Vitalik gave a quick recap of the short and medium term of Ethereum Scaling. It provides for 1. Ultra-high scaling with sharding + rollups will be possible *in phase 1* 2. Sharding is NOT “cancelled” 3. Get on a rollup asap; you get 100x scaling even without eth2.
Vitalik.eth tweeted: “The original ETH2 roadmap was created with 3 phases: 0. PoS (this is the one that’s coming very soon) 1. Sharding of data, but not of computation (that is, the sharded chain will *include* ~2 MB/sec of data, but it will just be dumb data blobs, not txs) 2. Sharded tx processing.”
In Vitalik’s own words: Currently, we have ~15-45 TPS. Rollups offer a ~100x increase in throughput. Sharding offers a ~64x increase. These two stack multiplicatively; rollups *on top of* sharding offer a ~6400x (!!) increase in throughput.
But the roadmap has an interesting unintended artefact: sharded applications by themselves need phase 2. But sharded rollups only need phase 1, because rollups use the chain only for data, not for computation. So we will have all the tools we need for 6400x throughput quite soon!
So it’s not “rollups instead of sharding”, it’s “rollups on top of sharding”. That said, rollups are already here or coming soon even before sharding, and rollups without sharding still offer that 100x increase in throughput. So get on a rollup today!
Lightclients has a compelling take that rollups and sharding-of-tx-execution are actually *very similar* mechanisms. But this gets into more complicated theory and is further away from concrete consequences to applications.
Sydney Ifergan, the crypto expert tweeted: “Ethereum (ETH) is progressing. No matter what their back end issues and gas prices are, I see it is still many people’s favorite.”
The numbers of Ethereum Daily Active addresses have increased by 154% in Q3 when compared to Q2 2020. Summarily so far, there is a growth of around 1,519% year-on-year and around 300% quarter-on-quarter.
Year 2020 is the year of DeFi for Ethereum. It is expected that several major events are occurring and it is expected that Ethereum is set to be more important than now. Also, it is stated that the success of the DeFi ecosystem as being one that will be defined by the future of the governance token and yield farming craze.
Meanwhile one of the ETH users has raised a concern which goes like, in a world where everyone moves to L2, isn’t there a risk of destroying the value of Ether, hence compromising the security of the network as every L2 will simply use their native coin for gas?
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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