The creator of the Ethereum, Vitalik Buterin, gives details about his plan to improve the scalability of the Ethereum in the short term.
One of the biggest problems facing the crypto world is that of scalability. As more and more users start using crypto currencies, the Blockchains of the major cryptoactives such as Ethereum and Bitcoin find it difficult to scale. For this reason, Vitalik Buterin gives details about the scalability of Ethereum in the new version of cryptomoney, ETH 2.0.
Scalability in the Blockchain
Although it seems paradoxical, massification is beginning to be a problem for cryptomonas. Although the final objective of virtual currencies such as Ethereum or Bitcoin Bonanza is to be used by millions of users all over the world. As more people enter the Blockchain of these coins, they have problems to quickly execute all the transactions.
Because of the design of crypt coins like Ethereum, the miners in their blockchain can only process a limited number of transactions at a time. This is why, when the use of cryptomonnage has increased, so has the waiting time for ETH transactions to be fixed in the Blockchain.
This is precisely the situation that cryptomoney faces today. For, the boom in decentralised finance (DeFi), has driven an unprecedented demand for Ethereum, and a substantial increase in transactions with the crypto-currency created by Vitalik Buterin. This is because most of the DeFi protocols in the world are in the ETH chain.
As a consequence of this, today the waiting times and the commissions for each transaction at Ethereum are immense. Generating losses in exchanges and companies, and increasing the pressure for the Ethereum Foundation to give a solution to the problem of scalability. Just what Vitalik Buterin hopes to achieve with the new version of the virtual currency, ETH 2.0.
Vitalik Buterin talks about the future of the Ethereum
Thus, through a post on the Ethereum Magicians forum, the founder of the Ethereum Foundation explains his plan to achieve scalability. To this end, he would integrate a method of validating operations known as „rollups“. This allows for the execution of compressed transactions within the ETH Blockchain. While delegating other operations such as the execution of smart contracts outside the blockchain.
“ Today, Ethereum executes ~15 TPS (transactions per second). If everybody moves to the rollups, we will soon have ~3000 TPS. Once phase 1 arrives and the rollups are moved to the ETH 2.0 fragmentation strings for data storage, we will theoretically go up to ~100000 TPS (…) Eventually, phase 2 will arrive, bringing the ETH 2.0 fragmentation strings with native calculations, which will give us ~1000-5000 TPS“.
Until now, the implementation of the rollup method for transaction validation has been resisted by the community. However, according to Vitalik Buterin, when it is implemented, the advantages it will bring to the entire community will be far greater than the problems it could pose. So Ethereum hopes to achieve scalability in the short term.