Hey reader and welcome to the MIDL Dev Diary series!
This is the first chapter of the great book (now only digitally available on our Medium. Publishers, reach out to us), where we will address the issues & challenges of the BTCFi. It will be a deep dive from the technical perspective but also readable for non-tech-savvy people.
These series are going to be released regularly with the main purpose of keeping our users up to date about our new features, fixes, and technical developments.
Enjoy!
PS: This time, we’ll start from the very beginning. It will be slightly less technical & somewhat less about the product, but we’d like to start by sharing our vision first, to build some context around the series. We’ll address the challenges we initially found, the great pain developers revealed to us & untapped potential we are trying to harness here.
Ordinals & Runes Breakthrough
We've closely followed a new asset class emerging on the Bitcoin network & were fascinated with the technology, and saw this as a breakthrough. The simplicity of it, yet great flexibility, drove us to research the market. We quickly realized that no dApps exist, and the closest thing to such are threshold signature schemes.
After a few more days of research and drafting a plan for creating a convenient AMM (automated market maker - aka Uniswap-like DEX), we just started going through the rabbit hole. We realized that the amount of work you have to do to launch a DeFi protocol would be x4 or x5 more, compared to the usual time you'd have to spend on a project.
The amount of pain developers must go through to build anything solid on BTC was just too much. So we thought: why would we limit ourselves to a single dApp if the market experiences so many inconveniences because some ground-based infrastructure links are missing? Instead, we are going to create those ourselves. Focus on having those secure, scalable & convenient first of all, for developers.
Because do you remember what is the most important thing for any software space to succeed? Developers!
Our next steps (and this diary’s)
So we started working on it. A long way ahead of us. First, creating the core nodes to be able to run BTC Native dApps with just plain Sats. Then, improving to support Runes. Single Page button PoC where we ran a solidity transaction using BIP322 signature.
Refactoring nodes to be able to support more native token standards in the future, and, oh boy, this was just the very first step there.
In the next diary chapters, we’ll cover all the steps we had to take in-depth. Hopefully, this was enough intrigue for you.
Stay tuned!
Midl Dev Team.
