Weekly: Blockchain, ScryptTS & Community Building

Happy Sunday fellow wayfinder!

Last week, we discussed prompt crafting in the AI world. This week, we look at how and why blockchain-based platform builders should reconsider original BitCoin script (via ScryptTS).

It might sound a bit technical but bear with me.

I’ll be covering:

• The original challenges of building on BitCoin

• scryptTS and how it challenges Ethereum development

• Examples of scryptTS in the wild

• An analogy using The Rosetta Stone

• How communities play a part

Let's dive in.

☕️ Reading time: 5-7 minutes

In this issue, I’m going to share with you the importance of using Typescript for BitCoin (BSV) smart contracts, also known as scryptTS, and its relation to blockchain/Web3 development and community-building.

It comes off the bat of last week’s most popular tweet:

As an entrepreneur, community-builder, and consultant in the blockchain/Web3 space, I have personally experienced the challenges and benefits of building with BitCoin — from as far back as 2013.

And yes, it’s actually possible to build actual applications using BitCoin (just not on BTC).

I won’t get too much into the politics of it, but BitCoin was always capable of doing what Ethereum can do (and more). It was just artificially capped for ideological and political reasons, leading to a split from BTC to BCH, and then BCH to BSV.

BTC retained the ticker symbol ($BTC) and brand (Bitcoin), but the protocol had been changed without people realizing it. For a deeper dive, check out this report from tax and accounting firm MNP.

Challenges in BitCoin Development

One of the biggest challenges is the lack of qualified developers who understand original Bitcoin script.

In fact, recent estimates show that only 0.07% of developers are qualified in Web3/blockchain.

This shortage of qualified developers has resulted in a lack of applications being built on original BitCoin technology. This hindered its growth and relegated its token to just being “digital gold,” resulting in hoarding behaviors (e.g. HODL).

scryptTS

However, the introduction of scryptTS late 2022 changed the game.

scryptTS is a new way to write Bitcoin smart contracts in Typescript, making it easier for Typescript/Javascript developers to understand and build on original BitCoin script.

Most developers flocked to Ethereum because of its large developer base and familiar programming language (Solidity). Unfortunately, Ethereum suffers from some fundamental flaws, which means it’ll never truly be able to scale.

This has led to both BTC and ETH creating second-layer or side-chain solutions.

ScryptTS In Action

The introduction of scryptTS is incredibly important because it allows us to bring back BitCoin development at level that challenges Ethereum.

I have already seen the benefits of scryptTS in the ecosystem. But if you want simpler and more practical examples, check out the site below:

by-example.scrypt.io

When I was building my last startup, Honā, having something like this would’ve been great when trying to get my Ethereum developers up-to-speed with BitCoin script.

So how does this help the solopreneur or developer looking to advance in the blockchain/Web3 space?

Advancing in the Blockchain/Web3 Space & The Rosetta Stone

Blockchain technology is still relatively new and there is a lot to learn (even 15 years after the birth of BitCoin).

And so when people are talking about Bitcoin, Ethereum, Solana or Polygon, they’re all talking about different implementations of blockchain technology.

Because each has its own design.

That's why it's so important to share knowledge and learn from the past (a consistent theme in my newsletters). I even wrote about the connection between scryptTS and the Rosetta Stone in issue #157.

We must find more bridges like scryptTS to help people work with original BitCoin script, as it had already solved a key problem, but got derailed due to fundamental misunderstandings of the technology.

Not surprisingly, one of the best ways to do this is through community-building.

Community Building

By bringing together like-minded individuals who are passionate, we can share our knowledge and experiences and learn from each other.

There’s a complementary field known as DevRel (or “Developer Relations”).

If you’re a community builder in this space, you’ll see the similarities and how they apply here:

devrelresourc.es 

Communities are not only here to help us to grow as individuals, but they also help to accelerate the growth of emerging technologies like BitCoin/blockchain/etc.

Overall, I am incredibly optimistic about the future of blockchain (and more specifically, BitCoin under the BSV umbrella) development.

BSV is not the most popular brand, for political reasons, but sometimes you have to go against what’s popular in order to maintain what’s true. That’s the type of risk most entrepreneurs are used to.

The introduction of scriptTS has opened up a whole new world of possibilities and I believe that we are only scratching the surface of what’s possible.

But we must continue to work together, share knowledge, and support each other in order to unlock the full potential of this technology. As a collective, we can achieve great things and build a brighter future for all of us.

Until next week, remember: through patience & persistence, it will come.

George

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