Cryptocurrency

ETH Zurich is better than VISA: How this solution massive spread for Ethereum could trigger

Ethereum fort had a couple of miserable years in terms of the price, however, the development of the world’s largest platform for Smart Contracts and dApps is progressing rapidly. Speed and scalability are the key for mass application – and a solution to this is already in development.

Ethereum development is progressing swiftly

Ethereum power struggles in the years 2016 and 2017 has been replaced by cooperation and Alliance formation, as an article by Barry Silbert describes, the founder and CEO of “Digital Currency Group”.
Last month Matt Labs has published a detailed report entitled “the missing link in the chain of the mass use of Ethereum”. Jeremy Allaire, CEO of Circle, is convinced that This is a big win for the stable coins of Ethereum.

“ZK Rollups are now possible and allow Layer 2 scaling on Ethereum, which supports up to 3000tps (more than Visa), where decentralisation and privacy are maintained.”

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The concept States that A successful scaling solution must include the ability of the system to meet the requirements of millions of users, without sacrificing decentralization. Not achieved this so far, actually, since most of the public block chains are still largely experimental, and virtually unused.
Ethereum co-founder Vitalik Buterin has emphasized in the past already: It is impossible that a Blockchain provides scalability, security, and decentralization. He argues that a Blockchain has a maximum of two of these properties.

Recent advances in Zero-Knowledge Proofs, however, have opened new possibilities in this area. ZK is a cryptographic Protocol that allows a party to another party may prove that it knows a value of something without you except for the fact that she knows the value of, any information.

More transactions than VISA

According to the researchers, a solution by the name of ZK Sync’s to bring a throughput of Thousands of transactions per second in the Ethereum network that is better than VISA speed.
ZK Sync is based on the ZK Rollup architecture, a Layer 2 scaling solution, in which all funds are held in a Smart Contract on the main Chain, while the calculation and storing the off-chain.
In addition, the funds will remain as secure as the underlying Layer-1 accounts, in addition, a high degree of censorship resistance is maintained.

“Another important aspect of the Protocol is its extremely low latency: transactions in ZK’s Sync offer immediate economic finality.”

The Devnet for the ZK Sync v0.1 is live. 2020 are likely to arise further scaling solutions for Ethereum, since the Migration to the proof-of-Stake consensus gets underway.
At the Moment it is with Ethereum in this respect, as most crypto-Assets, as it is mainly used for speculation in markets that are predominantly driven by Daytradern for the quick Profit.
Scaling solutions such as this – the address, the Blockchain-a Trilemma – are the next step in the direction of Web 3.0, decentralized Finance, and Mainstream adaptation for Ethereum.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.