Celebrity co-founder of Ethereum, Vitalik Buterin, enthusiastically hailed the emergence of Bitcoin Ordinals as a milestone representing the “organic return of construction culture” to the network.
Speaking during a recent Twitter Space session, Buterin engaged in an extensive discussion with prominent Bitcoin proponents Eric Wall and Udi Wertheimer, highlighting potential lessons Bitcoin developers can take from their Ethereum counterparts.
to engage Twitter Space conversationButerin could not contain his admiration for the Ordinals and the groundbreaking BRC-20 token standard, which he saw as a resounding rejection of the “stagnant” political landscape prevalent within the Bitcoin ecosystem.
With deep conviction, Buterin conveyed his belief that these Bitcoin developments embody a renewed focus on innovation and collaboration and a genuine desire to drive progress within the network.
Ethereum & Bitcoin: A Clash of Views
Bitcoin Ordinals has entered the cryptocurrency scene with the intention of introducing a new network utility. This new concept quickly gained momentum, creating many artifacts in the form of non-fungible tokens (NFTs) on the network.
However, as Ordinals began to make its mark, dissenting voices emerged among Bitcoin developers, questioning its compliance with the network’s core principles.
Bitcoin maintains position slightly above the $30K level. Chart: TradingView.com
Within the Bitcoin community, a lively debate erupted, pitting proponents of ordinal order Against those who have reservations about its presence on the network.
Some developers have argued that its introduction undermined the fundamentals that drove Bitcoin’s success and global recognition. They emphasized that emphasizing additional facilities could weaken the core tenets of Bitcoin as a decentralized digital currency.
Ethereum: Vitalik Buterin endorses layer two solutions
During the intense two-hour conversation, scalability emerged as a prominent topic of discussion. Wall has expressed skepticism regarding the scalability of Bitcoin’s Lightning Network, highlighting alleged shortcomings when processing medium-sized payments, which he claims often lead to failures.
This criticism posed a major challenge to the network’s ability to accommodate future users and transactions.
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In response to Wall’s concerns, the Ethereum co-founder proposed an alternative perspective to address scalability issues within the Bitcoin ecosystem. Buterin suggested that rather than relying solely on the Lightning Network, a more effective strategy would involve implementing various Layer-2 solutions.
By exploring and integrating various off-chain solutions, Bitcoin can relieve the pressure on the underlying layer while enabling increased transaction throughput and efficiency.
In response to the criticism of the Ordinals, Wall acknowledged the concerns while offering a potential solution. He suggested using Bitcoin as a “proof system” for zero-knowledge proofs, an encryption technology that could provide improved privacy and security without network congestion.
Featured image from ETHWorld YouTube video screenshot