Ethereum co-founder Vitalik Buterin believes that the bitcoin network needs scalable solutions like zero-knowledge (ZK) rollups to become more than any other payment network. Buterin’s comments came during a twitter space Hosted by bitcoin developer Udi Wertheimer with a discussion on scaling experiments for Ethereum.
ZK Rollup Chain is an off-chain protocol that runs on top of the Ethereum blockchain and is managed by on-chain Ethereum smart contracts. It provides a more scalable and faster way to verify transactions without sharing important user information.
The Ethereum co-founder highlighted how Ethereum has managed to integrate various scaling solutions over the years and recent experiments with ZK Rollup and Plasma have resulted in improved throughput. Buterin cited Optimism and Arbitrum as two successful examples of “rollups” that could be considered case studies for bitcoin.
“I think if we want bitcoin to be more than payments, it needs more scaling solutions,” Buterin said.
Scalability has been a longstanding point of discussion for Bitcoin and Ethereum over the years. As the Ethereum network transitions from a proof-of-work to a proof-of-stake network, it is also experimenting with various layer-2 solutions such as ZK Roll-Up and Plasma.
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On the other hand, Bitcoin’s layer-2 solution Lightning Network has been crucial to its scalability aspirations and recently, Bitcoin Ordinals have also joined the scalability bandwagon and helped the Bitcoin network become more than just another payment layer. . Buterin also praised the rise of Ordinals, saying that he thinks Ordinals has brought back the building culture in the bitcoin ecosystem.
Bitcoin Ordinals is the latest layer-2 solution that enables decentralized storage of digital art on the Bitcoin blockchain. The popularity grew rapidly and by the end of June, the Bitcoin Ordinals subscription had led to over $210 million in trading volume.
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