250% Extra + $125 Free Chip!
New players only. 250% on 1st Deposit + $125 Free Chip
Ethereum co-founder Vitalik Buterin recently sat down with Naval Ravikant on an episode of the Tim Ferris Show where he revealed that they may be only weeks away from mitigating the smart contract’s scaling issues and thereby maintaining their edge over other networks.
Ethereum has been criticized recently as having become ‘a rich man’s crypto’ due to its increasingly rising transaction fees.
Tackling this issue, Buterin expects rollups to improve the scalability of Ethereum ahead of the ETH 2.0 launch. A temporary fix to their network congestion issues could be ready within weeks and will see a 100x improvement of its transaction throughput.
The complex solution of ‘sharding’, splitting the infrastructure in shards that contain their own a unique set of account balances and smart contracts, is in the pipeline. However, Buterin stresses that their current focus is on finding a way to utilize and merge rollups more fully with its proof-of-stake system. the process of splitting the Ethereum infrastructure to spread the network’s load and increase scalability. Buterin said:
“Basically, the proof-of-stake thing exists, has been stable, running ever since the launch and at some point fairly soon, we are going to actually go and merge all of the proof-of-work activity onto it.
So sharding is also going to happen… I will admit that we were actually prioritizing the merge even more than sharding recently. The reason why for this actually has to do with the other thing, which is rollups, right? The thing to remember is that if you have rollups, but you do not have sharding, you still have 100X factor scaling, right?
You still have the ability for the blockchain to go up to somewhere between 1,000 and 4,000 transactions a second, depending on how complex these transactions are. And so with rollups, as I mentioned, the optimism, fully EVM capable rollup is likely to launch, an initial being that release in around a month or so.”