Vitalik Buterin: We Want to Achieve a Speed of 100,000 Transactions Per Second
The well-known ideological inspirer and founder of the second cryptocurrency, in terms of capitalization, Ethereum, Vitalik Buterin stated that in future his project should achieve a throughput of 100,000 transactions per second. He also said that his entire huge development team is currently focused on three main issues:
- ease of use.
“So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000”, he said.To solve the problem of scalability, Vitalik Buterin relies on sharding:
“There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling. Layer-one scaling basically means improving the blockchain protocol itself to process a larger set of transactions” - explains Vitalik. - And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers. And this basically means that the blockchain can process way more things than one single computer can hold. And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road.”Sharding is a relatively new technology with which you can divide the data into separate parts. Thus, using sharding, you can optimize the process of verifying transactions and smart contracts, which will have a beneficial effect on network bandwidth. According to Buterin, his team did not forget about the second level scaling. While discussing the topic of scaling, Vitalik simply couldn't forget about Bitcoin. In his opinion, an increase in throughput of Ethereum is vital for the future of his project. The fact is that if developers fail to achieve this, then a significant share of the market capitalization will remain for the current flagship Bitcoin. Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/