Bitcoin, Crypto currency, Blockchain

Ethereum could process one day, one Million transactions per second

The ongoing scaling debate within the Ethereum ecosystem has already led to heated international debates. Vitalik Butern recently pointed out that with the scaling solutions, Sharding, and Plasma may be up to a Million transactions per second processed.

The founder of Ethereum, Vitalik Buterin, in a recently held OmiseGo AMA Meetup that with the already in-development-scale solutions for Sharding and Plasma up to one Million transactions per seconds can be processed. The potential is even higher and amounts to, according to Buterin up to 100 million transactions per second.

Buterin explained at a conference last year, it was necessary to in the long term, with major companies such as Visa or PayPal to keep up and this eventually replace the (freely translated):

Currently, Bitcoin can handle approximately three transactions per second. The processing of four transactions per second would require the full capacity. Ethereum is in a position to have five to six hands, which means that with peak performance. A service like Uber but performs about 12 transactions per second, and Visa records thousands of transactions per second, while PayPal records hundreds of thousands of transactions per second.

The Sharding Sharding is that the Ethereum Blockchain will be divided into many segments so that transactions can be faster and more effective processing. At the time, each Node stores in the network all the information. While this provides a high level of security, however, has the disadvantage that it limits the scalability. Sharding is based on exactly this point, and divided all the information into so-called Shards. As a result, certain Nodes will need to edit only a subset of the Shards.

Plasma is a Second Layer solution that works completely On-Chain, and the number of transactions per second is greatly to increase. Through the combination of all the scaling solution ( First Layer and Second Layer solution), according to Buterin is possible to increase the number of processing transactions per second as well as the speed of the network in total (freely translated):

If the Ethereum Blockchain to get a Upgradge from 100x of Sharding and 100x of Plasma, to give you these two, basically, a 10,000-times the scalability of profit, which basically means that Blockchains are powerful enough to handle most of the applications that perform the majority of the people.

The interview with Vitalik Buterin is 35 minutes and the see is really worth it. We have built for all those interested in the YouTube video below.

As we already reported, is progressing the development of Sharding and Plasma, however, there is still no exact time horizon for the next steps to the final implementation of both solutions.

The course of Ethereum moves within the last 24 sideways with a small decline of -2,26% to a price of 516,99 Euro Per Coin.

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