Ethereum network co-founder and the brilliant mind Vitalik Buterin claims it’s a shame that the community still has to rely on ‘trusted’ parties to send Bitcoin value to Ethereum and back. He offers to change this using the Uniswap-alike decentralized solution.
In a series of pretty interesting Twitter posts, Vitalik Buterin outlines presumable Ethereum future steps. Those steps needed to investigate the paranormal fact: Bitcoin and Ethereum still have no cheap and reliable means of communication. Buterin claims that the system must be ‘serverless’. Which means he is talking about one more implementation method of the blockchain database.
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.
— vitalik.eth (@VitalikButerin) March 24, 2020
Buterin claims he has been talking with Zooko Wilcox, founder of Zcash, about the bolstering of bridge-building. The bridge is much needed between the Ethereum ecosystem and Zcash. Per Buterin, Ethereum must build more connections with other blockchains. This will grow usability and user base. This is a very smart move from the Ethereum co-creator. Take a look at what Justin Sun of TRON is doing to unite several blockchains in a solid system. The future competition conditions become clear.
Buterin Outlines Benefits of Ethereum over Bitcoin
Ethereum creator claims users have a ton of reasons to use the BTC-ETH swaps. One of the Twitter users, Ig Berezovsky, is asking Vitalik Buterin via comment: “What would be the motivation of people to exchange their BTC for ETH?”.
In response to the user, Buterin said that Ethereum offers the ability to use Ethereum based applications, including MakerDAO, tornado.cash, wallets with smart-contracts, prediction markets, status, and more. He also notes that Ethereum is by its right a great cryptocurrency.
Consider that ETH has no total monetary supply cap. And the miners could mint it till forever. Its value looks a bit small, looks more like a dollar one, compared to Bitcoin. In Ethereum, people believe it has value, and it has value.
In Bitcoin, the total monetary supply is limited to 21 million coins. If you lost the coins, or they are stolen, there is no way to ‘back them up’ without the seed phrase. And in some cases, even the seed phrase won’t help, as the hackers have learned to extract them from RAM, flash drives, your cloud backups, Android devices, etc. Hence, Bitcoin will remain valuable even in case it is not valuable to you personally.
Uniswap Non-Custodial Crypto Exchange Adds Ethereum Token Pairs
In his tweets, Buterin mentions the Uniswap exchange UX. It is a decentralized protocol helping the traders perform better, thanks to the decentralized, non-censorship system.
Uniswap developers claim a big new update on Q2 2020. They will be adding the support of ERC-20 tokens within the exchange. Which is good for Ethereum. The exchange would like to also introduce the flash swaps and peer price oracles. As well as some new mechanisms designed for protocol updating.
Per the announcement made by Uniswap, the network will work via an Ethereum smart contract. Its code is now under extensive testing in the major test networks like Ropsten, Rinkeby, Kovan, and other ones. The Uniswap smart contract will work forever on the Ethereum network, the text claims. The current version of Uniswap allows users to swap ERC-20 tokens with Ether. The second version of the protocol will introduce a broad variety of tokens without the mandatory exposure to ETH.
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
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