SNEAK PEEK

• Buterin sees Bitcoin Ordinals reviving the network’s ‘builder culture.’
• Rollups could enable smart contracts within Bitcoin.
• Bitcoin’s base layer can act as an arbiter for DeFi operations.

In a recent and riveting Twitter space conversation, Ethereum co-founder Vitalik Buterin emphasized the emergence of ‘builder culture’ within the Bitcoin network. Significantly, he attributed this transformation to the advent of Bitcoin Ordinals. On the same note, he shed light on how the BRC-20 token standard brings fresh momentum, pushing back the stagnancy within the Bitcoin ecosystem.

OK WE TRY AGAIN! @VitalikButerin https://t.co/RsEag1VAKr

— Udi Wertheimer (@udiWertheimer) July 6, 2023

Per sources, Buterin’s discussion with Bitcoin enthusiasts Eric Wall and Udi Wertheimer centered around network scalability. Wall critically stated that Bitcoin’s Lightning Network consistently underperformed, especially with medium-sized payments. 

Responding to this, Buterin recommended adopting diverse layer-2 solutions. Additionally, he urged efforts to enhance the efficiency of Bitcoin’s base layer. He notably endorsed the integration of rollups and ZK-snark-based scaling solutions.

Interestingly, Wertheimer put forward the possibility of an unintended consequence. As a result, the introduction of rollups could enable the execution of smart contracts within Bitcoin. The proponents of Ordinals, Wall and Wertheimer, are regular advocates of enhanced Bitcoin functionality. Their project, Taproot Wizards, champions the cause of the Ordinals.

However, their stance has been criticized by purist Bitcoiners, who argue that such integrations may dilute Bitcoin’s role as a peer-to-peer cash network. Among these critics is Jan3 CEO Samson Mow, who claims that Ordinals unnecessarily occupy block space meant for Bitcoin payments.

In response, Wall suggested that Bitcoin could function as a “proof system” for zero-knowledge proofs. He went on to claim that this wouldn’t burden the network. Further, he highlighted that Bitcoin’s base layer could act as an arbiter for DeFi-adjacent operations without running computations on-chain. 

Therefore, the second layer needs not only to facilitate payments but could also offer more versatile functionality. To wrap it up, the conversation sparked a fresh wave of controversy, with Wertheimer calling out Mow and Blockstream CEO Adam Beck for their dismissive attitude towards the discussion with Buterin.

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• Source: https://investorbites.com/vitalik-buterin-applauds-ordinals-inspiring-builder-culture-in-bitcoin-ecosystem/