Ethereum co-founder Vitalik Buterin believes that the Bitcoin network needs scalable solutions, such as zero-knowledge rollups (ZK-rollups), to outperform another payment network. Buterin commented in the Twitter space host Written by Bitcoin developer Udi Wertheimer, discusses scaling experiments around Ethereum.
ZK-rollup is an off-chain protocol that runs on top of the Ethereum blockchain and is governed by an on-chain Ethereum smart contract. It provides a more scalable and faster way to verify transactions without sharing critical user information.
The ethereum co-founder laid out how ethereum has incorporated various scaling solutions over the years to improve throughput. Buterin cites Optimism and Arbitrum as two successful examples of rollups, which can be considered a case study for Bitcoin, adding:
“I think if we want bitcoin to be more than just payments, it needs more scaling solutions”
Scalability has been a long-running point of discussion in both Bitcoin and Ethereum over the years. While the Ethereum network has transitioned from a proof-of-work network to a proof-of-stake network, it is also experimenting with various layer 2 solutions such as ZK-rollups and Plasma.
related: Bitcoin’s Zero-Knowledge Proofs Revolutionize Network State Verification
On the other hand, Bitcoin’s layer 2 solution, the Lightning Network, is critical to its scalability, and more recently, Bitcoin ordinals have helped the Bitcoin network become more than just another payments layer. Buterin applauded the rise of Ordinals, saying he believes they have brought a builder culture back into the Bitcoin ecosystem.
Bitcoin Serial Number is the latest layer 2 solution that enables decentralized storage of digital art on the Bitcoin blockchain. Its popularity skyrocketed, and by the end of June, Bitcoin serial number inscriptions had traded more than $210 million.
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