Anton Bukov, the co-founder of 1inch Network, believes Ethereum will likely become the primary settlement layer for a multi-chain decentralized finance (DeFi) ecosystem.
“Chances are that most chains will try to commit their states to Ethereum as a top layer,” Bukov said in an exclusive interview with Cointelegraph.
Bukov, who is number 39 in Cointelegraph’s Top 100 list for 2022, acknowledges that to achieve this, Ethereum must address scalability issues that limit its transaction output.
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According to Bukov, the best scaling solution for Ethereum is zk-SNARK Rollups, a technology that uses a zero-knowledge proof system to reduce computational resources to validate transaction blocks.
“One million gas transactions and 100 million gas transactions. Validating these transactions on zk-Rollups would cost you the same number of computations,” he explained.
Bukov is not interested in Bitcoin (BTC), which he considers unsuitable for the development of smart contracts. “I respect bitcoin technology because it’s the invention of this whole industry, of course, but it makes absolutely no sense to blockchain developers,” Bukov pointed out.
Once the scalability issue is resolved, Bukov believes Ether will have a good chance of replacing Bitcoin as the biggest cryptocurrency. Ether (ETH), which has long trailed Bitcoin in terms of market capitalization, accounts for 18.2% of the overall cryptocurrency market, according to CoinMarketCap. The dominance of Bitcoin, meanwhile, is 42%.
“There is a good chance that Ethereum will overtake Bitcoin in terms of total capitalization,” he concluded.
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