Ethereum (ETH)News

Vitalik Buterin Talks About The Improvements Of The ETH 2.0

If we are looking at obstacles that would limit the adoption of blockchain technology, scalability is always one of the most talked-about issues in that regard. As ETH 2.0 is nearing its completion and its subsequent launch, Ethereum founder, Vitalik Buterin has said in a post on Twitter that the issue of scalability will be fixed.

Speaking on how the future of Ethereum spells good things, the founder has given highlights of how the ETH 2.0 will make that possible. “ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with ETH1 as a data layer, then ~100k TPS with ETH2 (phase 1) adjust accordingly,” Buterin said.

Ethereum CEO promises better transaction rates

According to Buterin, the network will undergo a gradual scaling process, which means that the number of transactions carried out on the system will increase. He further noted that the network would witness as much as 2000 to 3000 transactions per second. Even with this rate, the founder said that they will not rest on that but will try to speed up the capabilities to around 100,000 transactions. With the unusually slow transaction rate and the bloated network on the Ethereum network, Ethereum has always suffered backlash and criticism in the past years.

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Most critics associated the slow movement on the network to the popular game, CryptoKitties, which has, in turn, caused the platform to have problems when sending or receiving Ethereum. As at last year, Vitalik Buterin was asked if scalability could be a severe problem facing the Ethereum network. Buterin said he was aware of potential issues that could arise because of the network’s lack of stability. Buterin was quoted as saying, “Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will be more full, but we will be competing with everyone [else] for transaction space.”

Buterin assures that scalability issues will be fixed

Talking about the influx of people on the network, the CEO said, “There is pressure keeping people from joining, but improvements in scalability can improve that.” About a year after making that statement on the network’s scalability issue, Buterin says that he believes they have every hand on deck, and they are working on it. As crucial as scalability is in the launch of the ETH 2.0 platform, it is not the only feature that is expected to be improved. Staking is one feature that most people in the crypto world will be anticipating when the ETH 2.0 finally debuts.

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In reaction to the staking feature on the Ethereum blockchain, the network has witnessed investors’ significant involvement. DeFi investors have been on the Ethereum network since its inception and are gearing up towards the staking feature on the Ethereum Blockchain. With each of these widely anticipated features getting ready to be launched on the Ethereum network, Ethereum has been in the news, bringing more investors into the Ethereum network.

Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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