Vitalik Buterin, co-founder of Ethereum, has proposed initiatives to accelerate transaction processing on the Ethereum network. Despite transaction confirmations on Ethereum’s proof-of-stake consensus mechanism dropping to 5 to 20 seconds, the network requires approximately 12 minutes for a secure final confirmation. Buterin has highlighted the complexity of the current mechanism and advocates further improvements to enhance final confirmation processes.

To expedite network operations, Buterin suggests focusing on preliminary approvals such as SSF (single-slot finality), Based, and rollups. SSF, in particular, aims to maintain uninterrupted transaction confirmations with fewer validators online.

Layer-2 solutions back in focus

In addition to these proposals, Buterin recommends leveraging layer-2 networks to accelerate confirmations. Rollups are noted as crucial for quickly confirming transactions on the Ethereum mainnet, potentially requiring only a few validator groups.

This approach bears resemblance to the system in the Solana network, with Buterin proposing a penalty system for validators who fail to comply with agreements with users to ensure sustainability.

Acknowledging that his proposals are not perfect solutions, Buterin believes they lay a solid foundation for improving confirmation speeds in the near future.

Current status of Ethereum

Amidst a general market downturn, Ethereum has also been adversely affected. Delays in the Ethereum spot ETF process are highlighted as another negative factor affecting the Ethereum market.