Ethereum co-founder Vitalik Buterin posted a tweet on March 24 claiming that the persevering with lack of simple motion between the Ethereum and Bitcoin networks was embarrassing.
As an answer, he proposed placing sources into constructing a decentralized trade (DEX), to behave as a trustless bridge between the 2.
DEX must be trustless, serverless and Uniswap-like
Buterin’s plan requires the DEX to be trustless and serverless, with a person expertise similar to Uniswap. Uniswap is a decentralized trade that runs with out an order ebook, as an alternative counting on asset pairs with Ether as a set base forex.
As Cointelegraph reported, Uniswap has simply introduced plans to launch a V2 replace in Q2 2020, which can enable direct token-to-token swaps.
Decentralized exchanges have struggled to realize market share towards conventional exchanges, regardless of being extra intently aligned to the general trustless ethos of cryptocurrency. A part of the problem has been a scarcity of liquidity, though a devoted Bitcoin–Ehereum DEX supported by Buterin could properly see larger uptake.
Constructing bridges not restricted to Bitcoin
Vitalin steered additional steered that Bitcoin was not the one potential vacation spot for a DEX bridge from Ethereum, and different blockchain ecosystems also needs to be up for consideration.
Buterin particularly talked about Zcash as one instance, saying that he has already had discussions to this finish with Zooko Wilcox, CEO of Zcash-creators, the Electrical Coin Firm. Nevertheless, he admitted that they may each work more durable to show such discuss into motion.