Revolutionary BTC-ETH Swap Proposal Drifted by Ethereum Originator Vitalik Buterin

March 26, 2020 184

Vitalik Buterin

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vitalik.eth (@VitalikButerin) March 24, 2020

Dispersed exchanges remain a perfect idea in spite of numerous projects trying to make them go conventional.

The point that there is no mode to swap Bitcoin for Ethereum (and vice versa) without trusting on third parties is ‘embarrassing’ for Ethereum originator Vitalik Buterin who lately drifted the idea of a ‘trustless’ and ‘serverless’ DEX.

He needs to make it as informal to exchange BTC for ETH as to trade ERC-20 tokens with the aid of the Uniswap protocol.

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.

Why decentralized exchanges struggle

Trusting your possessions with a third party drives against the philosophy of crypto. Central exchanges have been inundated by drudges, manipulation charges, and supervisory hurdles. Hitherto, the marketplace share of DEXs in the adores of IDEX and EtherDelta barely signifies a drop in the bucket.

The delinquent is that DEXs have a veer of inadequacies that overpower the allure of regionalization. With very low liquidity, no client support, and a very imperfect number of exchange options, these exchanges are also slow, troublesome, and cumbersome for dealers to touch.

Building bridges

Buterin’s application outspreads far beyond Bitcoin. The Canadian sensation too wants to form DEX bridges amid Ethereum and other ecologies.

We should also be building DEX bridges between ethereum and other crypto ecosystems. I’ve talked to @zooko about this re Zcash, though I think we can both work harder to translate the talk into action.
Would love to comprehend more.

 vitalik.eth (@VitalikButerin) March 24, 2020

He has previously had a talk about this with Zooko Wilcox, the CEO Electric Coin Company (ECC), to make swaps amongst Ether and Zcash. Now, he desires to walk the walk.

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