Anton Bukov, the co-founder of 1inch Network, thinks that Ethereum could be the primary payment layer in the multi-chain decentralized financial (DeFi) network.
“There are a great likelihood that the majority of chains will attempt to transfer their data to Ethereum to create a more secure layerof security,” Bukov said in an exclusive interview with CoinQuake.
Bukov of the at number 39 on the CoinQuake’s Top 100 list for 2022 Bukov acknowledges that in order for this to happen, Ethereum needs to solve the issues of scalability that restrict the amount of transactions it can process.
According Bukov, according to Bukov his research, the most efficient method of scaling Ethereum is zk SNARK Rollups an innovation that makes use of the zero-knowledge proof method to minimize the amount of computing power needed required to verify transaction block.
“One million gas transactions as well as 100 million gas transactions. The validation of these transactions using ZK-Rollups could cost exactly the same amount in computations,” he explained.
Bukov isn’t interested in Bitcoin ( BTC) that he regards as incompatible with the development of smart contracts. “I am a big fan of Bitcoin technology as it is the source of the entire business, certain, but it is not a good fit for blockchain-related developers,” Bukov pointed out.
When the issue of scalability is resolved, Bukov thinks that Ether is likely to overtake Bitcoin as the most popular cryptocurrency. The Ether ( ETH) is a cryptocurrency that has been long behind Bitcoin in regards to market capitalization makes up 18.2 percent of the cryptocurrency market according to CoinMarketCap. Bitcoin dominance is 42%..
“There is a possibility that Ethereum is going to surpass Bitcoin for overall capitalization” the analyst concluded.