- Ethereum needs to scale to 100,000 TPS to stay viable in the future.
- Ethereum developers continue to work on upgrades that will see the migration to Ethereum 2.0.
The founder of Ethereum (ETH) Vitalik Buterin has expressed his desire for the second largest network in the world to process 100,000 transactions per second (TPS). The questions of whether this massive number of transactions is achievable are best left to the developers within the network considering that Ethereum currently processes 15 TPS. However, Buterin says that Ethereum needs to this level in order to stay viable in the future.
Buterin made the remarks during an interview with Abra CEO Bill Barhydt where he shared Ethereum top three development goals:
“As far as the big problems, my top three at this point are probably scalability, privacy and usability. So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000.”
The founder went ahead to explain how developers within the network are working to solve the issue of scalability. Buterin said:
“There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling…And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers…And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road.”
Ethereum developers continue to work on upgrades that will see the migration to Ethereum 2.0. In addition to that, it expected that sharding and the Casper protocol will be added as well. Moreover, the updates will see Ethereum make the grand move to the Proof-of-Stake consensus. According to Buterin:
“For all the scalability issues, efficiency issues that people have, there are generally multiple efforts that are flying under the radar to improve that.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.