The world’s largest cryptocurrency Bitcoin (BTC) has cemented its position as a store of value, however, some crypto enthusiasts see the Bitcoin ecosystem as more than just a means of payment.
Ethereum co-founder Vitalik Buterin recently said that for Bitcoin to be more than just payments, it needs to adopt scaling solutions like ZK Roll-ups. Buterin’s comments came during a Twitter spaces event last week.
Along with other participants at the Twitter Spaces event, Buterin talked about Bitcoin’s slow transaction throughput, as well as the need for other Layer-2 scaling approaches. This would mean increasing the speed at which people can send and receive digital assets.
He mentioned that Optimism and Arbitrum are two successful instances of “rollups” that could be examined as case studies for Bitcoin. He further expressed the importance of having an open mind towards ZK-snark-based solutions, implying a clear preference for them.
Altcoin slayer Eric Wall and Bitcoin developer Udi Wertheimer also joined the discussion on Twitter Spaces with Buterin. Wall emphasized the importance of Bitcoin studying these trials to avoid less secure rollups, expressing concerns about the ecosystem. In response, Buterin anticipated controversy with security-focused individuals regarding the proposal.
Wall, known for his involvement with the Taproot Wizards, raised the issue of Bitcoin’s security model and the 21 million hard cap. Buterin acknowledged grappling with this question and mentioned Ordinals as a potential solution. This would provide a reasonable fee market to address diminishing block subsidies and security considerations.