Vitalik Buterin has proposed new ideas to reduce the time it takes for a transaction to be confirmed. This would make a significant improvement in the Ethereum system.
Ethereum co-founder Vitalik Buterin Has outlined new ways to speed up transaction confirmations on the Ethereum Network, stating “there are some applications” Latencies of the order “hundreds of milliseconds or even less.”
A Jun. 30 blog postEven though Ethereum is already a decade old, Ethereum’s co-founder pointed out that it has not yet reached its full potential. “improved a lot compared to five years ago,” Still, there are still “value in improving user experience further.” Buterin presented several ways to improve transaction speed, such as single-slot finality. This replaces the complex architecture of slots and epochs.
“The main challenge with SSF is that naively, it seems to imply that every single Ethereum staker would need to publish two messages every 12 seconds, which would be a lot of load for the chain to handle.”
Vitalik Buterin
One more proposal includes “based preconfirmations,” This mechanism allows the user to add a fee for immediate guarantees.
Buterin says that the basic concept is to create an entangled web. “standardized protocol” Users could exchange additional fees for an “immediate guarantee that the transaction will be included in the next block.” This approach has the key advantage that it can be applied to any solution layer-2, such as Optimism or Arbitrum.
Bitcoin block times can be as long as 10 minutes. That’s too much time for daily payments. BTC has been relegated to a storage of value, rather than as a solution for payments. Ethereum generates a block in around 12 second, which is much quicker.
This is slower than rivals, such as Solana which can generate blocks within 0.4 second. Buterin concedes, in the end, that a block time of 12 seconds might be too slow. “enough” For certain applications, such as Ethereum-based payments and domains. He points out, however, that the only option for those who are looking for faster solutions is A “slot-and-epoch architecture.”
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Source: crypto.news