• Vitalik Buterin believes the Bitcoin network needs scalable solutions, like zero-knowledge rollups, to become more than just a payment network.
• Ethereum has incorporated various scaling solutions over the years to increase throughput and is experimenting with layer-2 solutions like ZK-rollups and Plasma.
• Bitcoin’s layer-2 solution, the Lightning Network, has been crucial to its scalability, and lately, Bitcoin Ordinals have helped it become more than just another payment layer.
Vitalik Buterin Believes Bitcoin Needs Scalable Solutions
Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like zero-knowledge rollups (ZK-rollups) to become more than another payment network. During a Twitter Space hosted by Bitcoin developer Udi Wertheimer, Buterin discussed Ethereum’s scaling experiments and praised the recent rise of Ordinals in bringing back builder culture into the Bitcoin ecosystem.
Scalability An Ongoing Discussion for Both Networks
Scalability has been a long point of discussion for both Bitcoin and Ethereum over the years. While Ethereum shifted from proof-of-work to proof-of-stake networks, it also experimented with layer 2 solutions such as ZK Rollups and Plasma. On the other hand, The Lightning Network was crucial for scalability on BTC networks while recently Ordinals helped it become more than just another payment layer with $210 million in trading volume at end of June 2020.
Successful Examples of Rollup Solutions
Buterin cited Optimism and Arbitrum as two successful examples of rollup that could be considered case studies for Bitcoin adding “I think if we want bitcoin to be more than payments it needs more scaling solutions” He further mentioned how these experiments can serve as learning experiences for BTC networks to implement similar processes.
Ordinals Bring Builder Culture Back To The Ecosystem
Buterin applauded the rise of Ordinals saying they brought back builder culture into the BTC ecosystem. These are Layer 2 solution enabling decentralized storage of digital art on BTC blockchain which gained immense popularity since its launch last year.
In conclusion Vitalik Buterin believes that there is potential for BTC networks to experiment with Layer 2 solutions just like ETH networks did in order achieve scalability along with preserving user data privacy at same time.. He also highlighted importance of ordinals in bringing back builder culture in this space making sure crypto space remains decentralized & open source system where anyone can contribute no matter their background or experience levels