Sovereign shard as L2 for Bitcoin

MIPs
1

"We are one sovereign shard from mass adoption.

Bitcoin, as the pioneer and largest cryptocurrency, boasts solid fundamentals backed by major companies and countries.

But in the other hand Bitcoin faces a lot of technical challenges like scalability

There’s a lot of hype, attention and support giving for any solution that helps scal Bitcoin, like " Lightening Network", NFT, Defi, and lastly inscription
.

To address Bitcoin’s issues, I propose creating innovative tools that can help BTC, for example:
Defi protocol for BTC or an NFT marketplace, Roll-up using a sovereign shard, The possibilities are limitless

Reasons MultiversX should pursue this:

Scalability improvements for Bitcoin will benefit the entire crypto ecosystem, including MVX. Bitcoin Up the ecosystem is up.

This strategy will serve as a prominent marketing initiative for MVX, gaining attention from articles about BTC and MVX.

The innovative solution will draw widespread attention to the MultiversX ecosystem, reaching audiences globally, from crypto newbies to Black Rock

Increased attention translates to higher liquidity and TVL for the MVX blockchain.

As part of the MultiversX community, we seek more visibility and liquidity.

Developing solutions for scaling BTC using MVX’s advanced blockchain is a strategic decision, surpassing bridges with ETH, SOL, or AVAX.

This can be achieved by MVX team or any other MVX builders.

Cordially

2

NFTs and Inscriptions on Bitcoin don’t really help Bitcoin scale, they do quite the opposite, making the network even more congested than it already is. Currently, over 320 blocks on the Bitcoin network are outstanding, the mempool is totally overfilled (1.3gb out of 300mb) and there are 300k uncompleted transactions).

Okay, I will give you that, the idea is good.
But you missed the most important crucial detail:

Bitcoin does not support rollups.

  1. Bitcoin does not have smart contracts, which are needed to execute and verify transactions off-chain and then posting the data on-chain
  2. Rollups require certain network functionalities and consensus mechanisms that Bitcoin currently does not have.

You are probably not the first person to have this idea, so there would have been a Layer 2 for Bitcoin already (look at the 20+ Layer2 Solutions for Ethereum versus only one Layer2 for Bitcoin (Lightning Network, and it doesn’t involve rollups). There is a reason people do not build scaling solutions on Bitcoin: because it’s hard or next to impossible.

So, in short, trying to build what you proposed involves changing the Bitcoin (BTC) protocol and having the majority of the miners agree with your idea.

If only a minority of investors/miners agree with your idea, you will create yet another Bitcoin-Cash (BCH). If the majority of investors/miners agree with your idea, you will have successfully forked Bitcoin, upgraded it and can now build on it as you please (and anyone else can too, of course).

But as we have seen time and time again, the absolute majority of Bitcoin investors and miners do not like change. If you try to change anything about Bitcoin, you will be met with resistence and you cannot do anything about it. So if you tried to change something, it would 100% result in a new blockchain, that forked Bitcoin, that nobody cares about (because actually upgrading Bitcoin with a majority agreeing with you,… not really possible, don’t even think about it).

3

I do have marketing background, and I don’t have technical skills, and I’m not taking specifically about L2 or Roll-up.

The idea of my post is to build something, that can help Bitcoin in any side.