Project Rooted in Bitcoin.

Constitutive Text #1: Motivating View. 

This is the Summer of 2023. Bitcoin culture is changing. Bitcoin is changing.

Taproot changed what was possible with bitcoin; ordinals changed the way we use and conceptualize bitcoin. Bitcoin is constituted by both code and social uptake. With changes in code and convention comes a transformation in the very nature of bitcoin.

Code and conceptual framing need to find a natural fit. With each other, and with the wider world that bitcoin interacts with. The framing of bitcoin as a digital currency or digital asset proves to be an imperfect fit. The code does not meet the expectations set by the currency framing and the currency framing narrows the utility provided by the code, stalling development.

From being conceptualized as a digital currency and explained as such, bitcoin is now starting to become conceptualized as a layer for things to be created on. The reconceptualization fits well. The core utility that bitcoin provides is a trustless, decentralized and immutable record keeper. We are only starting to discover the many ways in which this can be used.

As block space gets used in more ways it will inevitably become more valuable. As it becomes more valuable, it becomes more expensive. With the economic incentive to minimize use of bitcoin’s block space, the market creates demand for Layer 2s (or sidechains), differing in the ways, frequency and depth with which they settle in bitcoin. This is something to embrace, and push for. Bitcoin is not sound money; but sound money will eventually be built on bitcoin, alongside many other pillars of human civilization.

A change in bitcoin implies a change in the prospect of hyperbitcoinization. No longer is this merely the prospect of bitcoin becoming the dominant global currency. Hyperbitcoinization is the prospect of different facets of humanity, from art to finance to social organization, becoming evermore deeply and widely rooted in bitcoin.

This is the conception bitcoin that is quickly changing from fringe to mainstream. This is the vision that we aim to express, document and contribute to in this project, Rooted in Bitcoin.