Vitalik Buterin Thinks zk-SNARKs Could Help Ethereum Scale to 500 Transactions Per Second

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Ethereum, widely regarded as the second generation of blockchains, has had some problems with scalability and controversy around the value of its native ETH coin. Ethereum founder Vitalik Buterin is set to end the scalability debate by using cryptography pioneered by Zcash. Known as zk-snarks, this cryptography could help scale Ethereum’s TPS by 500.

What Does the New Technique Contain?

Vitalik Buterin wrote on a research forum that zk-snarks could help scale Ethereum “by a huge amount,” that is, up to 500 transactions per second. For this, the network will not have to rely on layer-two scaling solutions like Raiden or Plasma. The cryptography helps in compressing large batches of information into succinct proofs. The compressed information always remains the same size, regardless of the total inputs in the proofs.

Buterin wrote on the forum:

“We can actually scale asset transfer transactions on Ethereum by a huge amount, without using layer 2s that introduce liveness assumptions (e.g., channels, plasma), by using zk-SNARKs to mass-validate transactions.”

He described this method of cryptography as a “relayer” node, which creates an aggregator computer that helps collect transaction in exchange of a fee. Buterin added:

Anyone can be a relayer; there is no assumption of even an untrusted special ‘operator’ existing.”

How Could Ethereum Gain With zk-SNARKs?

According to Vitalik Buterin, the zk-snarks setup could help Ethereum in getting gains of up to 24x for ETH transactions and up to 50x for ERC-20 transactions.

Currently, Ethereum researchers are debating on raising the transaction capacity of the platform. In a recent tweet, Parity’s communicator officer, Afri Schoedon, asked users to stop deploying decentralized applications to the blockchain as they are “running at capacity.”

Buterin tweeted that zk-snarks would help in bringing better scaling solutions and relieve the pressure on the Ethereum blockchain. The use of this cryptography will be very intensive, but it will help in improving the future of the blockchain network. Buterin also said that he is aware of the heavy computational work on the relayers and that more and more work will be going into this system as time passes by.

Vitalik Buterin Thinks zk-SNARKs Could Help Ethereum Scale to 500 Transactions Per Second was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.

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