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Solution to Scale Ethereum '100X’ is About To Launch Soon

  • Posted On - 2021-03-10 06:34:00

Ethereum co-founder, Vitalik Buterin, believes the network is about to scale up100x better, predicting that optimism will launch its layer-two solution very soon.

While speaking on the Tim Ferriss podcast, Buterin noted ETH2 developers are focused on working toward the chain merge with Ethereum, and are sure that this layer-two solution can support the network until sharding development is completed.

“Rollups are coming very soon,” Vitalik added: “we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.”

Rollups are layer-two solutions that process and store transaction data on a dedicated sidechain, rather than running test transactions on Ethereum’s mainnet. The solutions are proposed to reduce Ethereum’s scaling woes, where fierce competition for bandwidth on the Ethereum mainnet has resulted in skyrocketing gas fees.

While ETH2 will use sharding to ensure the scalability when fully rolled out, Buterin believes rollups will suffice for the midterm — emphasizing rollups could improve Ethereum Network 100 times:

“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.”

Buterin speculated that Optimism will launch fully Ethereum Virtual Machine compatible rollups “in around a month or so,” also remarking significant progress made by Arbitrum on their own EVM-compatible rollups. 

Optimism’s rollups are projected to be embraced by some of leaders in the DeFi’s industry, with commentators speaking that Uniswap’s coming V3 overhaul will utilize it. Aave and Synthetix are expected to be among the first projects to utilize the technology.

“There was actually simpler rollups that are only capable of processing simple transactions that are exchanging between assets like Loopring, and zkSync.” Further he added: “Those rollups have already been running stably for about a year — so rollups aren’t even theory. They’ve been a practical part of [the] scalability of Ethereum for a few users for almost a year.”

Just to remember that Last week, Buterin authored a proposal for a system allowing smart contract protocols to directly communicate between one another across different layer-two scaling solutions.

Source: https://cointelegraph.com/news/solution-to-scale-ethereum-100x-is-imminent-and-will-get-us-through-until-eth2-vitalik