ecosystem, offering valuable advice and guidance to attending developers.
Panel 2: Fostering Innovation in the Bitcoin Ecosystem—New Opportunities with Layer 2
This panel, hosted by Jennie, brought together Hakan, Chief Government Relations Officer of BEVM; Jeff, Founder of Merlin Chain; Baiyu from CKB; and Atlas, Head of Business Development at AINN Layer2. They engaged in an in-depth discussion on the new opportunities Layer 2 technology brings to the Bitcoin ecosystem. The guests generally agreed that Layer 2 technology is key to innovation within the Bitcoin ecosystem, enabling more efficient transaction processing and lower costs, thereby attracting more users and applications. They also pointed out the challenges and issues facing Layer 2 technology, such as security, privacy protection, and interoperability.
Panel 3: Exploring Institutional Investment Strategies in the Bitcoin Ecosystem
Moderated by Jademont, Founding Partner of Waterdrip Capital and Partner at Satoshi Lab, this discussion included Rebecca Chow, Head of Investment Research at ViaBTC Capital; Albert Liang, Founder and CEO of Bitcoin Startup Lab; Xmei Lin, Head of PoW Ecosystem at BITMAIN; and Roy Kwan, Managing Director at Cantor Fitzgerald. The panelists delved into how institutions can formulate investment strategies for the Bitcoin ecosystem, sharing their perspectives and experiences. They believe institutional investors play a crucial role in the development of the Bitcoin ecosystem. By formulating appropriate investment strategies and risk management measures, they can promote the widespread application and development of Bitcoin while achieving their own investment return objectives.
Ecosystem Project Showcase at the Hackathon
As Bitcoin Devcon continued, numerous ecosystem projects from major Bitcoin Layer 2 platforms showcased their innovative technologies and solutions at the hackathon.
AINN Layer2 Ecosystem Projects
1. AINNGPU
The AINNGPU team introduced their main work: providing an elastic computing power network. With the development of AI, the demand for GPUs is increasing daily, especially for inference. AINNGPU collects various idle computing powers to form an elastic network, meeting the needs of projects or users. Compared to other market providers, AINNGPU offers optimized computing power, preferably selecting GPUs near users to ensure service quality and efficiency. They also collaborate with the ecosystem project "Ain Hider," generating NFTs from uploaded photos and publishing them on-chain.
2. Sweety AI
Sweety AI showcased a platform combining AI and blockchain, offering a new experience for interacting with personalized AI companions. Users can mint AI girlfriends; the more they interact, the more Sweety points they earn, which can be used for further interactions or transactions. An NFT mechanism is introduced, allowing users to turn interactions into valuable assets while participating in the NFT market. The platform uses advanced technology to ensure AI response consistency and deep reinforcement learning, presenting an innovative and promising AI platform.
3. Camelot Protocol
The Camelot Protocol team stated they are building a robust and reliable ecosystem. Despite recent volatility in major cryptocurrency prices, they believe this does not negate the entire cryptocurrency market's value. They argued that while some claim Bitcoin doesn't need an ecosystem, the cryptocurrency market as a whole still has great potential. Camelot Protocol is developing a platform that utilizes idle GPU resources for AI model training, suitable for mobile or other variable devices, operating within the Bitcoin ecosystem. As an early Layer 3 solution in the Bitcoin ecosystem, they support multiple changes and have introduced an innovative Satoshi consensus mechanism.
CKB Ecosystem Projects
1. UTXO Swap
The UTXO Swap team introduced their project, UTSO swap, based on the Cell model, utilizing UTSO's Turing completeness, covenants, and transaction types to achieve liquidity. They chose UTSO to explore application design and expressiveness, integrating off-chain matching and on-chain settlement mechanisms. The goal is to provide better trading and issuance services for RGB assets, leveraging UTSO's parallel execution and transaction fee settings.
