Vitalik Buterin, co-founder of Ethereum, has introduced new proposals aimed at reducing transaction confirmation times, suggesting significant system improvements to enhance user experience.
In a blog post dated June 30, Buterin acknowledged that while Ethereum has seen substantial improvements compared to five years ago, there is still a need to further enhance transaction speeds. He emphasized the importance of reducing latencies for applications that require confirmation times on the order of “hundreds of milliseconds or even less.”
Single-Slot Finality (SSF)
Buterin proposed several methods to achieve faster transaction speeds, including the implementation of single-slot finality (SSF). SSF aims to replace the current complex slot and epoch architecture with a more streamlined process. However, Buterin noted the main challenge with SSF: “Naively, it seems to imply that every single Ethereum staker would need to publish two messages every 12 seconds, which would be a lot of load for the chain to handle.”
Preconfirmations with Additional Fees
Another innovative proposal involves “based preconfirmations,” a mechanism allowing users to offer additional fees for immediate transaction guarantees. The idea is to create a “standardized protocol” where users can pay extra fees to ensure their transaction is included in the next block. This mechanism can be utilized by any layer-2 solutions, such as Optimism, Arbitrum, or Base.
Comparative Block Times
Buterin highlighted the differences in block times between Bitcoin and Ethereum. Bitcoin’s expected block time is around 10 minutes, making it impractical for everyday payments. Bitcoin is increasingly viewed as a store of value rather than a payment solution. In contrast, Ethereum generates blocks approximately every 12 seconds, significantly faster but still slower compared to rivals like Solana, which achieves block generation in 0.4 seconds.
While a 12-second block time may be adequate for certain applications like Ethereum-based domains and some payments, Buterin recognized the need for even faster solutions. He pointed out that for those seeking lower latencies, the current slot-and-epoch architecture remains the most viable option.
Conclusion
Buterin’s proposals aim to address the ongoing need for speed in blockchain transactions, emphasizing the importance of reducing latency to improve user experience. As Ethereum continues to evolve, these enhancements could play a crucial role in maintaining its competitive edge in the blockchain ecosystem.
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