Vitalik Buterin’s strategy to speed up transaction confirmations

• Vitalik Buterin discusses methods for improving Ethereum transaction speeds in his latest article, “Epochs and Slots All the Way Down.”
• Innovations such as Single Slot Finality and Rollup Preconfirmations aim to significantly reduce transaction confirmation times.

According to Vitalik Buterin’s most recent article, “Eras and slots all the way”, an effective approach to improve Ethereum transaction confirmation times is discussed. This development follows his previous proposal on the revolutionary EIP-7702 as discussed in a previous CNF report.

As noted in today’s CNF YouTube video, ways to improve Ethereum transaction confirmation times to 5-20 seconds are being explored, but some applications require even faster confirmations. Single Slot Finality (SSF) simplifies Ethereum’s consensus process, reducing the current finality time of 12.8 minutes to a single slot per block.

Single Location Purpose (SSF)

Collin Brown shared in his recent tweet that the proposal suggests using an SSF mechanism, similar to Tendermint, to speed up the process while maintain system stability.

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While SSF proposes replacing Ethereum’s current consensus mechanism with a simpler, Tendermint-type system to finalize blocks before the next one is created, thereby reducing complexity and finalization time. However, it still requires validators to post messages every 12 seconds, which can be tedious.

In brief, here are the main aspects of the strategy to speed up transaction confirmations:

1. Accumulation preconfirmations: The approach focuses on using Layer 2 (L2) protocols to deliver faster transaction confirmations by using decentralized sequencing networks that validate transactions in milliseconds. This approach separates L1 stability and L2 user experience concerns.
2. Preconfirmations based on: Ethereum’s sophisticated proposers offer immediate transaction guarantees for an additional fee, improving the user experience by ensuring that transactions are included in the next block and potentially offering execution results. This mechanism aims to provide faster guarantees while maintaining L1 security.

Current impact on the market

At the time of writing, according to current data from CoinMarketCap, Ethereum (ETH) is priced at $3,484.51having jumped from 2.70% during the past day and 3.46% last week. This indicates a positive signal from Vitalik Buterin’s strategy to speed up transaction confirmations. Check out the ETH price chart below:

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