2. Stable++
Benjamin from Stable++ briefly and succinctly introduced their project. They are building a decentralized stablecoin based on the RGB++ protocol, relying on the Nervos network to serve the entire Bitcoin ecosystem. Benjamin pointed out that the current Bitcoin ecosystem lacks stablecoins, which are crucial for growth. Therefore, Stable++ is committed to launching a decentralized stablecoin, USD PP, pegged to the dollar, to meet the UTXO ecosystem's needs. He briefly described the technical design, including issuing the stablecoin based on RGB++ and using Nervos Network's extended UTXO network for full collateralization and liquidation functions.
3. Unistate
The Unistate team introduced their project—a universal indexer framework focused on the Bitcoin ecosystem,对标 (benchmarking) Ethereum's The Graph and Alchemy. This framework is a distributed indexing service addressing the lack of infrastructure for application development in the Bitcoin ecosystem. Since the data structures of Bitcoin and CKB are UTXOs—a fine-grained structure—developers need an aggregated application view for comprehensive data during development. Therefore, indexers become crucial in CKB and BTC application development. Unistate will support UTXO graph queries and various association queries to accelerate the development process of Bitcoin ecosystem applications.
BEVM Ecosystem Projects
1. Bido Finance
The Bido Finance team introduced their technical principles and hackathon design. Bido Finance is a decentralized liquid staking protocol within the BEVM ecosystem, issuing an innovative liquid staked token, stBTC, through staking, providing liquidity for staked BTC assets. The ecosystem includes roles like stakers, Bido smart contract pools, and node operator sets. The Bido protocol runs a leading multi-validator node set to prevent single points of failure, simplifying node deployment and monitoring.
2. oooo Protocol
The oooo Protocol team introduced their product, designed to enhance interoperability and composability within the Bitcoin ecosystem. They identified asset fragmentation issues between L1, L2, and among L2s, where user cross-chain activities face high friction and low speed. They hope users can manage all assets in a unified asset abstraction layer without considering chain differences. The team proposed building an interoperability layer and an abstraction layer to ensure minimal friction and maximum transaction speed, using a cross-chain communication protocol to guarantee communication reliability.
3. Satoshi Protocol
Ray from Satoshi Protocol introduced their project. Satoshi Protocol is a CDP stablecoin protocol based on the Bitcoin ecosystem, enabling users to leverage their Bitcoin to issue stablecoins. The protocol aims to transform Bitcoin from an idle asset into a transactional tool, becoming vital infrastructure and an engine for the Bitcoin ecosystem. Ray mentioned that with the Bitcoin season approaching and market capitalization expanding, many Bitcoin projects are launching. Satoshi Protocol chose to launch first on BEVM due to its focus on technology and security.
Bitlayer Ecosystem Projects
1. APRO Oracle
APRO Oracle is an innovative system aimed at creating stablecoins and building bridges to the Bitcoin mainnet. It uses a two-step price aggregator to ensure the security and authenticity of price information while minimizing operational costs. The system also utilizes socket noise to generate random numbers, providing random services for various projects, and employs a dual-layer network to ensure security and reliability.
2. iSwap
The iSwap team continued their introduction. iSwap provides liquidity for the Bitlayer ecosystem, offering investment and cash tools for numerous projects. They do this for three reasons. First, as long-term investors who have invested in 150 companies and global top funds over the past 15 years, they found that swaps are essential for every ecosystem. They have provided liquidity for traditional markets and the Solana ecosystem and will do so for multiple L1s and the Bitcoin ecosystem this year. Second, they see the Bitcoin system as a huge opportunity because increasing numbers of people find friction and gas fees between different layers too high, so more projects are turning to the Bitcoin system. Finally, they have co-invested in many projects with Bitlayer's founders, including Charlie, and believe the清算 (liquidation) and exchange system, as well as the抵押 (collateral) and derivative system built by Bitlayer, present a significant opportunity.
