Vitalik Buterin suggested using Bitcoin Cash blockchain to scale Ethereum
Ethereum founder Vitalik Buterin suggested using third-party blockchains with lower fees for the transfer of a byte of information as a short-term solution for scaling the cryptocurrency network..
According to him, the Bitcoin Cash blockchain could perfectly cope with this task. BCH has high throughput (32 MB in 600 seconds or 53,333 bytes per second, while Ethereum has 8 KB per second, which are already in use by applications), Buterin writes..
In addition, BCH has low commissions, which, for example, Bitcoin cannot boast of, which makes it impossible to use the latter to solve the assigned tasks..
Ethereum already has the necessary mechanisms to verify Bitcoin Cash blocks thanks to the BTC Relay service, Buterin adds. BTC Relay is an Ethereum contract that stores bitcoin block headers. You just need to reorient the service tools to work with Bitcoin Cash.
And finally, “the BCH community is friendly towards people who want to use their chain for any task, as long as they are willing to pay commissions.”.
Buterin claims that in the long term (more than a year) Ethereum 2.0 itself will become a scalable data layer, but the approach described by him can be used now..
The Ethereum founder’s proposal immediately met with critics. For example, Tur Demeester, Managing Partner at Adamant Capital, writes: “I think this is a terrible idea. Nobody uses BCash and it has the same mining algorithm as Bitcoin, which makes it extremely vulnerable to 51% attacks. “.
Demeester referred to the data of the crypto51 portal, according to which the cost of 1 hour of attack on the Bitcoin Cash blockchain is about $ 20,000, while for Ethereum this figure is $ 120,000.
Earlier it became known that Ethereum developers can reduce the emission of cryptocurrency tenfold already in 2021.
Vitalik Buterin: The benefits of Ethereum 2.0 will appear earlier than many think Ethereum co-founder Vitalik Buterin answered user questions…
Vitalik Buterin donated $ 2.4 million to anti-aging research Ethereum founder Vitalik Buterin donated $ 2.4 million to…
Vitalik Buterin volunteered to sign a petition for the release of Virgil Griffith Ethereum founder Vitalik Buterin spoke in support of the developer…