Speaking to Bitcoin (BTC) proponents Eric Wall and Udi Wertheimer in a Twitter Spaces event on Friday, Ethereum (ETH) Co-founder Vitalik Buterin said that the conception of BTC Ordinals signified the “organic return of builder culture” to the network. He declared this while talking about what Bitcoin developers could learn from counterparts in the Ethereum ecosystem.
Wall and Wertheimer are recognized for their crucial role in the development of Ordinals project Taproot Wizards. They have always contributed their quota in discussions related to Ordinals and advocated for more functionality on the BTC network.
Ordinals Come With Revival For The BTC Network
Buterin acknowledged Ordinals and the BRC-20 token standard as a rejection of stagnant politics in the BTC ecosystem, hence, he praised their introduction. “Ordinals are starting to bring back a culture of actually doing things. It feels like there’s real pushback to the laser-eye movement, which is good,” Ethereum Co-Founder added.
As a larger percentage of their discussion centered around scalability, Wall pointed out that Bitcoin Lightning Network is not capable of scaling for future purposes. He went on to talk about how the network fails frequently even while processing medium-sized transactions.
Layer-2 Solutions And Rollups to The Rescue of BTC
The ETH Co-Founder suggested that the focus should be on implementing a variety of Layer-2 solutions while also considering other methods to boost the efficiency of the BTC base layer.
Wertheimer, on the other hand, sided with roll-ups citing that they could create an interesting side effect. According to Wertheimer,
“If we adopted rollups for Bitcoin, we actually get an execution environment too […] We can do smart contracts.”
Industry Players Hold Different Opinions About Ordinals
Both Wall and Wertheimer’s stance on Ordinals have attracted criticism from some BTC enthusiasts who believe that having Non-fungible tokens and smart contracts in BTC dissolves the original goal of the network, especially as a peer-to-peer cash network.
Jan3 Chief Executive Officer (CEO) Samson Mow believes that Ordinals are a waste of block space. In his argument, he explained that these blocks could have been dedicated to BTC payments.
Amidst some reservations, other platforms have indicated interest to adopt BTC Ordinals. Solana NFT marketplace Magic Eden has established a platform for BTC Ordinals.
Also, leading cryptocurrency exchange Binance announced plans to support Bitcoin Ordinals on its NFT marketplace. Per a statement from the CEO of MicroStrategy, Michael Saylor, the business intelligence firm is looking into Ordinals and evaluating its possibilities for developing applications.