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Vitalik Buterin proposes migrating NFT to second layers of Ethereum

Vitalik Buterin, co-founder of Ethereum, has made it a personal mission to find solutions for the saturation of the network. Now, it is the high demand for non-fungible tokens (NFT) that causes it and causes the fees to skyrocket.

As a proposal, Buterin has proposed a solution that consists of migrating the NFTs to second layers of Ethereum, such as the rollups. I would not do it to a single rollup, but through an interoperability system that allows NFTs to be used in several of these.

The proposal was recently published by Vitalik Buterin within the Ethereum Research forum, dedicated to researching improvements in this general-purpose blockchain.

The Russian-Canadian developer suggests the creation of “rolled NFTs” or wrapped-NFT. These could be mobilized and traded between the different rollups of Ethereum.

The rollups, are second layer solutions that basically “roll” multiple transactions into one, thus allowing a greater number of transactions per second (TPS) to be processed outside of the main Ethereum network. For example, rollups zkSync 2.0, which are currently in the testing phase, promise to process up to 20 thousand TPS, while the main network only processes between 12 to 20 TPS in its current state.

Based on the above, the main point of Buterin’s proposal lies in the non-dependence of a single rollup. While these offer reduced commissions, using just one can be counterproductive as, in the event of a failure, the NFTs would be trapped.

When using multiple rollups this model of dependency is avoided. Also, in case of failure, through the proposed system, the trapped NFTs could be migrated to another rullup or to the main chain.

Swap NFT «coiled»

As said, the Ethereum creator’s proposal is based on the creation of wrapped-NFT (WNFT). These, in a practical sense, would be tokens that represent other tokens within the rollup. The original of the WNFT would be stored directly in the Ethereum blockchain through a smart contract that would serve as a security vault.

What is interesting about this concept is in the mobility of the WNFTs when they are transferred. For example: John “rolls up” an NFT and sends it to the rollup by Arbitrum. In this, Ivan decides to buy it. Ivan would be buying the WNFT and not the original NFT. However, according to Vitalik’s proposal, when the transfer exists, an exchange voucher would be generated.

When Ivan wanting to claim it within the main chain, he should only present the voucher so that the vault can change the address that owns this NFT from Juan to Iván.

Vitalik presented a diagram of how the exchange of an NFT between 3 rollups different. Source: Ethereum Research.

In the event that a chain of exchanges occurs within a rollup, the last holder of the WNFT who decides to claim it will possess this chain of exchange vouchers and that will give validity to the possession on the NFT to be claimed. This also applies to NFTs that are transferred between rollups, which would also generate receipts.

Vitalik Buterin’s proposal presents challenges to implement

One of the main challenges within this model posed by Vitalik Buterin is that not all rollups that currently operate on the Ethereum network may be used. It is necessary that the rollup make use of the EVM or virtual machine of Ethereum, which is basically the one that allows the execution of smart contracts.

In a report made by CriptoNoticias it was known that rollups such as Arbitrum and Optimism allow full use of the EVM. On the contrary, zkSync 1.0 does not allow its complete execution, which limits the smart contracts that can be deployed in them.

Another obstacle is in the adoption and implementation of this model on all NFT platforms. For now, NFT’s platforms are mostly based on the Ethereum mainnet. The use of rollups they can mean an operational cost for the adoption and migration of your NFTs. Platforms may not be willing to bear that cost.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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