The speed in the processing of operations has been for years one of the main problems of Blockchain technology. And it is that, as the number of users in a blockchain increases, the execution of transactions becomes slower. That is why it is such important news for the crypto world that Vitalik Buterin announces that Ethereum will process up to 100,000 transactions per second, thanks to its new version, ETH 2.0.
The scalability problem
Scalability has been at the center of all debates about the crypto world since 2017. Well, it was in that year, during the last major rally in the price of Bitcoin, that this problem came to the fore. At the time, an abrupt and sudden increase in the number of users making operations in the Bitcoin chain. It led to wait times for executing transactions of up to an hour.
For a cryptocurrency like Bitcoin, which purports to be an alternative to traditional Fiat money. Such long wait times are simply unacceptable. Since, they would make it impossible for Bitcoin to be used to make daily purchases, in which the operation needs to be executed in a few seconds.
This is a problem that not only affects Bitcoin, since by basing its operation on the BTC Blockchain, other cryptocurrencies such as Ethereum, the Vitalik Buterin currency, have also experienced scalability problems. Which have only been deepening as the number of users on your Blockchain increases.
Leading to the birth of new cryptocurrencies with the promise of solving the scalability problem. Whether increasing the size of the blocks on the Blockchain, as is the case with Bitcoin Cash. Or changing the Proof of Work mining method to more flexible ones like Proof of Stake.
Ethereum will improve scalability according to Vitalik Buterin
For this reason, scalability is one of the main themes in the latest version of Ethereum, ETH 2.0. Which, as comments Vitalik Buterin, seeks to radically improve waiting times within its Blockchain. To allow the entry of more users, and therefore the mass adoption of virtual currency.
This goal would be achieved through the introduction of the Stake Proof, as a mechanism for the mining of new Ethereum tokens. Ending competition between miners to fix transactions on the Blockchain. And therefore, making the process much faster than it has been so far, managing to process up to 100,000 transactions per second, according to Vitalik Buterin:
“The best ETH2 scalability for the data will be available before the best ETH2 scalability for the overall calculation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~ 2-3k TPS with ETH1 (…) then ~ 100k TPS with eth2 (phase 1)“
If true, as Vitalik Buterin claims, Ethereum will process 100,000 transactions per second. This would be a major blow to the hand by ETH, which could maintain its advantage over its main competitor, Tron, which has also focused on the issue of scalability. What makes this announcement our Today’s Data here at CryptoTrend.