{"id":8937,"date":"2022-02-25T08:55:42","date_gmt":"2022-02-25T08:55:42","guid":{"rendered":"http:\/\/egrowonline.com\/?p=8937"},"modified":"2022-02-25T08:55:42","modified_gmt":"2022-02-25T08:55:42","slug":"bitcoin-makes-no-sense-for-blockchain-developers-says-1inch-network-co-founder","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=8937","title":{"rendered":"‘Bitcoin makes no sense for blockchain developers,’ says 1inch Network co-founder"},"content":{"rendered":"


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Anton Bukov, the co-founder of 1inch Network, thinks that Ethereum will likely become the main settlement layer for a multi-chain decentralized finance (DeFi) ecosystem.\u00a0<\/p>\n

\u201cThere is like a high chance that most of the chains will try to commit their states to Ethereum as a higher layer,\u201d Bukov said in an exclusive interview with Cointelegraph. <\/p>\n

Bukov, who is number 39 in Cointelegraph\u2019s Top 100 list for 2022<\/a>, acknowledges that to achieve that, Ethereum needs to solve the scalability issues that limit its transaction output. <\/p>\n

DISCOVER COINTELEGRAPH\u2019S TOP 100 IN CRYPTO AND BLOCKCHAIN 2022<\/a><\/p>\n

According to Bukov, the best scaling solution for Ethereum is zk-SNARK Rollups, a technology that uses a zero-knowledge proof system to reduce the computing resources to validate transaction blocks. <\/p>\n

\u201cOne million of gas transactions and 100 million gas transactions. Validation of these transactions on zk-Rollups would cost you the same amount of computations,\u201d he explained. <\/p>\n

Bukov is not interested in Bitcoin (BTC<\/a>), which he sees as unsuitable for developing smart contracts.\u00a0\u201cI respect Bitcoin technology because it was the invention of all this industry, for sure, but it makes absolutely no sense for any blockchain developers,\u201d Bukov pointed out.<\/p>\n

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Once the scalability issue is solved, Bukov thinks that Ether will have a good chance to replace Bitcoin as the largest cryptocurrency. Ether (ETH<\/a>), which has long trailed Bitcoin in terms of market capitalization, accounts for 18.2% of the overall cryptocurrency market, according to CoinMarketCap. Bitcoin dominance, meanwhile, is at 42%.<\/p>\n

\u201cThere is a high chance that Ethereum will overtake Bitcoin in terms of total capitalization,\u201d he concluded.\u00a0<\/p>\n

Don\u2019t miss out the full interview<\/a> on Cointelgraph YouTube channel<\/a>, and don\u2019t forget to subcribe! <\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Anton Bukov, the co-founder of 1inch Network, thinks that Ethereum will likely become the main settlement layer for a multi-chain decentralized finance (DeFi) ecosystem.\u00a0 \u201cThere is like a high chance that most of the chains will try to commit their states to Ethereum as a higher layer,\u201d Bukov said in an exclusive interview with Cointelegraph. […]<\/p>\n","protected":false},"author":1,"featured_media":8938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[644,50,73,372,931,175,2288],"class_list":["post-8937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-1inch","tag-bitcoin","tag-blockchain","tag-cofounder","tag-developers","tag-network","tag-sense"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvYTIyNWIzZmItNGQ1MC00MDczLTgyZDktOTMyMWYwY2QyOTAzLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8937"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8937\/revisions"}],"predecessor-version":[{"id":8939,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8937\/revisions\/8939"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/8938"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8937"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}