Introduction
Bitcoin has changed the world we live in by offering us sound and reliable money, where the supply of money is limited to (roughly) 21M BTC or 2.1 quadrillion satoshis. Ever since its genesis block of January 3, 2009, Bitcoin has served well in one function of money, namely Store of Value (SoV). However, Bitcoin has currently still has challenges in serving in other important function of money - Medium of Exchange (MoE), due to its limited scalability. To help rectify this and to complement other scaling solutions (e.g., The LIghtning Network), our Bitcoin Layer 2 (L2) solution introduces a foundational framework that unlocks the horizontal scaling for Bitcoin. By introducing the concept of "subnets," we enable the Bitcoin network to grow dynamically and efficiently, adapting to the needs of various applications through on-demand scaling of the subnets. Importantly, and to distinguish us from other L2 chains on Bitcoin, we are building a network of Bitcoin L2 subnets, where any Bitcoin holders can spawn their own Proof of Stake (PoS) L2 subnets (where their stake is in L1 Bitcoin). This approach ensures faster transactions, scaling flexibility (especially on the infrastructure side), and a stronger foundation for innovation—all while staying true to Bitcoin’s core principles. By leveraging the Fendermint consensus mechanism, we unlock a new era of Bitcoin use cases while preserving the core network's integrity and security. We call our stack InterPlanetary Consensus on Bitcoin (IPC-BTC). Our goal is that IPC-BTC will help scale Bitcoin to become a universal MoE for all people on the planet for all of their transactions!
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