Vitalik Buterin, Ethereum’s co-creator, has claimed that the rise of Bitcoin (BTC) Ordinals is the start of the long-awaited resurgence of a vibrant builder culture within the network. Buterin noted that the move highlights a profound shift in the crypto sector and a renewed focus on organic growth and development.
A Shift Towards Development
During a recent Twitter conversation, the Ethereum co-founder expressed his thoughts on the valuable lessons Bitcoin developers can pick up from their counterparts in the Ethereum community. Buterin, surrounded by Bitcoin advocates Eric Wall and Udi Wertheimer, delved into various topics, including Ethereum’s innovative approach in the crypto and blockchain space.
The co-founder lauded the significance of Ordinals and the BRC-20 token standard, stating that they are a refreshing departure from the perceived stagnation that has characterized the Bitcoin ecosystem. According to him, Ordinals symbolize the resurgence of an action-oriented culture, inspiring a much-needed shift away from a narrow implementation perspective.
He emphasized that this counterbalance holds great promise for the evolution and vitality of the broader crypto ecosystem. On scalability, Eric Wall opined that Bitcoin’s Lightning Network may struggle to accommodate the increasing number of users in the future.
The Bitcoin supporter further highlighted the network’s limitations, noting that it frequently encounters difficulties when handling even moderately sized transactions. Responding to Wall’s remarks, Buterin suggested that the best option is for Bitcoin developers to focus on implementing several Layer-2 scaling solutions and explore ways to optimize the network’s base layer.
Also read:In addition, Buterin proposed a shift to the ZK-snark-powered solutions for the Bitcoin network instead of relying on just rollups. Wertheimer expressed his viewpoint regarding the potential implications of introducing zero-knowledge rollups to the Bitcoin protocol.
According to him, this technological advancement could lead to an exciting and unforeseen ripple effect for the network.
Bitcoiners Kick Against Suggestions
Meanwhile, the positions taken by Buterin, Wall, and Wertheimer have come under backlash from staunch Bitcoin proponents. The critics argue that introducing NFTs and smart contracts on the Bitcoin network has significantly undermined its intended purpose as a decentralized peer-to-peer transaction system.
Hence, they suggest that it’s best for the network to shift its focus according to the plan in its original white paper. One prominent critic, Samson Mow, CEO of Jan3, expressed his concerns about Ordinals, claiming they occupy valuable block space on the network that could otherwise be utilized to facilitate Bitcoin transactions.
While responding to these criticisms, Wall acknowledged the validity of the concerns and proposed an alternative solution. He suggested that Bitcoin could serve as a “proof system” for implementing zero-knowledge proofs, thus sidestepping any potential congestion issues on the network.
If implemented, this innovative approach could seamlessly integrate cutting-edge cryptographic techniques without disrupting the continuous functioning of the Bitcoin network. However, the Twitter Space conversation has sparked renewed controversy within the Bitcoin community.
Wertheimer openly criticized Samson Mow and Adam Beck, the CEO of Blockstream, for their dismissive stance towards the engaging discussion involving the Ethereum creator. The Bitcoin advocate also expressed his disappointment in both CEOs, highlighting their lack of openness to opposing ideas and insights shared during the conversation.
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