1. Importance of Bitcoin's Definition of Success

Janusz emphasized that the success of Bitcoin is subjective and varies based on individual definitions. It is crucial to establish what success means, as this will influence the approach to soft forks, upgrades, and new functionalities within the Bitcoin ecosystem. The various perspectives on success among developers, users, and institutional players lead to a complex social consensus problem that needs to be addressed for any meaningful progress to occur.

2. Limitations of Bitcoin Script

Janusz discussed the inherent limitations of Bitcoin's scripting language, Bitcoin Script, which restricts the creation of expressive contracts. The scripting language, designed to minimize malicious activity, leads to challenges in building on-chain applications. This restriction can hinder the development of innovative use cases, thereby affecting the overall functionality and appeal of Bitcoin as a platform for developers seeking to create complex transactions.

3. Benefits of Implementing CTV for User Experience

Janusz highlighted the potential benefits of implementing CheckTemplateVerify (CTV) to improve user experience when building applications on Bitcoin. By simplifying the construction of vaults and enabling users to dictate future spending constraints, CTV can significantly reduce complexity and enhance the user-friendliness of Bitcoin transactions. This would not only attract more users but also promote the adoption of self-custodial methods, aligning with the original vision for Bitcoin.

4. Challenges of Social Consensus in Development

Janusz explained the difficulties in achieving social consensus among Bitcoin stakeholders, especially when it comes to prioritizing different features. As various groups and institutions enter the space, their conflicting priorities make coordination for potential upgrades challenging. The risk of stagnation increases as these groups may block proposals that benefit self-custodial usage due to the threat they pose to existing custodial business models.

5. Economic Influence of Institutional Holders

Janusz pointed out the growing influence of institutional investors and custodial services, which, while increasing Bitcoin's visibility and price, can detract from the primary intent of Bitcoin as a decentralized and self-custodial alternative to traditional finance. These economic nodes may inadvertently prioritize their interests over the broader Bitcoin community, raising concerns about the long-term implications for decentralized usage and Bitcoin's core principles.

6. The Role of L2s in Bitcoin's Future

Janusz stressed the importance of Layer 2 solutions in facilitating more complex transactions and improving Bitcoin's functionality. While there are currently only a few L2 protocols in action, successfully implementing options like CTV could enhance the viability and security of these solutions. Building upon L2 technology is essential not only for scalability but also to maintain Bitcoin's competitive edge in the evolving cryptocurrency landscape.