The co-founder of Ethereum believes that the network of the first cryptocurrency needs scalable second-layer solutions to become something more than just a payment network. Vitalik Buterin shared his vision with listeners in the TwitterSpaces audio room. As examples of a possible move beyond just a payment system, the expert cited Ethereum’s ongoing experiments with approaches to scaling as “potential sources of inspiration for network developers.”
The focus of the conversation was the low transaction throughput of the Bitcoin network, requiring the implementation of more layer 2 scaling solutions to improve transaction speeds.
Buterin emphasized that Bitcoiners can extract valuable information from the Ethereum experience. In particular, through the use of scaling options such as Plasma or ZK Rollups: both were implemented on the Ethereum network.
Another problem with Bitcoin is its extremely conservative politics, which Buterin personally does not share. Security problems can be solved by reducing the block reward and establishing a reasonable commission market, the co-founder of Ethereum is sure. However, the expert understands that his view of the problem is likely to cause "disputes with security hawks."
“At the same time, I think a world with at least one of these blockchains is better than a world without them,” Vitalik Buterin concluded his introduction on the Twitter Spaces channel. Earlier, the host of the popular cryptocurrency channel on YouTube Coin Bureau, Guy Turner, said that in the medium term, the main factor in favor of large-scale growth of the Ethereum network could be the EIP-4844 update, which should introduce a preliminary sharding mechanism for the network of the second largest cryptocurrency by capitalization.