Ethereum can achieve a million transactions per second

Buterin believes that Ethereum can process up to a million transactions per second, using second-layer solutions
04 June 2018   1322

One of the main disadvantages of crypto have long been the slow transactions. Developers are constantly trying to find ways to speed them up and reduce the transaction and confirmation time. Vitalik Buterin, Ethereum co-creator, has claimed that Ethereum can reach a million transactions per second, using second-layer solutions such as Sharding and Plasma.

During the new OmiseGo AMA session Vitalik Buterin has once again expressed his beliefs that Ethereum blockchain can process up to a million transactions per second by utilizing second-layer solutions.

For those new to the topic, Plasma allows Ethereum to handle “micropayments” on child blockchains, and Sharding divides the blockchain network into sections, or “Shards” as they are called, which simplifies the processing of the new data on the blockchain by the nodes. Theoretically, each of this solutions can provide a scaling by factor of 100, if implemented.

In the Buterin's opinion, layer 1 and 2 networks are complementary, because the scalability gains are multiplied, if the approaches are stacked, instead of developers competing against each other to see whose approach is better.

“If you have a Sharding solution, the Sharding solution itself might increase the scalability of Ethereum by a factor of 100, or eventually even more. But then, if you do Plasma on top of the scalability solution, then what that means is, you’re not just doing 100 times of the amount of activity but you are doing 100 times the amount of entrances, the amount of exits, and despite resolutions. So if you get a 100x from Sharding and a 100x from Plasma, those two basically give you a 10,000x scalability gain, which basically means blockchains will be powerful enough to handle most applications most people are trying to do with them”, Buterin said.

This line of thought is not new for him, he has already mentioned the same thing during 2017 Disrupt SF Conference when speaking with venture capital investors.

SK Group to Invest $10M in ConsenSys

SK Group chairman and the 3rd most wealthy man in country believes digital technologies will play an important role in the further development of the company
03 July 2019   294

SK Group has invested $ 10 million in leading Ethereum-based solutions developer ConsenSys. This is reported by the local news agency Chosun.

As noted, in his today's speech at the technology event in Seoul, the chairman of the board of SK Group and the owner of the third largest fortune ($ 3.4 billion) in South Korea Chey Tae-won expressed his interest in the blockchain technology and the tokenized economy, expressing also the opinion about the need for digitalization of approaches practiced by traditional businesses.

According to him, digital technologies will play an important role in the further development of the SK Group.

It is also reported that in February of this year, the telecommunications division of the conglomerate SK Telecom entered into a partnership agreement with Deutsche Telekom to create a blockchain solution for customer identification.

In April of this year, the media passed information that ConsenSys is going to attract $ 200 million in funding from outside investors with a market valuation of $ 1 billion. To this end, the company began distributing presentation materials to Chinese investors. They say that ConsenSys expects to receive $ 50 million in revenue this year, mainly due to contracts with corporate clients and government agencies.