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

Gavin Andresen in Ethereum (ETH) usage in Bitcoin (BTC) scalability
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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)