Ethereum Will Scale 100x Before Eth2 Is Deployed

Vitalik Buterin, the writer of the Ethereum whitepaper, recently stated that Ethereum could grow by 100 times in the coming months. He revealed these details in an interview with Tim Ferriss podcast, where he also said that the Eth2 was already running as a proof-of-stake chain.

While Eth2 was up and running, the Ethereum network would not be migrated until all the necessary tests were conducted. The tests will help establish weaknesses and improve them before merging with the Ethereum Network.

Ethereum 2.0 will shape the future

Buterin has been one of the key contributors to the development of Ethereum 2.0. He affirms that Eth2’s focus will be on scalability, which is very much needed by the Ethereum community. Recently, this community complained about the rigidity of the network. Due to the high transaction fees and slow processing, DeFi developers are shifting towards other solutions like Binance Smart Chain (BSC).

One of the most significant benefits that are expected from Eth2 is improving on transactions. The two-layer solution will help in storing transaction data on a side chain. The data will then be grouped on the main chain, which will have ample bandwidth to support more transactions processed at speed.

During the interview, it was evident that Buterin and the entire Ethereum community were eagerly waiting for rollups enabled by Eth2. Rollups will enable payment support and support other applications that were running on the original Ethereum blockchain. Rollups will also reduce the transaction fees.

Apart from rollups, Ethereum developers are also looking into achieving scalability through sharding. In blockchain terms, sharding refers to dividing the main chain into smaller chains (shards). Shards enable the download and processing of small pieces of data on the network. Integrating sharding and a proof-of-state mechanism will scale up the Ethereum blockchain network 100 times.

Even as the Ethereum community waits for rollups and the benefits it will bring, they remain fully confident that sharding, whose implementation is in progress, will help overcome some of the challenges on the Ethereum network.

Ethereum 2.0. Will it be a worthwhile investment?

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