Ethereum To Reach 100,000 Transactions Per Second — Buterin
Vitalik Buterin, an Ethereum co-founder, spoke about the prospects for the network development and stated that the blockchain of the second cryptocurrency in terms of capitalization needs more advanced throughput capacity — up to 100,000 transactions per second, The Daily Hodl reports.
In a conversation with Bill Barhydt, Abra's chief executive, Buterin stressed that he is currently focused on several important issues: scalability, privacy, and ease of use. According to the programmer, now Ethereum processes 15 transactions per second, and it is necessary to reach 100,000.
For convenience and ease of use, various ways of storing private keys are being developed. The developers are trying to solve the issue of confidentiality using exceptional cryptographic technology — zk-SNARK.
Difficulties with the scaling are solved with the help of two approaches of different levels. One of them provides for the changes in the blockchain protocol to process more transactions. More attention, according to Buterin, is paid to sharding — this tool is capable of dispensing different transactions to random groups of computers, which will allow the network to process more operations.
The efforts of the developers are aimed at creating competition to bitcoin. Buterin understands that if the scalability of Ethereum is not improved, the community will prefer the first cryptocurrency for transactions.
As previously reported, the Bitmex crypto exchange developed the Nodestats analytical system to monitor the work of the software integrated into the Ethereum network.