The creator of Ethereum, Vitalik Buterin, is sure that the leading Blockchain platform in smart contracts will be able to process more than 3,000 TPS.
The milestone proposed by Buterin would be achieved after a series of improvements called Istanbul (the next hard fork in the network) are implemented.
Istanbul will allow 3000 TPS
According to The Daily Hodl, the expected update of Ethereum will be launched in early December and according to Buterin, Istanbul will allow 3000 TPS. As a start, the first phase of it (the 6 changes of the EIP code) had been planned for October, leaving the activation of the mainnet by 2020.
The six EIP code changes include a reduction in data transmission costs for your transactions (EIP-2028) and the inclusion of a new algorithm for ETH mining (ProgPoW); all framed in their plans to develop version 2.0. of the protocol.
In a tweet, cited in turn by The Daily Hodl, Buterin described, apart from the aforementioned objective, some of the updates that are about to reach the blockchain.
- Abstraction of accounts and wallets of smart contracts of first class.
- Proof of participation Casper.
- Lightweight clients efficient in resources.
- Cumulative optimization for more than 3000 TPS after Istanbul.
- Non-interactive ZKP for privacy and scalability.
- Your participation will be rewarded.
- Many more TPS after fragmentation.
On the other hand, says the media, Buterin is updating a list of what he believes are some of the most difficult problems facing the cryptocurrency space.
The list was first published in 2014. Five years later, Buterin is reviewing his entries, which cover various topics such as mathematics, computer science and economics, and analyzes the progress, or lack thereof, made in each from them.
Also, Buterin highlights the crypto industry’s efforts to implement participation tests and new privacy measures, as well as to create stable currencies (stablecoins) that maintain their value.
Some entries in the 2019 list overlap with your previous list, including crypto obfuscation, oracles (decentralized success metrics), unique human identities (anti-sybil systems) and reputation systems.
The topics included in 2019 are:
- Post-quantum cryptography (Work in progress): based on both hash and ‘structured’ structured post-quantum mathematical objects.
- Anti-collusion infrastructure (Work in progress) and refinement, including the addition of privacy against the operator, the addition of multi-party computing in a most practical way, etc.
- Homomorphic encryption and multi-party computation: continuous improvements are still required for practicality.
- Decentralized government mechanisms: DAOs are great, but the current ones are still very primitive; “We can do better,” he says.
- Formalize responses to 51% PoS attacks: work in progress and refinement.
More sources of public goods financing: the ideal is to charge for congestible resources within systems that have network effects (for example, transaction fees), but doing so in decentralized systems requires public legitimacy; Therefore, this is a social problem together with the technician of finding a possible source.
“In general, the problems of the base layer are slowly but surely decreasing, but the problems of the application layer are just beginning.”