Ethereum founder Buterin has started working on speeding up the network.

Ethereum co-founder Vitalik Buterin has proposed initiatives to accelerate transactions on the Ethereum network.
Ethereum founder Buterin has started working on speeding up the network.

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.

Ethereum founder Buterin has started working on speeding up the network.

While Bitcoin-centric declines continue in the crypto markets, Ethereum has also sustained losses, dropping nearly 4% yesterday and a further 3% today. As of the latest hour, ETH has retreated to the $3,100 range, significantly retracing gains from ETF-related momentum that began in early June.

In May, Ethereum surged from around $3,000 to highs near $3,900 following the SEC’s initial approval for a spot ETF. However, delays in the process and broader selling pressure across crypto markets have eroded those gains.

Source : investing.com

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