Bitcoin and Ethereum: The Next Step in Blockchain Evolution

sevval27/11/20241 Mins read243

Bitcoin And Ethereum: The Next Step In Blockchain Evolution

Bitcoin and Ethereum- From Store of Value to Smart Contracts

Bitcoin and Ethereum– Since its inception on October 31, 2008, Bitcoin has come a long way from being a bold, innovative idea to becoming a multitrillion-dollar asset that’s reshaping the global financial landscape. While its journey from concept to digital revolution has been nothing short of extraordinary, many believe Bitcoin’s potential is far from fully realized.

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On Episode 50 of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung sit down with Hemi co-founder Jeff Garzik to discuss his experiences as a Bitcoin developer, the early days of the cryptocurrency, and how his company, Hemi, aims to expand Bitcoin’s functionality by integrating it with the Ethereum ecosystem.

Bitcoin: A Robust Blockchain, But Needs More Functionality

Bitcoin has firmly established itself as a medium of exchange and a store of value. However, in comparison to Ethereum and other blockchain ecosystems like Solana, Bitcoin’s integration into advanced use cases—such as decentralized finance (DeFi) and decentralized applications (dApps)—is still in its early stages. While Bitcoin’s role as a digital asset is secure, its potential in the broader blockchain ecosystem remains untapped.

Jeff Garzik highlights that Bitcoin’s scalability challenges, particularly when it comes to transaction costs during network congestion, are one of the key hurdles preventing it from fully competing with other blockchains. Just like on the highway, you’ve got congestion pricing. When the network is congested, the transaction fees rise. When there’s less congestion, the fees are lower or even free, he explains.

One way to solve these issues is by using layer 2 solutions and rollups, which allow for faster and cheaper transactions by processing them off-chain before finalizing on the Bitcoin network. Garzik believes this is a critical next step in Bitcoin’s evolution. He refers to this transformation as “the next stage of evolution for Bitcoin” where scalability and usability will reach new heights.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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