Ethereum could soon process thousands of transactions per second
On the weekend due to Ethereum delivery of a significant Software Upgrade with the name Istanbul. The Hard Fork has brought several improvements in the network. It is the Integration of a Second-Layer-scaling solution that promises to enable more than 3,000 transactions per second (TPS) and to ensure at the same time decentralisation and privacy enabled.
At the beginning of the year, Matt Labs received a grant from the Ethereum Foundation for her work on a Second Layer scaling solution with Zero-Knowledge Proofs. Since then, the Team is working on the construction of ZK Sync. This is a trusted scale, and data protection solution that focuses on the experiences of users and developers.
Alex Gluchowski, founder of Matter Labs, describes:
A successful solution to the scaling problem in the public block chain is not only a question of high Transaction throughput. It must also be defined as the ability of the system to meet the requirements of millions of users, without compromising the decentralization. The conditions for the introduction of mass crypto are high speed, low cost, smooth UX, and privacy.
ZK Sync was designed to bring thousands of TPS Ethereum, while the funds are kept in a safe place and a high level is guaranteed to censorship resistance. With the help of the CC roll-up technology, the Second-Layer solution, funds can be kept in a Smart Contract on the main chain, while the number of transactions outside of the Chain are calculated and stored.
ZK Rollup retains the security features of the underlying Protocol. As a result, auditors can damage the System or money to steal. The user will always be able funds will not be returned, even if the controllers work together. And not even a “single trusted third party” must be online, to monitor blocks, to combat fraud.
At the Moment the devnet for the ZK Sync v0.1 live and it is the first step to the full potential of this technology to the full.
Gluchowski says further:
ZK-Sync will be a bridge to bring millions of users into the crypto technology. We set a high benchmark for the user experience and will show that the CC technology is able to offer a webähnliches experience, without the values of the Blockchain to affect in the Revolution.
Ethereum has been struggling in recent years with debilitating network congestion. Thus, the network utilization of the Blockchain was in the year 2019, several times, over 90 percent, which made the execution of applications and the use of expensive. This supposed traffic jam is mainly due to the low throughput of 15 TPS-bottleneck the ETH Blockchain.
Even Vitalik Buterin, founder of Ethereum, admitted that the Blockchain can not exploit its potential as a widely used “world computer” yet. Buterin explains:
Scalability is a major bottleneck, since the Ethereum block Chain is almost full. If you are a larger Organisation, is the calculus that, if we join, it is not only full, but we will compete with any of the transaction space. It is already expensive and will be due to us five more times as expensive.
Featured Image: Wit Olszweski | Shutterstock
