Ethereum Developers Roll Up Their Sleeves in Hunt for Scalability Cure

The Ethereum team has been trying to solve the blockchain scalability problem since 2014. During that time, solutions such as Raiden, Plasma, zk-SNARKs, sharding and rollups appeared in the developers’ tool kit. However, the implementation of some of them was constantly delayed, while others proved to be of limited efficacy.

This was the issue until Ethereum’s Istanbul hard fork was implemented in December 2019, which gave hope that the network can finally become suitable for corporate use. Cointelegraph attempted to figure out whether the situation with the second-largest cryptocurrency’s scalability has changed and why not all the solutions have cut the mustard.

Why should Ethereum scale?

The Ethereum (ETH) blockchain has become a software for thousands of projects over the past couple of years. Its easy-to-use smart contract model allows for the creation of almost any application and a release of the project’s own cryptocurrency. As a result, the number of active decentralized applications, or DApps, has reached 1,895 on the network as of April 2020, with 77,000 daily transactions performed by its users. Not to mention hundreds of thousands of daily transactions made by users to buy or sell ETH.

At the same time, Ethereum network’s throughput didn’t exceed 15–20 transactions per second in 2019, and was considered insufficient for making the blockchain suitable for large-scale use. The crux of the matter is that the quick operation of DApps can only be possible if the scalability condition is met. Ethereum co-founder Vitalik Buterin previously stated that many large organizations are interested in joining the Ethereum ecosystem, but have refrained from switching to the network due to its insufficient bandwidth.

In recent years, some new projects have overtaken Ethereum in terms of bandwidth. For instance, the EOS blockchain can process up to 4,000 TPS, NEO can process 10,000 TPS, and the latest offering from Solana claims it can process up to 50,000…

Source Link

Advertisements