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How Did Bitcoin Evolve Into an Ecosystem for Web3 Apps?

You’ve likely heard of Bitcoin. It’s the first successful decentralized currency. It famously has an anonymous founder who disappeared from public eye shortly after Bitcoin’s launch. But what is Bitcoin, really? How is it becoming the foundation for a new generation of Web applications, and why now?

Type
Deep dive
Topic(s)
Bitcoin
Stacks
Published
December 7, 2022
Author(s)
Team
Bitcoin's Evolution
Contents

First, let’s set the stage. More developers are building Web3 apps than ever before. By the end of 2021, the number of developers in the Web3 industry grew to an all-time high of 18,416 monthly active developers. VCs have also signaled their growing interest in Web3. In 2021, VCs wrote checks for a total of $30.5 billion, and VCs have already invested nearly the same amount in just the first half of 2022.

While many Web3 developers build applications on Ethereum and other EVM (Ethereum Virtual Machine) compatible chains, a growing community of developers are exploring opportunities to build Web3 apps for the Bitcoin ecosystem.

How, you ask? We made a guide to answer that very question.

In A Developer’s Guide to Understanding Bitcoin’s Evolution Into an Ecosystem for Web3 Apps, we explore the Bitcoin ecosystem and how it has evolved to support the development of smart contracts, enabling developers to build apps on top of Bitcoin.

This guide isn’t an attempt to cover all the developments around Bitcoin. Instead, it provides an overview of Bitcoin and spotlights some of the major approaches that enable the development of decentralized applications for the Bitcoin community.

We hope this guide can be a valuable resource for you as you dive into the world of Bitcoin.

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