Thread by @LucasNuzzi

Are you tired of the "Bitcoin is old technology" meme?

I just published "A Look at Innovation in Bitcoin’s Technology Stack" where I map 40+ edgy protocols being built atop Bitcoin.

medium.com/@LucasNuzzi/a-…

In a lot of ways, this is an attempt to expand upon @CremeDeLaCrypto's excellent post on the emerging Bitcoin technology stack:

medium.com/blockchain-cap…

Here, I explore how innovation in Bitcoin is bound by a set of consensus rules that, much like a hard-coded constitution, protect its monetary properties.

This is important since governance-minimization is perhaps the most important feature of Bitcoin as a monetary system.

In spite of the limits enacted by this constitution, innovation is still flourishing. There's too much at stake to move fast and break things, so innovation is implemented as modules.

These layers of software can ultimately fail without infringing upon the monetary system.

As often pointed out, Bitcoin’s modular approach to innovation is analogous to the evolution of the Internet’s protocol suite, whereby layers of different protocols specialized.

Leadership is minimized, and Bitcoin's technology is a sum of dozens of interconnected protocols.

These are some of the reasons why Silicon Valley has had a hard time understanding Bitcoin’s biggest value proposition.

Bitcoin is not just a technology, financial instrument, or consumer application; it’s an entire monetary system.

Seems like the cover image is not loading, so here's the protocol map: