Vitalik Buterin claims that to become more than payments, the Bitcoin network needs to introduce more scaling solutions.
During a Twitter discussion hosted by Bitcoin developer Udi Wertheimer, Ethereum's co-founder, Vitalik Buterin, voiced his belief that the Bitcoin network should consider employing scalability methods similar to Ethereum's, including zero-knowledge (ZK) rollups to widen its usability beyond being merely a payment system.
Functioning atop the Ethereum blockchain, a ZK-rollup chain is an off-chain protocol regulated by Ethereum on-chain smart contracts. This technology offers an enhanced way of authenticating transactions promptly without exposing crucial user details.
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Layer 2 Scaling Solutions Explained With Animations
Reflecting on Ethereum's successful integration of several scaling solutions over time, Buterin emphasized the significance of recent testing with ZK rollups and Plasma in increasing the system's capacity. Optimism and Arbitrum were named prime instances of successful “rollups,” providing valuable insights for Bitcoin.
Stressing the necessity for more scaling solutions for Bitcoin, Buterin said:
I think if we want Bitcoin to be more than payments, it needs more scaling solutions.
Both Bitcoin and Ethereum have long grappled with issues of scalability. In response, Ethereum has transitioned from a Proof-of-Work model to a Proof-of-Stake system and is further testing various Layer-2 solutions.
Meanwhile, Bitcoin's lightning network, its own Layer-2 solution, has played an instrumental role in its scalability endeavors. Recently, the rise of Bitcoin Ordinals expanded the Bitcoin network's functionality beyond just payment processing.
Buterin praised the Ordinals and opined that the new development had reinvigorated the innovation culture in the Bitcoin ecosystem.
Bitcoin Ordinals, a novel Layer-2 solution, facilitates decentralized digital art storage on the Bitcoin blockchain. It quickly rose to prominence and, by the end of May, surpassed 10 million inscriptions. On top of that, by the end of June, Bitcoin Ordinals had over 16 million inscriptions.
Vitalik Buterin advocates for Bitcoin to adopt scalability solutions akin to Ethereum's, which could significantly extend its capabilities beyond merely serving as a payment network.
