In a recent Twitter Spaces conversation, Ethereum co-founder Vitalik Buterin urged Bitcoin to explore more scalable solutions if it aspires to extend beyond a simple payment system.
This virtual gathering, which attracted over 32,000 listeners, also featured "altcoin slayer" Eric Wall and Bitcoin developer Udi Wertheimer as they delved into the potential lessons Bitcoin can extract from Ethereum's experiences.
Vitalik pinpointed Bitcoin's relatively slow transaction processing speed as an area of concern, emphasizing the importance of second-layer scaling strategies to bolster the transactional capabilities of the leading digital currency.
Vitalik suggested that Bitcoin could consider integrating scaling alternatives such as Plasma or ZK Rollups. Both of these solutions have been experimented with on the Ethereum network, with Optimism and Arbitrum being successful instances of rollup deployments. Buterin recommended keeping an open mind towards ZK-Snark based solutions, expressing a distinct preference.
Buterin also drew attention to the political dynamics surrounding Bitcoin, admitting to some discordance with them. Ethereum has been proactive in trialing a diverse array of scaling approaches, the latest of which is EIP-4844, capable of enabling up to 100,000 transactions per second.
Vitalik seemed hopeful about Ordinals, considering them as a potential answer to concerns over fee market structures, declining block subsidies, and subsequent security issues.
Wrapping up the conversation, Buterin highlighted common ground between Bitcoin and Ethereum, such as issues with layer-1 privacy and the complexities of decentralized consensus models. But he remained hopeful, emphasizing the significance of at least one of these chains existing over none at all.
Vitalik pinpointed Bitcoin's relatively slow transaction processing speed as an area of concern, emphasizing the importance of second-layer scaling strategies to bolster the transactional capabilities of the leading digital currency.
Vitalik suggested that Bitcoin could consider integrating scaling alternatives such as Plasma or ZK Rollups. Both of these solutions have been experimented with on the Ethereum network, with Optimism and Arbitrum being successful instances of rollup deployments. Buterin recommended keeping an open mind towards ZK-Snark based solutions, expressing a distinct preference.
Buterin also drew attention to the political dynamics surrounding Bitcoin, admitting to some discordance with them. Ethereum has been proactive in trialing a diverse array of scaling approaches, the latest of which is EIP-4844, capable of enabling up to 100,000 transactions per second.
Vitalik seemed hopeful about Ordinals, considering them as a potential answer to concerns over fee market structures, declining block subsidies, and subsequent security issues.
Wrapping up the conversation, Buterin highlighted common ground between Bitcoin and Ethereum, such as issues with layer-1 privacy and the complexities of decentralized consensus models. But he remained hopeful, emphasizing the significance of at least one of these chains existing over none at all.
