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Ethereum Inventor Vitalik Buterin Has Advice for Bitcoiners

During a recent Twitter Spaces discussion, Vitalik Buterin, the creator of Ethereum, expressed his thoughts on Bitcoin’s scalability issues.

He believes that if Bitcoin wants to expand beyond being just a payment system, it needs more scaling solutions.

“I think if we want Bitcoin to be more than payments, it needs more scaling solutions,” said Vitalik Buterin, on a Twitter Spaces this week, pointing to several experiments that Ethereum has been trying out over the past years.

Buterin pointed to several experiments that Ethereum has been trying out over the past years, such as Plasma or ZK Rollup.

He thinks that Bitcoin needs to experiment more if it wants to become more than payments.

How does Vitalik Buterin suggest Bitcoin experiment more

Vitalik Buterin suggests that Bitcoin experiment more by embracing experimentation and new solutions.

He believes that Bitcoin needs to experiment with layer-2 solutions,

just like Ethereum, and try out more scaling solutions such as Plasma or ZK Rollup.

Buterin also lauded the recent rise of Ordinals and believes they have brought the builder culture back to the Bitcoin ecosystem.

By experimenting more, Buterin thinks that the Bitcoin community can effectively counter the prevailing scalability issues and become more than just a payment system.

What are some of the scaling solutions that Ethereum has been trying out

Ethereum has been trying out several scaling solutions to improve transaction execution on the Ethereum network.

Some of the most popular Ethereum scaling solutions are:

  • Rollups: Rollups are scaling solutions for Ethereum that enable faster and more cost-effective transactions by processing them off-chain.
  • In rollups, transaction data is aggregated into a bundle and sent to the main Ethereum chain.
  • There, a smart contract executes and records the bundle as a single transaction.
  • Sidechains: Sidechains are protocols that use different mechanisms to increase network throughput.
  • State channels: State channels are off-chain scaling solutions that allow two parties to transact with each other multiple times without having to execute every transaction on the Ethereum blockchain.
  • Plasma chains: Plasma chains are a type of sidechain that can be used to increase the scalability of the Ethereum network.
  • Validium: Validium is a scaling solution that combines the benefits of rollups and sidechains to provide a more efficient and secure way of processing transactions on the Ethereum network.

These solutions are designed to increase transaction speed and throughput, reduce costs, and improve efficiency of blockchain usage.

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