Vitalik Buterin, the founder of the second largest crypto by market value, Ethereum, advised the Twitter community on the crucial development required for Bitcoin to become more than a payment method. In his July 6 tweet, Buterin stressed that Bitcoin developers must invest in more scaling solutions to introduce additional features to the network. Besides payment services, Buterin believes that Bitcoin can be used in diverse sectors.
Vitalik Buterin Proposed Developments on Bitcoin Network
During the Twitter space session “what Bitcoiners can learn from Ethereum,” it was reported that around 32000 people actively participated. The program was hosted by Eric Wall, commonly known as the altcoin slayer, with his counterpart Udi Wertheimer, a well-known Bitcoin developer.
During the Twitter discussion, the three crypto enthusiasts were concerned about the factors contributing to the delays in Bitcoin transactions. It was evident that Bitcoiners experienced slow transactions when sending and receiving the digital asset.
After analyzing the transaction speed of other networks competing with Bitcoin, the tech experts proposed integrating an innovative layer-2 scaling solution to the largest crypto asset by market capitalization. In their findings, Buterin, Wall, and Wertheimer observed that scrutiny of Bitcoin’s rival chains could provide Bitcoiners with essential information on recommended scaling solutions for the network.
Buterin suggested that Bitcoin could consider integrating layer-2 networks such as Plasma or ZK Rollups, which have been tried and tested by the Ethereum team. In his statement, the 29-year-old computer programmer admitted that Optimism and Arbitrum rollups have greatly improved Ethereum scaling and transaction speed.
He recommended the Bitcoin team to use Optimism and Arbitrum in their case studies. Besides the two scaling solutions on the Ethereum network, Buterin prefers the zk-SNARK solution.
A zk-SNARK is a software used in blockchain networks to improve the transaction’s scalability, security, and speed. The Ethereum co-founder advised the Bitcoin team to consider the zk-SNARK scaling solution in their impending upgrades.
Similarities and Differences Between Bitcoin and Ethereum
Buterin confessed that the Ethereum team had extensively researched and experimented with different scaling solutions to improve the network. On July 8, the Ethereum developer Mario Havel announced that the Ethereum team was working on a network upgrade called Dencun.
Havel explained that the Ethereum team plans to introduce a Proto-dank sharding feature to support network scaling. The Dencun project aims at enabling the Ethereum network to facilitate 100000 transactions in a second.
Despite the developments made by the Ethereum team, Buterin admitted that the proposed Ethereum upgrade could elicit “controversy with security hawks.” Commenting on this, Wall argued that even though the Bitcoin team is concerned about the roll-up security, the crypto firm is keener on the developments of other industry players such as Ethereum.
According to Buterin, he noted that the Bitcoin and Ethereum network has ten similar characteristics. The crypto entrepreneur observed that both Ethereum and Bitcoin have layer-1 privacy concerns. He added that the two chains are immutable.
Futhermore Buterin mentioned that the Ethereum and Bitcoin networks have demonstrated the challenges of operating on a decentralized consensus protocol. Buterin believes that having the two networks is more advantageous than having none.