Acne Buterin recently said that thanks to the decisions of the second level such as sharding and Plasma, Ethereum network will eventually be able to handle 1 million transactions per second, and potentially more than 100 million transactions.
Buterin Vitalik, founder of Ethereum, during the recent session of questions and answers OmiseGO told how, in his opinion, a platform for decentralized apps will solve their scalability problems.
Previously at conferences and presentations Buterin emphasized that the Protocol Ethereum and decentralized blockchain network, as a rule, have difficulties with scalability. It was 2017. Now, in 2018, when run major networks EOS and Tron, and the Ethereum team is making progress in the implementation of sharding, it seems that Buterin sees the light at the end of the tunnel.
Whether sharding or Plasma to provide the Ethereum “superluminal” speed of transaction processing?
In September 2017, TechCrunch held a conference Disrupt SF 2017. Her venture investor pile Ravikant took Buterin interview. In it he noted that the maximum network Bitcoin and Ethereum are treated from three to six transactions per second.
About sharding is already a lot written here, so instead I will tell a little about Plasma. It is a system of smart contracts, which is designed to increase the processing capacity of the second largest block in the world. It can help to eliminate the constraint of low bandwidth network.
According to Coinbase, the project Plasma appeared last year. Did it Buterin and co-author of the Bitcoin Network Lightning Joseph POON. It’s one of many solutions to the problem of scalability, which is in development and is intended to improve network throughput Ethereum. Its essence is to create an additional level for smart contracts, which will be able to interact with the main bloccano. Read more about Plasma can be found in this article.
When Ethereum will surpass Visa’s number of transactions?
In order for the blockchain could support large-scale payment networks such as Visa, stock markets, e.g., Nasdaq and the network of the Internet of things (IoT), the network needs to handle hundreds of thousands transactions per second.
In an interview at the Disrupt conference Buterin comparing Ethereum with Visa.
If you go to mark 10:45, you will hear relevant comparisons and learn why working on sharding and Plasma are so important. I don’t think I ever watched any videos on the topic of blockchains, as often as, although I was really interested in the future of decentralized networks.
The number of transactions per second
The Ethereum network handle five transactions per second, and during peak bandwidth of six or more. On the other hand, Uber per second handles, on average, 12 orders, PayPal – a few hundred transactions, Visa – a few thousand, a major stock exchange – tens of thousands of orders, and a network of IoT are already hundreds of thousands of transactions per second.
- The Ethereum 2017: 5 / sec.
- Uber: 12 km / h.
- Paypal: 100+ / sec.
- Visa: 1000+ / sec.
- Stock exchange: 10 000+ / sec.
- IoT: 100 000+ km / h.
Acne Buterin – perhaps the most recognizable person in the field of cryptocurrency. And if he says so, then sharding and Plasma, probably really can solve the problem or at least be the first step on this path. You may need to put a lot of effort to compete with new platforms decentralized applications that can take advantage in this regard – such as EOS, Cardano, NEO and Tron. In the struggle for supremacy in this speculative era of the blockchain 3.0 will be very interesting to watch the Ethereum. Bitcoin, though valuable as a store of value, has more symbolic importance than is the sample of innovative technologies and system of values that increasingly embodies the Ethereum.
And it is not surprising that he Buterin often mentions “decentralisation”. Exactly want to see the future representatives of the “generation Z” and the young Millennials.