{"id":32732,"date":"2023-07-07T14:23:23","date_gmt":"2023-07-07T18:23:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ethereum-founder-vitalik-buterin-credits-ordinals-nfts-for-reviving-a-builder-culture-on-bitcoin\/"},"modified":"2023-07-07T14:23:24","modified_gmt":"2023-07-07T18:23:24","slug":"ethereum-founder-vitalik-buterin-credits-ordinals-nfts-for-reviving-a-builder-culture-on-bitcoin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32732","title":{"rendered":"Ethereum Founder Vitalik Buterin Credits Ordinals NFTs for Reviving a “Builder Culture” on Bitcoin"},"content":{"rendered":"
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Ethereum co-founder Vitalik Buterin has shared insights regarding new developments on the Bitcoin blockchain.\u00a0<\/p>\n

In a July 7 Twitter Spaces session<\/u><\/a>, Buterin spoke with Bitcoin proponents Eric Wall and Udi Wertheimer, suggesting a thing or two Bitcoin could learn from Ethereum developers.<\/p>\n

The co-founder said the advent of Bitcoin Ordinals, the Bitcoin layer for NFTs, revived the \u201cbuilder culture\u201d on the network.<\/p>\n

Buterin Suggests Ways to Expand Bitcoin Functionality Without Compromising Scalability<\/h2>\n

Buterin hailed Ordinals and the BRC-20 token standard, which he views as a shift away from the stagnant politics in the Bitcoin ecosystem.\u00a0<\/p>\n

He said that ordinals are starting to bring back a culture of actually doing things.\u00a0<\/p>\n

The Ethereum co-founder believes the advent of Bitcoin Ordinals is a pushback to the “laser-eye” Bitcoin Maxi movement, which he thinks is good. The lengthy conversation focused on scalability issues.<\/p>\n

Contributing to the topic, Wall claimed the Bitcoin Lightning Network is inadequate for future scalability and often fails when processing medium-sized payments.<\/p>\n

In response to Wall\u2019s comment, Buterin recommended the developers focus on implementing various layer-2 solutions. He also suggested the developers seek ways to make the Bitcoin base layer more efficient.\u00a0<\/p>\n

“I think focusing on rollups is good, and so being open to ZK-snark-based scaling solutions,” Buterin said.<\/i><\/p>\n

Concurring with Buterin, Wertheimer believed introducing zero-knowledge rollups could create a beneficial effect on the Bitcoin network.\u00a0<\/p>\n

Wertheimer said If we adopted rollups for Bitcoin, we get an execution environment too, and we can add smart contracts.<\/p>\n

Bitcoin Maxis React<\/h2>\n

For context, Wall and Wertheimer are two figureheads behind the Ordinals project Taproot Wizards.\u00a0<\/p>\n

Both Bitcoin proponents have been staunch advocates of Ordinals, often pushing for increasing Bitcoin network functionality.<\/p>\n

However, their stance attracted criticism from Bitcoin fundamentalists who claim Smart Contracts and NFTs dilute Bitcoin\u2019s primary peer-to-peer cash functionality.<\/p>\n

These critics include Samson Mow, Jan3 CEO, who believes<\/u> Ordinals are a waste of block space that could go for Bitcoin payments.\u00a0<\/p>\n

Reacting to the criticisms, Wall explained that Bitcoin could work as a proof system for zero-knowledge proofs, which won’t congest the network.<\/p>\n

Wall said:\u00a0<\/p>\n

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My perspective is, we Bitcoiners always wanted to do DeFi adjacent things, but we wanted the Bitcoin base layer to act as sort of a Judge or an arbiter of the computation and not have to run the computation on-chain.<\/i><\/p>\n<\/blockquote>\n

Wall noted that second layers don’t have to be only for payments but can also serve other purposes.\u00a0<\/p>\n

As expected, this discussion stirred controversy in the Bitcoin community. Wertheimer slammed Mow and Adam Back, Blockstream CEO, for standing against the conversation with Buterin.<\/p>\n

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Wertheimer tweet<\/u><\/a>ed saying these two laser-eyed clowns have been running Blockstream into the ground for the last decade. In ten years, that company couldn’t produce a single successful product.\u00a0<\/p>\n

Yet they think they have nothing to learn from Ethereum.<\/p>\n<\/p><\/div>\n