Ethereum co-founder Vitalik Buterin suggests a DEX-bridge solution to the “embarrassing” lack of easy movement between Bitcoin and Ethereum networks.
Ethereum co-founder Vitalik Buterin posted a tweet on March 24 claiming that the continuing lack of easy movement between the Ethereum and Bitcoin networks was embarrassing.
As a solution, he proposed putting resources into building a decentralized exchange (DEX), to act as a trustless bridge between the two.
DEX should be trustless, serverless and Uniswap-like
Buterin’s plan calls for the DEX to be trustless and serverless, with a user experience very similar to Uniswap. Uniswap is a decentralized exchange that runs without an order book, instead relying on asset pairs with Ether as a fixed base currency.
As Cointelegraph reported, Uniswap has just announced plans to release a V2 update in Q2 2020, which will allow direct token-to-token swaps.
Decentralized exchanges have struggled to gain market share against traditional exchanges, despite being more closely aligned to the overall trustless ethos of cryptocurrency. Part of the issue has been a lack of liquidity, although a dedicated Bitcoin–Ehereum DEX supported by Buterin may well see greater uptake.
Building bridges not limited to Bitcoin
Vitalin suggested further suggested that Bitcoin was not the only potential destination for a DEX bridge from Ethereum, and other blockchain ecosystems should also be up for consideration.
Buterin specifically mentioned Zcash as one example, saying that he has already had discussions to this end with Zooko Wilcox, CEO of Zcash-creators, the Electric Coin Company. However, he admitted that they could both work harder to turn such talk into action.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.