Vitalik Buterin praised the Ordinals protocol for bringing the culture of building back to the Bitcoin community.
During a Twitter Space on July 6, Ethereum creator Vitalik Buterin expressed his enthusiasm for the Ordinals protocol and the associated token standard, BRC-20.
The young creator of Ethereum said that the capabilities offered by these innovations in the blockchain network is “a step in the right direction.” He also noted that Ordinals and BRC-20 tokens have brought back the culture of building to the BTC community.
As a curious fact, Buterin was one of the most prominent contributors to the early development of Bitcoin, contributing as a writer to hundreds of articles and publications and as a network developer. In 2011, he co-founded the magazine Bitcoin Magazine, one of the first publications specialized in Bitcoin and blockchain technology.
Buterin talks about the potential of L2 networks to scale Bitcoin
For the creator of Ethereum, Bitcoin can evolve beyond payments. During the Twitter session, which was titled “What can bitcoiners learn from Ethereum?” and where bitcoiners Udi Wertheimer and Eric Wall participated, Buterin pointed out that second-layer networks can unlock the full potential of the main blockchain by capitalization as they have done in Ethereum.
L2 blockchains can potentially scale transactions, increasing network speed and efficiency and unlocking new use cases. Solutions like Plasma or ZK Rollups can be an option for Bitcoin to be more than just payments, Buterin indicated.
Although the Lightning Network is Bitcoin's main L2 solution, allowing immediate and low-cost transactions, Buterin highlighted the problems of this technology, which has reported several synchronization errors and failures in its transactions.
Highlighting the similarities between Bitcoin and Ethereum
On the other hand, the creator of Ethereum highlighted several of the properties and characteristics that the Bitcoin and Ethereum networks share. Among them, he mentioned immutability, decentralization, and also problems with privacy and tracking of transactions on main networks.
Buterin concluded his participation in Twitter Space with a message of unity for the communities of the two most powerful cryptocurrencies in the world.
More than 16 million Ordinals
Ordinals, a new use case for Bitcoin, are inscriptions that are made on the blockchain network through satoshis, the smallest unit of the cryptocurrency. It is about registration Comparable to non-fungible tokens, with the difference that they are stored directly in the Bitcoin blockchain.
Since their release, ordinals have become extremely popular. According to data from the Dune Analytics platform, the number of ordinals registered in the Bitcoin chain exceeds 16,1 million of units, at the close of this edition.
Source: Dune Analytics
The number of ordinals enrolled in Bitcoin since the end of May has increased by more than 60%. As reported by this medium, in that month NFT registrations in the Bitcoin blockchain exceeded the 10 million mark, after reflecting an impressive growth of 280% in less than 30 days.
Continue reading: Vitalik Buterin: Don't overload Ethereum's consensus layer
