Salvation from the Cryptokitties hogging up the network successfully tested

Plasma protocol tested to provide near-instant Etherium transactions
28 December 2017   1596

By now everyone heard of Cryptokitties. The collectible game had taken Etherium network by storm and the popularity hasn't decreased since its launch in December 2017. And the point of the collectible game is to gather, trade, breed unique kitties and boast how much of them you have and how rare they are.

The problems arose on the first days since launch, because Cryptokitties utilize main Etherium network and, therefore, operations have to be computed alongside fund transactions. What have previously taken mere minutes to complete now has to wait for a break in kitty-actions. And kitties are quite a hungry bunch! They take up to 20% of total Etherium traffic by now. All of that leads to rise in gas prices, because users try to push their transactions for a faster confirmation.

But fear not, because salvation is near. Bankex is developing a new protocol – Plasma – to offload the transactions from the main chain, akin to Lightning/Raiden network. The underlying technology is quite simple – users have to transfer funds from main network to BANKEX daughter network and after that the company resolves any operations via a smart contract to remove the user-to-user operations from equation, so there wouldn't be any problems encountered in Raiden with their disputes between end users.

During the first test of Plasma protocol on Rinkeby network the transaction per second ratio was about 5 thousand, which is already 250 times faster than main Etherium network. The final working version of Plasma will support up to 100 000 transactions per second. And all of that at no cost!

So, fear not, the Kitties will be brought to heel and money will flow, just wait a little longer

We Need 100k Transactions\Sec, - Buterin

During the conversation with the head of Abra Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use
21 March 2019   122

The founder of Ethereum, Vitaly Buterin, expressed the opinion that for the network of the second most capitalized cryptocurrency, it is vital in the long run to achieve a throughput of 100 thousand transactions per second. It is reported by The Daily Hodl.

During the conversation with the head of Abra, Bill Barkhidt, Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use.

As far as the big problems, my top three at this point are probably scalability, privacy and usability. So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000.

Vitalik Buterin

Creator, Ethereum 

According to him, in the context of solving the problem of scaling, the Ethereum team has high hopes for sharding.

There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling. Layer-one scaling basically means improving the blockchain protocol itself to process a larger set of transactions. And the main bottleneck with blockchains right now is basically every user has to download the whole blockchain. Which basically means the blockchain can’t hold more transactions than one guy’s computer can store.

And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers. And this basically means that the blockchain can process way more things than one single computer can hold. And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road

Vitalik Buterin

Creator, Ethereum 

According to Vitalik, Ethereum developers also continue active work on second-level scaling solutions.

So there’s two major classes of systems we’re working on in this regard. One is called state channels. And there’s a bunch of teams working on this. There’s a team called L4 in Toronto that’s done some really good work. And another project is Plasma. And there’s a lot of work that’s been done on that. OmiseGo is this decentralized exchange that’s building on plasma. There’s TheMatter. There’s more and more of these projects. And then, there’s one of our researchers, Karl Floersch, who has been working on implementation of a reasonably complete Plasma prime specification, which is the latest version of Plasma – which has some really cool features in terms of increasing scalability and reducing the amount of data you have to store.

Vitalik Buterin

Creator, Ethereum 

Discussing the problem of scaling, Buterin mentioned Bitcoin. According to him, developers should achieve a significant increase bandwidth of Ethereum network. Otherwise, the second cryptocurrency capitalization will not be actively involved in everyday transactions and a significant market share will remain behind BTC.

If Bitcoin wishes to just be a store of value, then realistically it’s probably fine, though I think they should switch to proof-of-stake. If they want to actually be a currency that people use for transactions, then I do think base-layer scaling, and also speeding up the blockchain and reducing block times at the base layer, is also something which is very important.

Vitalik Buterin

Creator, Ethereum 

On the last day of winter hardfork Constantinople hardfork took place on the Ethereum network.