Altcoin News: Vitalik Buterin: Ethereum Blockchain Can Process 15 Transactions per Second, but in Reality, We Need to Increase This Value to 100,000

March 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Vitalik Buterin, co-founder of Ethereum, in an interview with the head of Abra, Bill Barhydt, spoke about his vision of the future blockchain and the problems the project team is working on.

According to Buterin, the creators of Ethereum are now facing three main problems: network scalability, user privacy, and ease of use of the blockchain.

“The Ethereum blockchain can process 15 transactions per second, but in reality we need to increase this value to 100,000. There are two main scaling strategies — the first and second levels. Our solution is called sharding and its principle is to distribute transactions across different groups of computers selected at random. This will be able to scale the blockchain 1000 times, and maybe more,” said Buterin.

Also, the co-founder of Ethereum noted that Bitcoin acts well as a means of storing value, but to succeed as a currency, he would have to switch to the Proof-of-Stake algorithm.

“If they want to become the currency that they use for payments, then I think that we need to scale the base level, speed up the blockchain and reduce the block mining time at the base level — all this is very important.”

At the end of last year, a large amount of material appeared that analyzed the Ethereum ecosystem and the teams working on the development of the blockchain. In fact, the work on the protocol was divided into two separate branches: Ethereum 2.0 (Serenity) and Ethereum 1.x (the current and latest version is Metropolis). At the same time, Metropolis consists of three service packs implemented in the form of hard forks — Byzantium (occurred in October 2017), Constantinople (held in February of this year) and Istanbul (planned for the summer of 2019, but may be traditionally postponed at the end of the year ).

Author: Marko Vidrih