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   457

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.

Prime Trust to Launch Custody Service for Crypto

CEO claimed his company will be the first to offer custody for any ERC-20 tokens
15 August 2018   182

Prime Trust announced the launch of the cryptocurrency custody service. This is reported by the Coindesk.

It became known that as early as the middle of July, the bitcoin storage service became available to customers, and next week support for Ethereum and ERC-20 tokens will be added.

In cryptographic storages, the access key to the wallet is stored either on a secure device not connected to the network or on paper in a safe.

Recently, information has appeared that several financial market mastodons, including Goldman Sachs, Northern Trust and Intercontinental Exchange, plan to provide custodian services for cryptocurrencies. However, according to Prime Trust head Scott Purcell, they were able to get ahead of the above-mentioned organizations.

They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast. "We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course).

Scott Purcell

CEO, Price Trust

Also, Scott notes that Prime Trust will be the first company to offer any ERC-20 tokens storage services.