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Crypto News

Like Ethereum, Vitalik Buterin Wants Bitcoin To Test Layer-2 Solutions

Author

Jay Solano

Tags

Tags Editor's Choice

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice

Reading time

2 mins
Last update


vitalik buterin

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Buterin also praised Ordinals’ recent ascent and believes they have revived the builder culture in the Bitcoin ecosystem.

In order for the Bitcoin network to develop into more than just another payment network, according to Vitalik Buterin, co-founder of Ethereum, scalable solutions like zero-knowledge rollups (ZK-rollups) are required. Buterin made his remarks during a Twitter Space that was moderated by Bitcoin developer Udi Wertheimer and focused on scaling experiments for Ethereum.

An off-chain protocol called a ZK-rollup runs on top of the Ethereum blockchain and is controlled by on-chain smart contracts. It provides a faster and more scalable method of transaction verification without disclosing sensitive user data.

The co-founder of Ethereum provided insight into the various scaling techniques that Ethereum has incorporated over time to boost throughput. Buterin stated that two successful rollups that could serve as case studies for Bitcoin are Optimism and Arbitrum, adding:

“I think if we want Bitcoin to be more than payments, it needs more scaling solutions”

Over the years, scalability has been a contentious topic of debate for both Bitcoin and Ethereum. The Ethereum network is experimenting with different layer-2 solutions like ZK-rollups and Plasma, even though it has switched from a proof-of-work to a proof-of-stake network.

On the other hand, the Lightning Network, Bitcoin’s layer-2 solution, has been essential to its scalability, and recently, Bitcoin Ordinals have helped the Bitcoin network expand beyond just being a payment layer. The rise of Ordinals, according to Buterin, has revived the builder culture in the Bitcoin ecosystem.

The most recent layer-2 technology enabling decentralized storage of digital art on the Bitcoin blockchain is called Bitcoin Ordinals. As a result of its rapid rise in popularity, the trading volume of Bitcoin Ordinals inscriptions reached over $210 million by the end of June.