Ethereum
Vitalik Buterin discusses a model to speed up Ethereum transactions
Godfrey Benjamin
Ethereum Transaction Speed Could Be Faster With Epochs and Time Slots
Read U.TODAY on
Google News
Ethereum co-founder Vitalik Buterin has hinted at new technologies that could speed up transaction confirmation times for users. As reported in a lengthy post blog postVitalik Buterin hinted at epochs and time slots as reference models to help the Ethereum network stay competitive.
Ethereum needs fast transactions
Ethereum is in a better position than it was five years ago in terms of transaction finality metrics, Buterin said. The blockchain now takes an average of 5 to 20 seconds for transactions, which is comparable to its competitors in traditional finance.
However, with the slots and epochs architecture, the Ethereum co-founder argued that finality could be reduced to 16 seconds. While the protocol has worked hard to drive this slots and epochs architecture, Buterin noted that further improvements to this technology stack are still needed.
Buterin noted that Ethereum has always created an environment conducive to its constituent protocols, such as layer 2to create their own transaction confirmation model. While this strategy has worked well, with Layer 2 solutions proving faster, he believes it is time to ensure efficiency.
He remains optimistic about the future of the Ethereum blockchain and how advancements in transaction speed on L1 can make life easier for L2 developers.
Twinning competition
The Layer 1 blockchain space may be considered saturated, but it has continued to evolve, with each new entrant boasting improved capabilities. Ethereum’s main competitors, including Solana (SOL), Cardano (ADA) and Fantom (FTM), all have advanced technology in terms of transaction speed.
While Ethereum still dominates the DeFi ecosystem, new proposals to increase its confirmation speed could help make it more attractive to users. Overall, if Ethereum ecosystem developers manage to push this new futuristic architecture, the biggest beneficiary will be ETH.
Combined with the expectations of Ethereum Spot ETF As for trading this month, there could be a massive price hike going forward.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience in covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.