Ethereum (ETH) has a plan to fix its well-known scaling issue, and co-founder Vitalik Buterin said solutions will start rolling out soon.
In an interview with BLOCKTV this week, he said that scaling, a major Ethereum issue that has been repeatedly reported, is something the team will need to address in the short term. There is already a lot of progress being made in this area, “the specification is almost complete” and “it’s mostly an implementation challenge now,” he says.
The Ethereum team seems particularly excited about another scaling research that Buterin says is progressing and is coming soon: Stacks.
Buterin explains in layman’s terms that a rollup is a scaling technique that keeps transaction data on-chain, in a compressed form, but the computation is pushed off-chain. Instead of checking the calculation, such as signature verification, contract execution, zero-knowledge proof (ZK) execution, etc., directly on the chain, it is checked either in:
- a zk-SNARK, by which one person performs the calculations, generates the proof, others verify it – called ZK-Rollup;
- a fraud-proof scheme, in which sequencers publish what they think are the results of the computation, and the check will only be done on-chain if people don’t agree – called the Optimistic Rollup.
Both of these techniques are “amazing,” Buterin says, adding that he expects them to make “a huge difference over the next year or so.” For example, Loop recently launched a ZK-Rollup exchange, which can theoretically accomplish 2,500 transactions per second (TPS) if all Ethereum users become their users. Furthermore, Optimism and Arbitrator are two teams he names as making major strides in the field of optimistic stacks. It’s not just about scaling payments, he says, but “scaling to something that equates to the Ethereum virtual machine.”
A lot of “silent work” has happened over the past month, he adds, making possible zero-knowledge proofs for general computation, which will be “excellent” for any ZK accumulation, as well as for increasing confidentiality, says Butérine.
In addition, scaling solutions are expected to provide a variety of benefits. On a public channel, you can do a maximum of 15 TPS, says Buterin, a Rollup brings that to 2,500-3,000 TPS, with a split it’s 2,000-10,000 TPS, and it’s even more with a Rollup over sharding. “The scalability of doing things on public blockchains is going to be pretty good for many types of mainstream business applications very soon,” and “it will lead to a shift in focus for a lot of people.”
As for longer-term plans, Buterin says work on Ethereum 2.0 will continue this year and probably the next two years or so, but that we should expect Phase 0 to kick off “at some point. of summer “. This phase will launch the Beacon Chain, an independent proof of stake chain. It is currently at the “very late” stage of development and has already undergone extensive testing. “It’s something that excites us,” says Buterin. “The proof of stake is finally going to be real.” This phase will be followed by phase 1 which will bring data sharding.
Meanwhile, many others have tried to find the solution to this blockchain problem, like those at Asensys and MIT we recently spoke.
ETH is currently trading (09:49 UTC) at 236 USD, having appreciated 2% in 24 hours and 7% in seven days.