Bitcoin Should Adopt Scaling Solutions, Says Vitalik Buterin – Crypto News – Crypto News
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Bitcoin Should Adopt Scaling Solutions, Says Vitalik Buterin – Crypto News

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3 years ago

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The world’s largest cryptocurrency Bitcoin (BTC) has cemented its position as a store of value, however, some crypto enthusiasts see the Bitcoin ecosystem as more than just a means of payment.

Ethereum co-founder Vitalik Buterin recently said that for Bitcoin to be more than just payments, it needs to adopt scaling solutions like ZK Roll-ups. Buterin’s comments came during a Twitter Spaces event last week.

But he added that one of the major problems with Bitcoin is the politics surrounding it. “Bitcoin has really weird politics,” he said, adding that he “doesn’t vibe with them.”

Along with other participants at the Twitter Spaces event, Buterin talked about Bitcoin’s slow transaction throughput, as well as the need for other Layer-2 scaling approaches. This would mean increasing the speed at which people can send and receive digital assets.

During the discussion, the focus was primarily on scaling, and Buterin, Wall, and Wertheimer emphasized that Bitcoin enthusiasts could gain valuable insights from the presumed rival chain in this area.

“I think if we want Bitcoin to be more than just payments, it will need scaling options like Plasma or ZK Rollups,” said Buterin. Both these scaling solutions have been tried on the Ethereum blockchain network.

He mentioned that Optimism and Arbitrum are two successful instances of “rollups” that could be examined as case studies for Bitcoin. He further expressed the importance of having an open mind towards ZK-snark-based solutions, implying a clear preference for them.

Bitcoin Developers Should Test Different Scaling Solutions

“Altcoin slayer” Eric Wall and Bitcoin developer Udi Wertheimer also joined the discussion on Twitter Spaces with Buterin. Wall emphasized the importance of Bitcoin studying these trials to avoid less secure rollups, expressing concerns about the ecosystem. In response, Buterin anticipated controversy with security-focused individuals regarding the proposal.

Wall, known for his involvement with the Taproot Wizards, raised the issue of Bitcoin’s security model and the 21 million hard cap. Buterin acknowledged grappling with this question and mentioned ordinals as a potential solution. This would provide a reasonable fee market to address diminishing block subsidies and security considerations.

Buterin praised the development of Ordinals in the Bitcoin ecosystem this year, thereby bringing the return “to the builder culture”. The Ethereum co-founder further added that he “definitely see signs of hope now that we have Ordinals,” calling them a “real pushback to laser-eyed maximalism.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explores his culinary skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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