Coingape - 6/30/2020 2:48:10 PM - GMT (+0 )
Vitalik Buterin, the co-creator of Ethereum looks to end the apprehensions around Ethereum’s scalability problems for good. He reveals that what seems a never-ending process on the outside is partially ready to scale even today.
With the activation of the second phase itself, the network will eventually be able to process 100k transactions per second. He tweeted,
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 data layer, then ~100k TPS with eth2 (phase 1). Adjust accordingly.
Essentially, what Buterin is suggesting here that while the completion of the launch of Ethereum 2.0 might take a few years, the network is not likely to run into any scalability issue. Moreover, since the majority of the transactions (around 90%) on Ethereum are based on smart contracts currently, the data layer scalability is all that matters for now.
Furthermore, the test-net for optimistic roll-ups is live. The security for these applications is anchored on the Ethereum mainchain itself. Vitalik tweeted,
Anyone who’s *just* moving ETH / ERC20 / ERC721 tokens around should be looking at how to get onto a rollup today. Gasprices on base chain would probably fall greatly if it was only used for the more complex stuff.
The emphasis on ‘just’ seems to reflect vulnerability to unforeseen technicalities on the test-net.
Phase 1 Comes After Phase 0
Ethereum’s roadmap to Eth 2.0 includes three phases. Currently, the progress with Phase 0 or the beacon chain is underway.
It has 29,574 validators with under 100k eligible Ethereum (nearly $22.5 million). The total daily income for validators on the chain is currently below 250 ETH. The complete launch of the public Beacon chain seems due until Q4 2020 or Q1 2021.
Yesterday, the Altona multi-client test-net went live which is only the third of a series of test networks leading to the Beacon Chain. As reported earlier, the shift from Eth 1 to Eth 2 will occur gradually as both the chains will co-exist until the process.
However, on the downside, the inflation in Ethereum is expected to increase with the co-existence of ETH 1 and ETH 2 until the complete shift has happened. This increase in supply will require an equitable increase in demand from investors perceptive, as it helps to build the PoS system.
Do you think Ethereum will be able to successfully avoid network congestion with the current line-up of its roadmap? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com