Bitcoin 2.0: Bitcoin Core Devs To Deliver Bitcoin 2.0 Soft Fork By 2025, Claims BlockTower Founder
Among the many remarkable improvements that Bitcoin has witnessed over the years, rumor is rife that the Bitcoin developers are considering releasing Bitcoin 2.0.
BlockTower CEO Ari Paul suggested that a Bitcoin 2.0 is coming via a soft fork, citing Ethereum 2.0 and Luna 2.0 as examples.
Paul said on Twitter that Bitcoin 2.0 might be released around 2024-25.
Is There a Bitcoin 2.0 Soft Fork?
Ari Paul, the founder of crypto asset investing business BlockTower, caused a stir when he suggested that Bitcoin 2.0 is in the works and might be released as a "soft fork" around 2024-25.
Paul stated confidently on Twitter in response to Peter McCormack that Bitcoin 2.0 is a need of today. He stated that the core Bitcoin developers want to release it between 2024 and 2025.
We don’t need a Bitcoin 2.0
— Peter McCormack ☠️ (@PeterMcCormack) June 15, 2022
Paul went on to say that he's been told by some of the most senior bitcoin core developers that a soft fork upgrade is presently being developed and will be released in the next few years.
In the blockchain ecosystem, a soft fork serves as a "backward compatible update" to the network. A soft fork in blockchain can simply mean improving the protocol's existing functionality without having to construct a different foundation or blockchain for such functions to survive in the long term.
There would be "no other realistic method" for a big portion of the population to utilize Bitcoin, according to Paul. He also stated that the Lightning Network as a decentralized initiative cannot scale.
The proof-of-work network has not seen any substantial updates since Bitcoin's Taproot upgrade.
However, it appears that the description of a Bitcoin 2.0 went a little too far.
Comments on Bitcoin 2.0 are met with skepticism.
Several other individuals fought up against Paul's claims concerning Bitcoin 2.0 when he originally made them.
McCormack, who initially stated that a Bitcoin 2.0 is unnecessary, reacted to Paul. "A soft fork is not a v2," he explained.
One Twitter user also mentioned that he's been keeping a close eye on the Bitcoin Core Devs updates and that the only soft fork upgrades he's heard about are APO and CTV ATM.
A moderator on the Bitcoin Stack Exchange concurred, saying that the two soft forks they'd heard about didn't "fit a Bitcoin 2.0 designation."
Paul reacted to the complaints, which centered mostly on the term "Bitcoin 2.0." "Doesn't it appear that most people are simply attempting to police terminology and don't want the term "2.0" to be used to refer to a soft fork?"