- Ethereum co-founder Vitalik Buterin emphasizes the need for scalable solutions like ZK-rollups to enhance Bitcoin beyond a payment network.
- Buterin lauds the rise of Bitcoin Ordinals, highlighting their contribution to the builder culture within the Bitcoin ecosystem.
In a recent Twitter Spaces discussion, Vitalik Buterin, co-founder of Ethereum, addressed the importance of implementing scalable solutions to elevate Bitcoin’s capabilities. With over 32,000 listeners, Buterin engaged in a conversation with Eric Wall, known as an “altcoin slayer,” and Bitcoin developer Udi Wertheimer to explore potential lessons Bitcoiners can learn from Ethereum.
Scaling emerged as a primary focus of the discussion, as Buterin, Wall, and Wertheimer delved into Bitcoin’s challenge of slow transaction throughput and the necessity of layer two scaling approaches. Buterin suggested that Bitcoin could benefit from solutions such as Plasma or ZK Rollups, citing Ethereum’s experiments with Optimism and Arbitrum as successful examples. He encouraged the Bitcoin community to keep an open mind regarding ZK-snark based solutions, hinting at a clear preference.
Ethereum has been actively exploring various scaling solutions over the years, including the ongoing development of EIP-4844. This latest update introduces blob blocks, which could potentially enable up to 100,000 transactions per second on the Ethereum network.
Wall expressed concerns that the Bitcoin ecosystem might be left with less secure rollups if they fail to study these trials. Buterin acknowledged that the proposal could face controversy from security-focused individuals, commonly referred to as “security hawks.” However, Buterin believes that Ordinals, a recent layer-two solution in the Bitcoin network, can address fee market issues and security concerns while promoting a return to the builder culture within the Bitcoin ecosystem.
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Buterin also emphasized that both Ethereum and Bitcoin share commonalities, such as claims of immutability and challenges with layer-one privacy. He noted the difficulty of accomplishing tasks in decentralized consensus models for both chains.
In conclusion, Buterin expressed optimism about the coexistence of Ethereum and Bitcoin, envisioning a world where at least one of these chains thrives. He believes that the emergence of Bitcoin Ordinals, a decentralized storage solution for digital art, is a positive development and a significant pushback against maximalism in the crypto space. As of June, Bitcoin Ordinals saw substantial trading volume, surpassing $210 million.
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