This year, Vitalik Buterin lauded the development of Bitcoin Ordinals, stating that they represent a return to “builder culture.”
Bitcoin (BTC), the largest cryptocurrency in the world, has firmly established itself as a store of value. However, some crypto devotees view the Bitcoin ecosystem as more than a payment system.
Vitalik Buterin, a co-founder of Ethereum, recently stated that for Bitcoin to be more than just a payment system, it must embrace scaling solutions such as ZK Rollups. Last week, Buterin made his remarks during a Twitter Spaces event.
However, he added that one of Bitcoin’s main issues is the politics surrounding it. “Bitcoin has really weird politics,” he said, adding that he “doesn’t vibe with them.”
Buterin, along with other participants at the Twitter Spaces event, discussed Bitcoin’s slow transaction throughput and the need for additional Layer-2 scalability strategies. This would involve expanding the rate at which digital assets can be sent and received.
During the discussion, scaling was the primary topic, and Buterin, Wall, and Wertheimer emphasized that Bitcoin enthusiasts could gain valuable insights from the ostensible rival chain.
Buterin stated, “If we want Bitcoin to be more than just a payment system, it will require scaling options like Plasma or ZK Rollups.” On the Ethereum blockchain network, these two scalability solutions have been tested.
He mentioned Optimism and Arbitrum as successful examples of “rollups” that could serve as case studies for Bitcoin. In addition, he emphasized the significance of keeping an open mind toward ZK-snark-based solutions, implying a distinct preference for them.
Bitcoin Developers Should Evaluate Various Scaling Strategies
“Altcoin slayer” Eric Wall and Bitcoin developer Udi Wertheimer joined Buterin’s Twitter Spaces conversation. Wall expressed concern about the ecosystem and emphasized the significance of Bitcoin studying these trials to avoid less secure rollups. Buterin anticipated opposition from individuals concerned with security to the proposal.
Wall, known for associating with the Taproot Wizards, brought up Bitcoin’s security paradigm and the 21 million limit. Buterin acknowledged contending with this issue and suggested Ordinals as a possible solution. This would offer a reasonable fee market to resolve declining block subsidies and security concerns.
This year, Buterin praised the development of Ordinals in the Bitcoin ecosystem, which marked the return to “builder culture.” The co-founder of Ethereum added that he “definitely see signs of hope now that we have Ordinals,” describing them as a “real pushback to laser-eyed maximalism.”
