Vitalik Buterin has been chatting about a way to boost the transaction speed on the Ethereum network…
by Manoj Sharma for CNR
Vitalik Buterin, the co-founder of Ethereum, has expressed his optimism about a Plasma-like scaling solution on the Ethereum network, which will allow 500 or more transactions per second.
A few days ago, Matter Inc. launched the project, called Ignis, in collaboration with the Ethereum Foundation. The solution will allow Ethereum to manage 500 transactions or more in a single second, which is an admirable improvement on the current 15 TPS.
As per an article published on Medium about Ignis, the solution changes the way transactions are verified with a completely new approach.
In Ignis, verification of transactions by users is replaced by the following approach:
“Operator(s) proposing blocks must submit a SNARK proving that the new block is correct, which is verified automatically by the smart contract. No incorrect block can ever be included by an operator, so users do not need to always be online and constantly monitor transaction activity.”
Vitalik Buterin has also expressed his positivity on the matter on Twitter:
Plasma is intended to be a two-layer scalability solution. This means instead of improving the Blockchain itself, it will create a special construction connected to its network, and provide better throughput.
The goal is to run all the apps featuring multiple users and secure minimal interaction between its framework and Ethereum’s main chain.
In simple terms, Plasma intends to enable the Etherium Blockchain to continue managing large volumes of smart contracts while broadcasting only completed transactions.