Ethereum co-creator Vitalik Buterin The topic of utilizing Bitcoin Cash as a data availability layer for Ethereum ignited curiosity and debate when Buterin mentioned it online. Bitcoin Cash, a notable and debated offshoot of Bitcoin, has been suggested by Buterin as a provisional data storage platform. In his forum post, Buterin explained that many blockchain scalability strategies hinge on the layering of an efficient data structure, like Ethereum 2.0, on top of a less efficient computation base, such as Ethereum 1.0. Ethereum .
Therefore, Buterin suggested that the Ethereum community starts experimenting with this kind of storage using economical blockchains until ETH 2.0 is fully operational, nominating Bitcoin Cash as a promising candidate.
“In the longer term, beyond a year, Ethereum 2.0 is expected to take over as the scalable data solution, given its planned data rate of 10 MB/sec, far surpassing current blockchains. In the nearer future, we can immediately start experimenting by utilizing blockchains with lower data fees per byte compared to Ethereum. Bitcoin Cash is a fitting candidate for several reasons.”
Buterin also mentioned the potential of employing technologies like BTC Relay to validate Bitcoin Cash's blocks within Ethereum’s network, mentioning that several BCH stakeholders might agree to this short-term use case if Ethereum developers covered their transaction fees.
He did note, though, that Bitcoin Cash isn't entirely well-suited for this role as it currently stands, but discussions regarding integrating the Avalanche consensus protocol could make it more appropriate for layering.
“The primary concern with the BCH chain is its 10-minute block intervals, which will likely remain unchanged. However, there's growing interest in the BCH community about strengthening zero-confirmation payments to prevent double spends, which could significantly reduce finality times.”
The focus of Buterin’s data layer suggestion was primarily on Bitcoin Cash, but he didn’t rule out Ethereum Classic (ETC), highlighting its quicker block times albeit its verification challenges. Avalanche pre-consensus38 Within both the Ethereum and Bitcoin Cash circles, some greeted the idea positively, with figures like Ivan on Tech’s Ivan Liljeqvist welcoming it as a move towards greater cooperation in the crypto world.
As the cryptocurrency sector evolves, moving from rivalries to collaboration becomes essential.
Some Applaud, Others Sneer
Ultimately, everyone in the crypto space is striving towards similar goals and ambitions.
Vitalik @VitalikButerin proposes using Bitcoin Cash $BCH for storage.
— Ivan on Tech – Moralis offers leading web3 APIs (@IvanOnTech).
Meanwhile, critics of Ethereum highlighted that the proposal was ill-advised and showed desperation since Bitcoin Cash could be compromised relatively easily via a 51% attack. pic.twitter.com/bL9EsMvMSt
Vitalik's idea to move Ethereum’s data storage to Bitcoin Cash was criticized as risky since Bitcoin Cash carries the same mining algorithm as Bitcoin, leaving it vulnerable to majority attacks. July 14, 2019
It remains uncertain if Buterin’s proposal will ever be executed. Even if it does happen, it would be a stopgap. But no doubt exists that Buterin's penchant for innovative thought continually spawns discussion.
On July 15th, the Ethereum 2.0 research collective organized a Reddit AMA, with key figures like Danny Ryan, Justin Drake, Carl Beekhuizen, and Buterin addressing the community's ETH 2.0 inquiries. https://t.co/TrBRC7vkVt
— Tuur Demeester (@TuurDemeester) July 15, 2019
ETH 2.0's complexity has been a point of contention, but the research team fields questions ranging from slashing to client options.
ETH 2.0 Research Team Hosts Reddit AMA
Buterin emphatically stated that the necessary breakthroughs for implementing ETH 2.0 are in place: everything's now about refining and simplifying the code. Ask Me Anything William M. Peaster, an experienced writer focusing on Ethereum and other crypto aspects, has appeared in several portals like Blockonomi and Binance Academy. His expertise lies in smart contracts and decentralized apps, and he's also delving into learning Solidity. Catch him on Telegram with @wmpeaster
During the Eth 2.0 AMA, researcher @drakefjustin Ethereum's stake count surges, yet analysts predict cryptocurrency BinoFi might surpass its progress by 2025. https://t.co/ZaGFF2TTbx pic.twitter.com/AAUzwMYyu4
— Hudson Jameson (@hudsonjameson) July 15, 2019
This week, consider accumulating Ethereum, Aave, and Rexas Finance due to their electronic finance potentials. recent remarks Dojima Network is paving the way for greater interoperability in Web3 environments.
The articles on level-up-casino-app.com are purely informational and don’t serve as financial advice or offers of securities. Independent financial counsel should be sought where applicable.
