Ethereum co-founder Vitalik Buterin has hinted at new technologies that could drive faster transaction confirmation times for users. As shared in an extensive blog entryVitalik Buterin hinted that epochs and spaces would be the role models to help the Ethereum network stay competitive.
Ethereum co-founder Vitalik Buterin has hinted at new technologies that could drive faster transaction confirmation times for users. As shared in a long blog entryVitalik Buterin hinted at epochs and slots as reference models to help the Ethereum network stay competitive.
Ethereum needs fast transactions
In Buterin’s view, Ethereum is doing better than it was five years ago in terms of transaction finality metrics. The blockchain now averages 5 to 20 seconds for transactions, which compares well with its traditional financial competitors.
Alex DovbnyaHowever, with the slot and epoch architecture, the Ethereum co-founder argued that finality could be reduced to 16 seconds. While the protocol has worked hard to test this slot and epoch architecture, Buterin noted that further improvements are still needed to this technology stack.
Buterin noted that Ethereum has always created an enabling environment for its constituent protocols, such as layer 2, to create their own model for transaction confirmation. While this strategy has worked well and layer 2 solutions have proven to be faster, he believes it is time to ensure efficiency.
He remains optimistic about the future of the Ethereum blockchain and how advances in L1 transaction speed times can make life easier for L2 developers.
Matchmaking Competition
The Layer 1 blockchain space could be considered saturated, however, it has continued to evolve with each new entrant boasting improved capabilities. Ethereum’s main competitors, including Solana (SOL), Cardano (ADA), and Fantom (FTM), have advanced technology in terms of transaction speed.
Tomiwabold OlajideWhile Ethereum still dominates the DeFi ecosystem, new proposals to increase its confirmation speed could only help make it more attractive to users. Overall, if the developers of the Ethereum ecosystem can promote this new futuristic architecture, the biggest beneficiary will be ETH.
Combined with expectations of spot Ethereum ETF trading this month, there could be a massive surge in price going forward.
