Bitcoin Foundation’s Gavin Andresen Unveils Surprising Proposal for Bitcoin (BTC) Scaling

News
Sat, 06/13/2020 - 14:37
Vladislav Sopov
The Bitcoin (BTC) network scalability problem has only two mainstream solutions that allow for the processing of some data off-chain – the SegWit and Lightning Network.
Cover image via en.wikipedia.org
Contents

The Bitcoin (BTC) network has extremely low bandwidth by default. To upgrade the quantity of transactions it can process per second, Bitcoin (BTC) developers have implemented some technical add-ons. Wrapped Bitcoins (wBTC), a Bitcoin (BTC)-pegged asset on the Ethereum (ETH) network, may help solve this problem another way.

Ethereum (ETH) 2.0 May Solve Bitcoin's Scalability Problem

Gavin Andresen, Founder of the Bitcoin Foundation and the Network Lead Developer of BTC since 2010, identified three steps that can upgrade Bitcoin's scalability. Wrapped Bitcoins (wBTC) on the Ethereum (ETH) 2.0 network are the best instruments, Mr. Andresen assumes.

Image via Twitter

According to him, once the Proof-of-Stake (PoS) version of Ethereum (ETH) is rolled out, Bitcoiners may start wrapping their assets to wBTC, which are ERC-20 tokens. Eventually, all Bitcoin (BTC) transactions may be transferred to the Ethereum (ETH) 2.0 blockchain.

Mr. Andresen admits that the Ethereum (ETH) migration to its Proof-of-Stake itself isn't easy at all. Neither is the process of wrapping all Bitcoins (BTC) that are in circulation. However, in 1-3 years, this process will happen. In terms of quantity, the wrapped Bitcoin (BTC) transactions may surpass Bitcoin (BTC) transfers on the main chain.

Despite the fact that wBTC isn't a novelty in the blockchain segment, it is one of the first proposals to use to scale the Bitcoin (BTC) network.

Community Impressed

This extravagant approach excited proponents of several blockchains and started to highlight that their products may scale better than Bitcoin (BTC) with wBTC.

Antiprosynthesis, one of Ethereum's core developers, thinks that avoiding Bitcoin (BTC) altogether is the best scalability solution.

There's a simpler way: 1. Scale Ethereum 2. Use ETH. No need for risky/costly bridges.

Some DeFi developers expressed their opinion that with decentralized protocols, the problem of Layer-1 scalability will be solved without such a sophisticated migrations.

Calvin Ayre, the infamous lawyer of the Fake Satoshi Craig Wright, recommended Mr. Andresen to trade all his Bitcoins (BTC) against Bitcoin SV (BSV), which is backed by Wright and Ayre since 'BSV already scales'.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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