Ethereum co-founder Vitalik Buterin believes that the Bitcoin network needs scalable solutions like zero-knowledge rollups (ZK-Rollups) to become more than just another payment network. Buterin’s comments came during a Twitter space moderated by Bitcoin developer Udi Wertheimer, where discussions revolved around Ethereum’s scaling experiments.
A ZK-Rollup is an off-chain protocol operating on the Ethereum blockchain and managed by on-chain Ethereum smart contracts. It offers a more scalable and faster way to verify transactions without sharing important user information.
The Ethereum co-founder explained how Ethereum has integrated various scaling solutions over the years to increase throughput. Buterin cited Optimism and Arbitrum as two successful examples of rollups that could be considered case studies for Bitcoin, adding:
“I think if we want Bitcoin to be more than just payments, it needs more scaling solutions”
Scalability has been a longstanding talking point for Bitcoin and Ethereum over the years. While the Ethereum network has transitioned from a proof-of-work to a proof-of-stake network, it is also experimenting with various Layer 2 solutions such as ZK rollups and plasma.
Related: Zero-knowledge proofs are coming to Bitcoin and overhauling network state validation
On the other hand, Bitcoin’s Layer 2 solution, the Lightning Network, was critical to its scalability, and more recently, Bitcoin ordinals have helped the Bitcoin network become more than just another layer of payments. Buterin praised the rise of ordinals and said he believes they have brought builder culture back to the Bitcoin ecosystem.
Bitcoin Ordinals are the latest Layer 2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Its popularity quickly grew and by the end of June, Bitcoin Ordinals inscriptions had exceeded $210 million in trading volume.
Collect this item as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: “Moral Responsibility” – Can Blockchain Really Boost Trust in AI?
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.