Home
News
- 1 In a Twitter Space, Vitalik Buterin praised Bitcoin Ordinals for rescuing ‘builder culture’ on the blockchain.
- 2 Bitcoin Ordinals inscription was launched in January 2023.
Vitalik Buterin, during a July 7, 2023, Twitter Space, spoke about Bitcoin Ordinals stating it brought back the ‘builder culture’ back. The Ethereum co-founder was speaking with Bitcoin proponent Eric Wall and Udi Wertheimer and praised the new developments in the Bitcoin blockchain.
OK WE TRY AGAIN! @VitalikButerin https://t.co/RsEag1VAKr
— Udi Wertheimer (@udiWertheimer) July 6, 2023
Vitalik Buterin Praises Bitcoin Ordinals
The Ethereum co-founder thinks that since the inception of Bitcoin Ordinals, there has been a revival of the builder culture over the network. He also praised the new BRC-20 token standard. Buterin sees the new standard as rejecting political stagnancy in the Bitcoin ecosystem.
Ever since the Ordinals arrived, argued Buterin, the builder culture responsible for exciting developments and innovations is back on the network. Furthermore, he said “there’s real pushback to the laser-eye movement, which is good.” The conversation with the host lasted a couple of hours and was primarily centered around scalability issues.
Wall argued that the praised Bitcoin’s Lightning network, which facilitates faster transactions, cannot be scaled up for future users. Also, the system fails frequently even when a medium-sized payment is being processed. Unless these issues could be adequately addressed, achieving scalability would be different.
In response, the Ethereum co-founder suggested an approach; he said the best practice would be to emphasize implementing different types of layer-2 solutions. Also, the network should try to make Bitcoin’s base layer more efficient.
“I think focusing on rollups is good, and so is being open to ZK-snark-based solutions.” – Buterin.
Another host, Wertheimer, suggested that introducing zero-knowledge rollups would inadvertently create stimulating side effects for the blockchain. Continuing Buterin’s suggestion, he said adopting rollups for Bitcoin could lead to an execution environment that could be used to test smart contracts.
Wall and Wertheimer have been key figures behind the Taproot Wizards, Ordinal project. They are outspoken exponents of Ordinals and are known to frequently advocate building increased functionality on top of the Bitcoin network.
Fundamental Bitcoinists, on many occasions, have criticized their stance. They have argued that including Non-Fungible Tokens (NFTs) and smart contracts on the network could deviate the network from its primary function– a peer-to-peer (P2P) cash network.
Samson Mow, Jan3 CEO, believes Ordinals waste the block space in the blockchain, which could otherwise be used as a dedicated space for Bitcoin payment. Wall is aware of the critics and explained that Bitcoin could be a proof system for zero-knowledge proofs, and how this scenario shall avoid network congestion.
Further in the interview, Wall argued the Bitcoin community has always tried to do things similar to a decentralized finance ecosystem. But most members wanted the Bitcoin base layer to act as “sort of a judge or an arbiter of that computation and not have to run the computation on-chain.”
These 2 laser-eye clowns have been running blockstream into the ground for the last decade
— Udi Wertheimer (@udiWertheimer) July 6, 2023
In 10 years that company couldn’t come up with a single successful product
Their joke of a blockchain processes 3 txs a day
And they think they have nothing to learn from ethereum pic.twitter.com/mp7we9Lvxq
The discussion between the greats of the crypto community sparked a new controversy in the Bitcoin community where Wertheimer criticized Mow and Adam Beck, the CEO of Blockstream, for being unenthusiastic about the outcomes of the conversation with Buterin.
Bitcoin Ordinals inscriptions, which were launched in 2023, have garnered much interest from the community. Also, the 2021’s Taproot upgrade has become a turning point as it provided more utilities to the Bitcoin blockchain. The BRC-20 token standard, often referred to as being similar to Ethereum’s ERC-20 token standard, brought in the capabilities for fungible tokens on the blockchain.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
