Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like the zero-knowledge (ZK) rollups to become more than another payment network. Buterin’s comments came during a Twitter space hosted by Bitcoin developer Udi Wertheimer with discussions revolving around Ethereum’s scaling experiments.
A ZK-rollup chain is an off-chain protocol that operates on top of the Ethereum blockchain and is managed by on-chain Ethereum smart contracts. It offers a more scalable and faster way to verify transactions without sharing critical user information.
The Ethereum co-founder shed light on how Ethereum has managed to incorporate various scaling solutions over the years and the recent experiment with ZK rollups and Plasma has given better throughput. Buterin cited the example of Optimism and Arbitrum as two successful examples of “rollups” that could be looked as case studies for Bitcoin.
“I think if we want Bitcoin to be more than payments, it needs more scaling solutions,” Buterin added,
Scalability has been a long-drawn point of discussion for Bitcoin and Ethereum over the years. While the Ethereum network has shifted from a proof-of-work to a proof-of-stake network, it is also experimenting with various layer-2 solutions like ZK roll-ups and Plasma.
Related: Zero-knowledge proofs coming to Bitcoin, overhauling network state validation
On the other hand, Bitcoin’s layer-2 solution lightning network has been crucial to its scalability aspirations and lately, Bitcoin ordinals have also joined in on the scalability bandwagon and helped the Bitcoin network become more than just another payment layer. Buterin also lauded the rise of Ordinals and said that he thinks Ordinals have brought back the builder culture into the Bitcoin ecosystem.
Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Its popularity soared fast and by the end of June, Bitcoin Ordinals inscriptions led to more than $210 million in trading volume.
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Title: Vitalik Buterin wants Bitcoin to experiment with layer2 solutions just like Ethereum
Sourced From: cointelegraph.com/news/vitalik-buterin-wants-bitcoin-to-experiment-with-layer2-solutions-just-like-ethereum
Published Date: Mon, 10 Jul 2023 11:15:18 +0100
