The Ethereum creator, Vitalik Buterin offers a new scaling solution for the ever-increasing huge transaction fees on the Ethereum network, as we are about to read more in the Ethereum news today.
The median transaction fees on Ethereum just hit a new high in almost two years as the network had a hard time operating under heavy congestion. In the meantime, Vitalik Buterin offers a new solution as he proposed on June 30, that the network will have to make do with the current scaling solution for the next two years. This is until his new plan for Ethereum 2.0 will finally come into play.
In the 48 hours that lead to the June 30 announcement, the median transaction fee on ETH blockchain increased by a stunning 60% from $0.23 to $0.37 according to the data from BitInfocharts. Despite the sudden increase, it only marks the continuation of the trend which was seen as the ETH transaction fees increasing by 510% since the turn of the year when the fees reached $0.06. When calculating average transaction fees, the sum of all of them is divided by the number of transactions. This can be a little misleading in order to find the typical cost of using Ethereum since the few bigger transactions can boost the number up.
The median fee gives a better idea of what kind of fee is paid on a regular basis by the users. in this case here, the increase in median transaction fees shows that the cost of using the network is increasing every day. it could also be a sign that more people are using Ethereum on a ground level. this can be confirmed by data that shows a 140% increase in the number of transactions since the year started, coupled with a steady decrease in the average ETH transaction value of 2018.
ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1). Adjust accordingly.
— vitalik.eth (@VitalikButerin) June 30, 2020
During the slowly rising cost of using ETH, the creator of the blockchain Vitalik Buterin gave some more information about his new plane. He offered his technical opinion on how Ethereum can scale in the short term:
“ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1). Adjust accordingly.”
Ethereum 2.0 will be able to scale and to handle bigger quantities of data so the technology known as ZK-rollups will be used as a stop-gap in the following two years.
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