Ethereum co-founder Vitalik Buterin believes that the network will grow by a factor of 100 and is optimistic about releasing a tier 2 solution in the coming weeks.

Speaking of his Tim Ferris podcast, Buterin noted that developer Eth2 is focused on working on the on-chain integration with Ethereum, and he is confident that Layer 2 solutions can support the network until the hash code is developed.

“There will be a backlog very soon,” he said, adding, “we are pretty sure that when we need to expand further, retail will be ready for a long time then.”

Aggregations are Layer 2 solutions that process and store transaction data in a specific side chain before grouping groups of transactions together on the Ethereum backbone. The solutions are designed to reduce Ethereum’s scaling problems, as fierce competition for Ethereum network bandwidth has resulted in higher fees.

While Eth2 will use hashing to provide scalability when fully deployed, Buterin believes aggregation will be sufficient in the medium term – emphasizing that outstanding logs can improve Ethereum transaction throughput by a factor of 100:

Remember that if you have delay but no hash, you still have 100x scaling, right? You still have the potential for blockchain to execute 1000 to 4000 transactions per second, depending on how complicated it is. “Transactions.”
Buterin expected Optimism to release its Ethereum virtual machine, or EVM, compatible set “in a month”, and also highlight the significant progress Arbitrum has made in its EVM-compatible sets.

Some industry leaders in DeFi are expected to take rows of optimism, with commentators suggesting that the upcoming reform of Uniswap V3 will benefit from this. Aave and Synthetix are expected to be among the first projects to use this technology.

“It was actually simpler clusters that could only handle simple transactions that were switched between assets like Loopring and zkSync,” he added, noting that: “These grouped groups have been running smoothly for about a year now, so the groups are not even theoretical. . … The practical part of [scaling] Ethereum for multiple users for about a year. ”

Last week, Buterin came up with a proposal for a system that allows smart contract protocols to communicate directly with each other using different Layer 2 targeting solutions.

Source: CoinTelegraph

LEAVE A REPLY