THELOGICALINDIAN - Bitcoin has apparent a cardinal of ascent improvements over contempo years
For instance, Segregated Witness (SegWit) has apparent accumulation adoption by cryptocurrency users and account providers, abbreviating transaction fees by accretion the cardinal of affairs that can clasp into a block.
There accept additionally been absolute developments fabricated with the Lightning Network — the second-layer ascent band-aid that migrates affairs off-chain to abatement fees, access speed, and bolster privacy.
The improvements that accept been seen, however, may not be enough. For about a anniversary in May, users lamented over $5-10 fees and continued transaction times acquired by a assemblage of reasons.
Yet these issues can be solved, according to an old amount developer.
Solved how? With Ethereum, apparently.
Can Ethereum Help Bitcoin Scale? An Old Core Developer Thinks So
Gavin Andresen — who formed carefully with Satoshi Nakamoto and after became the “face of Bitcoin” — remarked on June 12th that he thinks Bitcoin can be scaled in “three accessible steps.” In his words:
What he’s anecdotic is leveraging Ethereum’s abstruse improvements as Bitcoin scaling. That’s to say, by apery BTC on Ethereum, it could account from Ethereum’s sharding technology or whatever abroad the association implements.
Bitcoin maximalists were quick to break the sentiment.
One user wrote that he is “glad they banned you from the Bitcoin github a few years ago,” referencing a adeptness attempt amidst developers that saw Andresen lose his adeptness to accomplish to Bitcoin Core.
Other Bitcoiners laughed at the abstraction of “scaling Ethereum,” acceptable due to the affect that the accomplishing of Proof of Stake, which is the base of ascent Ethereum, has risks compared to Bitcoin’s Proof of Work system.
Tokenization Gone Wrong
Some may see it as a acceptable abstraction in theory, but the tokenization of Bitcoin on Ethereum has apparent a cardinal of issues.
One of the latest attempts at tokenizing BTC is tBTC, which promised to be the best decentralized adaptation of Bitcoin based on Ethereum. The activity acquired so abundant absorption that Bloomberg published a address on the matter, arguing how it could advice arch the gap amid the Bitcoin and Ethereum communities.
In May, tBTC was arctic due to a bug that was begin in the acute affairs operating the system. Accumulate Network, which is abaft the activity that launched the token, wrote:
Importantly, no funds were lost, but it does appearance how there’s still a means to go with this technology. Also, there’s no cogent if or if not Bitcoin users will appetite to drift their bill to Ethereum.
