Will Ethereum 2.0 Surprise Us All?
It seems that 2020 is going to be an important year for Ethereum. The Muir Glacier hard fork went through surprisingly well despite some complaints about the odd selection of its date. Ethereum's blockchain is also anticipated to undergo a migration from proof-of-work to proof-of-stake. The biggest change Ethereum is expected to go through is the launch of Ethereum 2.0
Ethereum 2.0, ZKtech & Chainlink
Ethereum 2.0 has been the center of discussion for a year or so. Many have been waiting for news about its launch for months. It seems that Ethereum 2.0 is an ambitious project that will greatly increase Ethereum's scalability and possibly adoption.
Recently Ethereum's creator Vitalik Buterin engaged in discussion with Twitter user @ChainlinkGod & Starkware. The subject was of course Ethereum 2.0's potential transaction per second (TPS) reach and zkRollups.
zkRollups are a new way to deal with scaling. Essentially this with zkRollup's transactions can be bunched together instead of being handled case-by-case. Exchanges and DEX's could greatly benefit from this in the future.
Vitalik confirmed that with the use of ZKtech Loopring and by extension Chainlink an extremely high TPS of 160,000.
Is this with on-chain data availability?â ChainLinkGod (@ChainLinkGod) January 6, 2020
AFAIK starkex is a plasma, not a rollup. @StarkWareLtd confirm this is still the case?â vitalik.eth (@VitalikButerin) January 7, 2020
@loopringorg is doing a SNARK zk rollup DEX; they have a theoretical cap of ~2500 TPS (300 gas per trade, 300k SNARK verification cost, (10m - 300k) / 300 = 32333 tx/block -> 2487 per sec)â vitalik.eth (@VitalikButerin) January 7, 2020
Yes.â vitalik.eth (@VitalikButerin) January 7, 2020
Bitcoin has an average of 7 transactions per second. Ethereum currently handles 15 transactions per second and Visa the credit card company does 24,000 TPS. With a whopping 160,000 TPS Ethereum 2.0 could be a massive success. If and when it launches it could be a major improvement not only to Ethereum but to the blockchain space as a whole.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado