- Vitalik Buterin says Ordinals have restarted the Bitcoin network’s building culture.
- Buterin says Bitcoin developers could learn from their counterparts at Ethereum.
- Eric Wall says the Lightning Network cannot scale for future users.
Ethereum co-founder Vitalik Buterin says Ordinals have restarted the Bitcoin network’s building culture. Buterin made this statement during a discussion with Bitcoin proponents Eric Wall and Udi Wertheimer in a Twitter space earlier today.
OK WE TRY AGAIN! @VitalikButerin https://t.co/RsEag1VAKr— Udi Wertheimer (@udiWertheimer) July 6, 2023
During the discussion, Buterin spoke for a considerable period, telling both Bitcoin proponents about what Bitcoin developers could learn from their counterparts at Ethereum. He commended the Ordinals and the revolutionary BRC-20 token standard for changing the politics in Bitcoin’s ecosystem.
For nearly two hours, the blockchain experts discussed network scalability. Wall expressed concerns over Bitcoin’s Lightning Network. According to him, the Lightning Network cannot scale for future users. He also decried the frequent failure of the network, even while processing medium-sized transactions.
Wall’s observation led Buterin to suggest Layer 2 solutions for Bitcoin. In addition, he proposed that Bitcoin developers should look for more ways to make the network’s base layer more efficient.
Wertheimer had a different opinion on how to improve the Bitcoin network. According to Wertheimer, adopting rollups could introduce an interesting side effect for Bitcoin. He noted that adopting rollups would enable smart contract development on the Bitcoin network.
However, through their stance, Buterin and the two Bitcoin proponents have angered some Bitcoin fundamentalists. The fundamentalists believe NFTs and smart contracts would reduce Bitcoin’s primary role as a payment network. Meanwhile, the CEO of Jan3, Samson Mow, believes that dedicating block space to Ordinals is a waste when it could be used for Bitcoin payments.
Wall noted the criticism from within Bitcoin’s community but did not agree with the critics’ opinions. According to him, Bitcoin could be used as a “proof system” for zero-knowledge proofs which wouldn’t congest the network. He added that Bitcoiners were always interested in DeFi-related solutions that would use the base network for arbitration.
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