Vitalik Buterin: Ethereum 2.0 can achieve 100,000 transactions/second

On July 24, World Blockchain Conference 2021: Hangzhou officially opened. With the theme of “Infinite Future,” this conference brings together more than 100 leading entrepreneurs and researchers in the crypto and blockchain industry from around the world, including Ethereum co-founder Vitalik Buterin, Weixin reported. He talked about Ethereum 2.0; maybe in half a year, maybe longer, we will witness the merger of the two chains. 

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Vitalik Buterin: In early stage of the merger of ETH 1.0 and Ethereum 2.0, some minor upgrades will be implemented

First, Buterin talked about what will happen after the merger. “We have discussed a lot of things that will happen in the next six months or so. The Berlin hard fork has been completed, which was completed in April. Soon after, we performed an Altair upgrade on the PoS chain. Next is the London fork on the existing PoW chain,” Buterin stated. “At some point, maybe half a year later, even longer, we will be able to witness the merger of the two chains. That is, the PoW chain has completed its mission, and everything on the PoW chain is transferred to the PoS chain.”

Vitalik said that in the early stage of the merger of ETH1 and ETH2, some minor upgrades would be implemented, Sharding will be introduced. And with a Rollup, 100,000 transactions per second can be achieved under ideal conditions.

“At this stage, Rollup can scale to about 4.000 to 5.000 transactions per second. Assuming that the entire Ethereum ecosystem can use Rollup, but with data sharding, we may have 20 to 50 times more space. Rollup may reach 100,000 transactions per second and even more in the future. Sharding will first add some basic security, and then add more security, and then sharding will usher in more and more improvements,” Buterin commented.

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Data fragmentation diagram

In the middle and late stages of the merger, Ethereum will tend to make improvements at the consensus algorithm level to make the protocol simpler, while deploying cryptographic technologies such as ZK-Snarks (zero-knowledge proof) and anti-quantum computing.

He stated:

“ZK-Snarks or zero-knowledge proof is a critical and compelling technology. The principle of ZK-Snarks is that they are paragraphs of proof that can prove that all the content in a block has been correctly calculated. All transactions are valid, the entire block is valid, and this proof can be quickly verified.”

Buterin also mentioned that the basic technical vision of Ethereum is to try to improve quickly in the short term and stabilize in the long term.

He added:

“I think the basic technical vision of Ethereum is to try to improve quickly in the short term and stabilize in the long term. Because in the long run, I think the blockchain does need to settle down and become more stable, and it does need to make more guarantees to users to ensure that things will not change so that users can feel safe and act on this basis. Out of development. But in the short term, these technologies have been developed.”

In the future, Ethereum will be decentralized by layer 1, and layer 2 will carry out a lot of innovations to make the protocol simpler and more convenient to use.

“I think in the next 2 to 3 years, we will see that using Ethereum will become cheaper, we will see more different kinds of applications using Ethereum, and the Ethereum ecosystem will become more interesting. Thank you all,” Vitalik Buterin concluded.

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