3. pika
Adele from the Pika team introduced themselves as the first launchpad on Bitlayer, dedicated to helping new projects or startups grow. Bitlayer enhances Bitcoin's utility, making it a usable network rather than just an investment or digital asset. Pika is a full-service provider, offering projects incubation, fundraising, token listing, back-office services, and community development support.
Additional BITLAYER Ecosystem Projects
1. BitParty
BitParty is building the first asset-gamified community network in the Bitcoin ecosystem to promote larger-scale asset gamification. Based on the BITLAYER platform, it incorporates racing culture elements, launching a TOKEN rally "Token Betty." Players can join different asset legions, compete for territory to earn points, and exchange them for Token BDBX.
2. Laming Finance
Nary, founder and CEO of Laming Finance, shared his background. Since 2020, he has been an on-chain DeFi architect and trader. As a former product manager in Silicon Valley with multiple successful exits, he later joined Crad 5 to lead and drive private events. However, he grew tired of traditional finance, finding it too slow. This experience made him deeply appreciate the importance of decentralized finance and trustless infrastructure. Last year, he quit his job to focus on building DeFi and Bitcoin DeFi, assembling this team of crypto-native individuals from the world's largest exchanges, with over 20 years of combined D5 and C5 experience. Laming Finance aims to power Bitcoin DeFi by enhancing interoperability for a seamless experience.
3. Quantiytica
The Quantytica team introduced their project—a one-stop blockchain solution platform or aggregator supported by the Finnish government. In the blockchain ecosystem, many newcomers or institutional users face difficulty choosing which projects are more stable and secure. Quantytica found that high user learning costs reduce technology adoption rates. They use LSM's AI model, combined with a backtesting and on-chain real-time simulation framework used by Jiangsu Bank, to help users with project review, comparison, and收益 (profit) analysis, then build the best routing for users.
Merlinchain Ecosystem Project
1. iORACLE
Kayla from the iORACLE team introduced iORACLE as a programmable, decentralized computing network characterized by running blockchain indexes on低频 (low-frequency) networks to build high-performance, high-security oracles. The framework developed by the team allows Bitcoin's blockchain index to run on user phones, computers, routers, and even Raspberry Pis, providing a programmable layer for developers to deploy their own protocols and programs.
BOB Ecosystem Projects
1. Mosr People
The Mosr People team's speech focused on solving insufficient memory on phones and computers. They proposed a decentralized network storage solution, allowing users to buy hard drive-like devices for their homes, using home networks to share excess space. Files are hashed and put on-chain; files with the same hash can be retrieved from the service area, enabling global access and sharing anytime.
2. Buddy Guard
The Buddy Guard team introduced their project, designed to provide digital nomads with real-life social support and security. Through unique website technology, using security tracking features, users can choose to have acquaintances provide security protection for them when attending website meetings, while protecting personal privacy.
3. SUPA
The SUPA team introduced their project SUPA, a portfolio tracker based on BTC. They stated that SUPA would combine Magic Eden's NFT trading and other functions with Zapper's decentralized finance (DeFi) and inactive portfolio management features, providing users with a comprehensive portfolio tracking platform.
Botanix Ecosystem Projects
1. Botanic Club
The Botanic Club team representative introduced their project—Ancestor Snowsliders. They pointed out that most current map functions are image or statement-based, lacking long-term value. In contrast, their project integrates traditional Asian cultural elements, particularly Chinese sacrificial culture. They mentioned the traditional custom of "burning paper money," emphasizing it as a sign of respect for ancestors and part of Chinese and other Asian cultures.
2. Bitperp
The Bitperp team representative introduced their project, a next-generation tool for rune traders. They pointed out the current challenge in rune trading is how to execute trades efficiently within a limited time and mentioned the need for a leverage mechanism to attract more traders. They believe that with the continuous expansion of the ERC and BRC markets, rune trading has huge potential.
