Launched by Stacks founder Muneeb Ali and Princeton University Computer Science professor JP Singh, Trust Machines is on Web3 to "Unlock the potential of Bitcoin." received $150 million in investment to build an app ecosystem designed to
While Bitcoin is still largely seen as a speculative investment, DeFi, NFT trading and DAOs take place on competing blockchain networks like Ethereum. Despite this, Bitcoin remains the largest and most popular cryptocurrency. If the NFT, DAO and DeFi ecosystem can be established on the Bitcoin network, the rules of the game may change even more. Stacks founder Muneeb Ali said in a statement.
“The time has come to focus on unlocking next-level application and platform technologies on the Bitcoin network, developing platforms for speed, scale and functionality, and making Bitcoin applications a reality for hundreds of millions of users.”
The funding round includes investors such as Breyer Capital, Digital Currency Group, GoldenTree and Union Square Ventures. Jim Breyer, the founder and CEO of Breyer Capital, expressed his excitement and expectations about the project.
“We believe Bitcoin can be more than a store of value; it can also be the settlement layer and platform for Web3. Muneeb and professor JP have already accomplished a lot by making Bitcoin programmable with use cases like lending applications and DAOs. Trust We are excited to support Machines and its mission to help Bitcoin reach its potential."
What is Trust Machines?
Trust Machines' goal is to build the largest Bitcoin app ecosystem and grow the Bitcoin economy. As such, its mission is similar to Stacks, which adds smart contract functionality to the Bitcoin ecosystem and builds a smart contract layer on top of the Bitcoin blockchain. A smart contract is a form of computer code that executes a predetermined set of instructions. Decentralized applications (dapps) are a kind of connected smart contracts.
At last year's Messari Mainnet conference, Muneeb Ali said, "I see Bitcoin as the best, most decentralized layer of money." noting that 1% of all Bitcoin in circulation is already held in the form of Wrapped Bitcoin (WBTC) on Ethereum. The token called WBTC is actually an ERC20 token that runs on Ethereum but represents Bitcoin. In other words, a WBTC is worth one BTC, but can be used to interact with DeFi applications on Ethereum without third-party intermediaries.
According to Muneeb Ali, this interest in WBTC means there is a demand for users to use Bitcoin in smart contracts.
"Instead of trying to bring Bitcoin wrapped in a smart contract chain, why not bring smart contract functionality directly to Bitcoin?"
While NFTs are still popular on Ethereum, the emergence of an NFT market in Bitcoin could attract new users to Stacks. Back in October, the Stacks token (STX) had increased in price by 70% amid growing interest in the Bitcoin NFT market.