Ethereum Creator Vitalik Buterin Wants To Built A Bridge Between ETH And BTC
Ethereum was recently in the spotlight when it’s been revealed that the Ethereum network is helping people get news from China during the coronavirus pandemic.
As you know, China is all about censorship, and this is quite an achievement on the part of Ethereum.
More than that, before the global crisis, ETH was expected to hit $500 by the end of 2020, but considering the fall of the crypto market, who knows what will happen to the price of the coin by the end of the year.
Crypto users who want to convert BTC for ETH now have to use all kinds of third party exchanges.
Vitalik Buterin plans to ease the swapping of BTC and ETH
Ethereum co-creator Vitalik Buterin is proposing a solution to ease swapping the two cryptos.
In a tweet, Buterin suggests building a bridge between BTC and ETH via a trustless and serverless DEX where users can directly convert BTC to ETH.
“We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.”
Buterin said that the DEX is similar to Uniswap, which makes it easier for automatic exchange between ETH and ETH-based tokens.
uni swap uses an automated market-making mechanism in order to guarantee liquidity.
Intro w video here: https://t.co/WG8PqTnn1c
Technical docs here: https://t.co/2DriF0OAlU
A basic desktop tui: https://t.co/3xQ5Q1MoID
The full desktop version is in development here: https://t.co/ef8qemm4Ip
— Mr.KomodoWorld (@MrKomodoWorld) March 25, 2020
Buterin envisions a similar DEX that would allow users to swap between BTC and ETH with a simple click.
He said that BTC holders would be able to swap BTC for ETH to used Ethereum-based applications such as Maker DAO, Torndao.cash, and smart contract wallets.
We suggest that you check out the original article in order to find out more details on the matter.
Regarding ETH’s price today, at the moment of writing this article, ETH is trading in the green, and the coin is priced at $129.61.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.