Ethereum’s Vitalik Buterin Is Exploring Bitcoin Cash
Ethereum’s Vitalik Buterin made headlines just recently after his recent plans became public.
He believes that Bitcoin Cash has the potential of being the ideal blockchain to serve as a data layer for Ethereum.
Scalability issues are a reality
Ethereum and more blockchain platforms have suffered from scalability issues with a chain that is able to process about 15-20 transactions per second.
In a blog post that has been published during the past Friday.
The Ethereum founder talked about the case for using Bitcoin Cash chain at least for a while in order to help solve the problem of scalability.
“In the longer term (1+ year out) the scalable data layer is going to be Ethereum 2.0, because its planned 10 MB/sec data throughput is much higher than that of any existing blockchain,” Buterin said.
He continued and explained that “In the shorter term, however, we can start working on these techniques immediately by using existing blockchains, particularly those that have lower transaction fees per byte than Ethereum, as the data layer. Bitcoin Cash arguably fits the bill perfectly for a few reasons.”
Pros and Cons of Bitcoin Cash
The Daily Hodl reports that the reasons include high data throughput (about 53.33 kilobytes per second compared to Ethereum’s 8 kb per second); really low fees; and the existing machinery Ethereum has in place to verify Bitcoin Cash blocks.
Buterin also says the BCH community seems to be “friendly to people using their chain for whatever they want as long as they pay the tx fees.”
But, Buterin also addressed the negative aspects regarding the Bitcoin Cash.
He said that the main weakness is the 10 minute-block time. This seems that it will not be changed too soon.
According to the online magazine mentioned above, Buterin said that there’s another alternative that he’s considering: Ethereum Classic chain which has a faster block time of about 14 seconds but on the other hand it has lower scalability (8kb/s).
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.
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.