The king of blockchain – Bitcoin can be the basis for Web 3.0

[vc_row][vc_column][vc_paragraph text=”As the industry moves towards Web 3.0, we understand that on issues of security and network effects Bitcoin remains undefeated”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Unrivaled advantages” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Bitcoin undoubtedly remains the “king” of the blockchain industry. BTC dominance has grown significantly since the experimental times of 2017. It has survived fork attempts and “civil wars” and has established itself as a reserve crypto: investors come back to Bitcoin when the market demonstrates the bear trend. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The BTC production network has stood the 10-year test of time.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Nevertheless, the industry has rejected it as regards smart contracts or Web 3.0.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But we believe everything will change. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”It’s true that BTC is not intended for all blockchain projects. Still it is safe because it has a limited scripting language, it’s secure and durable as it doesn’t change.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But it’s all doesn’t mean the BTC ecosystem cannot bring innovations and support Web 3.0.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Despite some potential competitors’ initiatives the hashrate of the BTC network and the safety guaranteed by its PoW mining still have no equivalent.”][vc_paragraph text=”Despite some potential competitors’ initiatives the hashrate of the BTC network and the safety guaranteed by its PoW mining still have no equivalent.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”A lot of new cryptos have tried to launch their own PoW networks over the last years, but none of them have reached any success.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Network effects” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Most people get acquainted with cryptocurrency through Bitcoin.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Network effect only strengthen its positions: miners see a well-developed network, a strong community and a coin which is the most valuable in crypto industry. So they join the community and increase their obligations, improving hash rate and the network reliability. Their participation inspires more entrepreneurs and companies and therefore grows the community support. And the cycle continues. “][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Smart contracts” size=”medium”][vc_single_image image=”559″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=” Despite the asset’s success, critics who question the Bitcoin’s ability to develop have some reasonable arguments. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”There are some aspects which bother developers aiming to explore the world of smart contracts and decentralized applications. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Many projects have to create their own blockchains since they take the BTC scripts’ restrictions as violations. They cannot but deny the safety of the unique chain but they would like to write more evocative smart contracts. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”New blockhains face the problem of troubled PoW security and try to impose PoS algorithm or even delegated PoS settings but both of them are less secure and have a centralization tendency. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As a result, several crypto projects have concluded they need to either launch their own PoW chain or to create a PoS chain with the necessary consensus. But these are not the only two choices. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”There is also another way: the smart contracts’ platforms may use the Bitcoin’s PoW security for protecting new blockchains.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”New protocols can use BTC’s safety and expand its utility. Bitcoin transactions are more complicated to reorganize since this is not a well-known designing space, but it is starting to change.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The Bitcoin’s blockchain already has security based on energy consumption, and this security may be transferred to an interrelated chain with the help of such algorithms as Proof of X.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”It is also important to admit that interrelated chains differ from the traditional side chains as the first form their own crypto assets but they use BTC chain for transmission of mining operations and coordinated steps. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”So interrelated chain is a win-win proposal for all parties because the new blockchain benefit from BTC’s sustainability and durability, while providing freedom and versatility to the developers.”][/vc_column][/vc_row]