Buterin: ZK-SNARK Will Speed Up Network To 500 Transactions Per Second
Vitalik Buterin, the creator of Ethereum, suggested using the ZK-SNARK cryptographic solution to improve the scalability of the network. The technology will allow to conduct up to 500 transactions per second, the developer wrote on the ethresear.ch forum.
With the help of ZK-SNARK, the network will be able to confirm a "huge amount" of transactions without using the standard Layer 2 protocols for scaling, Buterin states. The technology compresses information into small fractions, which remain of the same size regardless of their content.
ZK-SNARK is a zero-knowledge proof that does not require interaction between the parties and allows them to prove the data without having any other information from the second party. Buterin describes the principle of work, according to which one of the parties confirms the transaction using ZK-SNARK and publishes highly compressed proof and transaction data on the blockchain, receiving a reward from the other party.
The Ethereum founder writes that the cost of a transaction with ZK-SNARK will decrease to 1000 gas. However, he notes that, at first, the prices will be slightly higher, as the system will involve quite a few users. He also calculated that a validator would need to pay 68 gas for a byte of information.
Moreover, the cryptographic solution will ease the pressure inside Ethereum — some users complain there are too many apps in the network complicating the work of blockchain. Buterin said that it is hard for computers to operate with ZK-SNARK since the technology requires a lot of power, but he is confident that the protocol will be improved in the future.
Previously, the Ethereum engineers announced the development of shading.