Vitalik Buterin, co-founder of Ethereum, has detailed fresh strategies to improve transaction confirmation times on the Ethereum network. In a recent blog entry, Buterin suggests a pioneering method where each block is finalized before the subsequent one is created, with the goal of significantly enhancing transaction confirmations and overall user experience.
Buterin is aiming to accelerate Ethereum transactions
In the past, Ethereum has not been a leader in transaction speeds compared to other blockchain networks. Even after the Merge, where transaction times have reduced to 5-20 seconds, Ethereum remains slower compared to chains that can process transactions twice as fast.
According to a May 2024 report from CoinGecko, Ethereum does not rank in the top 10 for fastest chains. Solana, SUI, and Binance Smart Chain are currently at the forefront in terms of transaction speed.
Vitalik Buterin is proposing a new method called single-slot finality to enhance Ethereum’s transaction processing. Currently, Ethereum’s Gasper consensus takes approximately 12.8 minutes to finalize transactions, but single-slot finality aims to significantly shorten this waiting period.
“Over the last couple of years, we’ve become increasingly uncomfortable with the current approach. It’s complex, prone to interaction bugs between voting mechanisms, and the 12.8-minute wait is too long,” Buterin emphasized.
Improving transaction speed is crucial as markets anticipate Ethereum spot exchange-traded fund (ETF) approval in the US, with investors closely watching the cryptocurrency’s competitive position. Ethereum is currently trading at $3,389, marking a 1.24% increase over the past 24 hours.
Buterin is also advocating for the use of layer 2 solutions, specifically rollups with preconfirmations, which expedite transaction processing by utilizing smaller groups of validators. This approach allows Ethereum’s main layer (L1) to focus on core functionalities such as stability, censorship resistance, and security. Layer 2 aims to enhance user experience, accelerate transactions, and cater to diverse requirements.
Recognizing the persistent demand for faster transaction speeds, L2 solutions are developing their own frameworks for rapid transaction confirmation. Buterin acknowledges the complexity of this process, likening it to constructing an entire blockchain layer.
Another proposal involves introducing priority-based confirmations, where users can pay additional fees for immediate transaction validation. This system relies on Ethereum proposers to ensure inclusion in the next block, with penalties imposed for failure, thereby enhancing reliability.
