Stanford Blockchain Week Insights: The Practical Application of Theory, ZK, Modularity, and a Summary of the Current Development Status of the Bitcoin Ecosystem

From August 26 to September 1, Stanford University hosted a week-long Blockchain event. In addition to the main academic conference, this year's event included the Blockchain Applications Stanford Summit, the Starknet Summit, and academic seminars focused on themes such as consensus, MEV, and DAO. This article will explore three key trends presented during this week and their impact on the industry's development.

Trend 1: Optimization of Theory and Practice of Zero-Knowledge Proofs

Zero-Knowledge Proofs (ZKPs) have become one of the focal points of this conference. Optimizing existing ZKP solutions is a core topic, including discussions on breakthroughs in efficient folding solutions such as HyperNova and Protostar. Other academic presentations focused on applying zkSNARKs to more efficient batch Merkle proofs and the formal verification of ZK circuits.

Several startups have showcased new applications of zero-knowledge proofs in various fields. For example, there have been innovations in verifiable computation, new development tools and infrastructure, as well as private transactions.

The ZKP ecosystem is gradually becoming more specialized, with different companies focusing on specific parts of the ZK process. This trend of specialization indicates that the industry is evolving into a modular and complex system, highlighting the increasing maturity of ZKP technology. Academic breakthroughs are opening up new use cases for the technology, creating a positive interaction between ZKP theory and practice.

Trend 2: Achieving "plug-and-play" composability through modularization

Modularization has become a hot topic in the blockchain field. Different companies focus on specific tasks within the blockchain technology stack, such as sorting, execution, data availability, etc., rather than a single large blockchain being responsible for all functions. The goal of modularization is to create a more composable technology stack that allows developers to experiment and adjust based on specific needs.

This "plug-and-play" concept is reflected in multiple projects. For example, Arbitrum's Stylus project aims to unify the execution environment of EVM and WASM code, allowing smart contracts and WASM code to interact seamlessly. Other noteworthy developments include attempts to create industry interoperability standards and discussions about the future of modular blockchains.

It is worth noting that the trend is largely driven by relatively mature large companies that have already established a leading position in the industry. These projects attract developers to use their technology stack by increasing composability, thereby consolidating ecosystem advantages. This is a positive signal for the entire Blockchain industry, as it lowers the entry barriers for new developers while allowing for more customized technology stacks to be applicable across a wider range of application scenarios.

Trend Three: The Renewed Focus on the Bitcoin Developer Ecosystem

During the conference, there was renewed interest in the development and future of the Bitcoin ecosystem. In addition to academic presentations, several panel discussions explored the innovative prospects of the Bitcoin ecosystem, especially after the emergence of Ordinals.

An interesting perspective is to compare Bitcoin Ordinals art to "digital jewelry." If Bitcoin is "digital gold," then the artworks inscribed on it through Ordinals are akin to "digital jewelry," providing ordinary users with a new way to interact with Bitcoin.

The cultural and technological changes brought about by new projects like Ordinals have sparked the interest of Ethereum developers. They are bringing the design, token economics, and implementation experience of Ethereum DApps into the Bitcoin ecosystem, potentially injecting new vitality into this ancient ecosystem.

However, it is still too early to assert whether we are in a true "Bitcoin renaissance". The Bitcoin community has generally held a conservative attitude towards cultural and technological changes, and at times has even exhibited hostility. Nevertheless, the potential development of the Bitcoin ecosystem is still worthy of attention, both in terms of trading volume and cultural recognition.

Conclusion

The innovations showcased at Stanford Blockchain Week go far beyond the three trends mentioned above. From research on new consensus mechanisms to transaction and MEV modeling techniques, as well as new cryptographic primitives, they all reflect the diversity and vitality of this industry. Unlike other industry summits or academic conferences, Stanford Blockchain Week successfully combines industry practices with academic research, forming an ecosystem composed of startups, mature protocols, and academia, all committed to advancing the development of Blockchain technology and building a more decentralized future.