on the crypto
Ethereum has a plan to solve the known downsizing problem and co-founder Vitalik Buterin says solutions will come soon.
In an interview with BLOCKTV, Buterin said that downsizing is something the team will face in the short term. Much progress has already been made in this area, "the specifications are almost complete" and now "it's mostly an implementation challenge," he says.
Taken the launch of the solutions
What the Ethereum team seems particularly excited about is another downsizing search that Buterin says is making progress and will be available soon: Rollup.
Buterin explains in simple terms that a rollup is a scaling technique that keeps transaction data on-chain, in a compressed form, but the calculation is pushed out of the chain.
The solutions they are studying are "extraordinary" says Buterin, adding that he expects them to make "a big difference in the next year or so." For example, Loopring recently launched a ZK-Rollup exchange, which can theoretically execute 2.500 transactions per second (TPS) if all Ethereum users become their users.
In addition, Optimism and Arbitrum are two teams that he nominates who are making significant progress in the area of Optimistic Rollups. These are not only downsizing payments, he says, but "downsizing something equivalent to the Ethereum virtual machine."
How it got here
A lot of "top-secret work" has taken place over the past month, he adds, in making zero-knowledge tests possible for the general calculation, which will be "fantastic" for any ZK rollup, as well as for privacy growth, says Buterin.
In addition, scaling solutions should lead to a variety of benefits. On a public chain, a maximum of 15 TPS can be done, says Buterin, a Rollup brings it to 2.500-3.000 TPS, with sharding it is 2.000-10.000 TPS, and is even higher with a Rollup on top of the sharding.
"The scalability of doing things on public blockchains will very soon be good enough for many types of traditional business applications" and "will lead to a change in concentration for many people."
What about long-term plans?
As for the long-term plans, Buterin says that work on Ethereum 2.0 will be done again this year and probably for the next two years, but that we should expect Phase 0 to be launched "at some point in the summer" . This phase will launch the Beacon chain, an independent test chain.
It is currently in the "very late" development phase and has already undergone many tests. "It's something we're very excited about," says Buterin. "The proof will finally be real." This phase will be followed by Phase 1 which will lead to data sharing.
In the meantime, many others have tried to find the solution to this problem, such as those of Asensys and MIT.
ETH is currently trading at one quotation of 236 USD, after appreciating 2% in 24 hours and 7% in seven days.