Concluding VIP Dinner and Future Outlook
As the Bitcoin Devcon ecosystem project hackathon successfully concluded, a meticulously prepared VIP dinner officially began. This was not just a simple celebration but also a recognition of past achievements and a look into future aspirations.
The dinner was titled by the对接层 (docking layer) project exSAT for expanding the BTC ecosystem, reflecting exSAT's deep participation in and support for the Bitcoin Devcon event and demonstrating its firm determination to promote the development of the Bitcoin ecosystem.
At the beginning of the dinner, John, partner at UXTO, delivered an enthusiastic speech. He first expressed his delight in holding BitcoinAsia in Hong Kong, noting it was the first time Bitcoin Magazine appeared at a Bitcoin conference, a milestone event. John spoke highly of Hong Kong's entrepreneurial atmosphere and thanked the Hong Kong government for its significant support in the Bitcoin field. He believes that with the joint efforts of the government and community, the Bitcoin ecosystem will achieve even more brilliant accomplishments in Asia and globally.
Following that, Elaine, responsible person at Satoshi Lab, also took the stage. She expressed amazement at the rapid development of the Bitcoin ecosystem in a short time and specifically mentioned the important role and increasing influence of the Chinese community within it. Elaine stated that Satoshi Lab, as a Hong Kong entity focused on evangelism, research, and investment in the Bitcoin ecosystem, will place greater emphasis on supporting Hong Kong and Chinese Bitcoin entrepreneurs, working hand-in-hand with them to create the future.
The dinner atmosphere was热烈 (lively), with attendees exchanging insights, sharing experiences, and collectively strategizing for the prosperous development of the Bitcoin ecosystem. This was more than just a dinner; it was a collision of ideas and an exchange of emotions. It marked the successful conclusion of the first day of Bitcoin Devcon and foreshadowed a brighter tomorrow for the Bitcoin ecosystem, with anticipation for the upcoming Demo Day.
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Frequently Asked Questions
What was the main goal of Bitcoin Devcon?
Bitcoin Devcon aimed to bring together global Bitcoin developers, researchers, and investors to explore future trends, share innovations—particularly around Layer 2 solutions—and foster collaboration to inject new vitality into the Bitcoin ecosystem. It served as a milestone event highlighting the community's commitment to technological advancement.
Which key technologies were highlighted at the event?
Layer 2 scaling solutions were a central focus, with projects showcasing advancements in areas like EVM compatibility, sidechains, rollups, and trustless bridging. Other highlighted technologies included decentralized AI compute networks, oracle systems, interoperability protocols, and novel consensus mechanisms designed to enhance Bitcoin's functionality and scalability.
How does Hong Kong's policy support the Bitcoin ecosystem?
Recent developments include the issuance of REP2 licenses for virtual assets like Bitcoin, the launch of a new virtual asset training platform, and the introduction of Asia's first spot virtual currency ETF. These moves signify official recognition and support from the Hong Kong government, aiding the integration of traditional finance with the virtual asset market.
What are the benefits of Layer 2 solutions for Bitcoin?
Layer 2 solutions primarily offer enhanced transaction throughput, reduced fees, and improved scalability without compromising the security and decentralization of Bitcoin's base layer. They also enable new use cases like smart contracts, DeFi, gaming, and NFT marketplaces, which were previously difficult to implement directly on Bitcoin.
Why is the Chinese community important for Bitcoin's development?
The Chinese community, including developers, entrepreneurs, and investors, is recognized as a significant force driving innovation and adoption within the Bitcoin ecosystem. Events like Bitcoin Devcon in Hong Kong underscore the region's role as a core hub for talent, capital, and technological advancement in the space.
What are some challenges facing Bitcoin developers?
Common challenges include a scarcity of educational resources, the technical complexity of building on Bitcoin's unique UTXO model, achieving scalability while maintaining decentralization, and ensuring security and interoperability—especially when integrating new Layer 2 protocols and cross-chain functionalities.