By Ifaenyi Egede (Nigeria)
Bitcoin is fondly referred to as the king of the cryptocurrencies. This title and number one spot in the cryptocurrency world is obviously due to the fact that it was the first-ever cryptocurrency and the most popular. A close second in the ranking of cryptocurrencies is Ethereum. Ethereum has been around for a while, and it is very popular and widely used.
The ease of exchange that exists with fiat currencies is non-existent in cryptos. There are rigid processes and procedures that take place before a swap between bitcoin and ethereum can occur.
In recent news, the co-founder of Ethereum, Vitalik Buterin, is of the opinion that the non-existent trustless and serverless swapping between bitcoin and ethereum is a source of embarrassment for the crypto industry at large. In his view, the giants of the cryptocurrency industry should remove protocols that bar seamless swap between the bitcoin and ethereum. This view was put out in his tweet recently, where he not only advocates for a seamless bitcoin-ethereum swap but the ease of relationship between ethereum and other cryptocurrencies as well. It would be safe to say that he is interested in fostering easy swaps, thereby uniting the cryptos.
Also read:WHAT IT REQUIRES FOR SUCH A SYSTEM TO WORK
For a functional BTC-ETH swap system, there is a need to first put in place decentralized exchanges, also known as DEX. This decentralized exchange platform would require no servers and be trustless for the ideal swap to occur. Platforms for these decentralized exchanges have started to experience more transactions. This year alone, there has been an over 50% increase in the transaction volume.
An ideal swap system, according to some experts, will require a lot of technicalities for it to function properly. There has to be a strong bridge for the swap to happen which must trickle down to even the mobile apps that will be used for such transactions.
BUTERIN SUGGESTS BUILDING A BRIDGE BETWEEN ETHEREUM AND OTHER BLOCKCHAINS
The ethereum boss does not only want to link bitcoin and ethereum. Vitalik Buterin is also at the forefront of the campaign for building a decentralized exchange bridge that can connect ethereum and other blockchains.
This bridge, according to Vitalik, would also involve a trustless and serverless cross-chain decentralized exchange program for easy swaps between not just BTC-ETH but between cryptos generally. He is already putting in the effort by rallying other heads in the industry.
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