Vitalik Buterin Proposes a Way to Make Ethereum Lighter
- Ethereum co-founder Vitalik Buterin has plans to make the network lighter to improve performance
- Buterin proposes to achieve this by reducing the number of signatures needed to sign a transaction
- Buterin believes that reducing the number of signatures will decrease Ethereum’s technical demands
Ethereum co-founder Vitalik Buterin continues to come up with ways to improve the network with plans to make it lighter being his latest proposal. Despite the network shifting to a proof of stake (PoS) consensus mechanism, Buterin thinks that Ethereum can be enhanced further by reducing the number of signatures required to sign transactions on the network. Buterin believes that slashing the number of signatures needed makes the network lighter and simpler, something that may reduce reliance on scaling platforms.
A Simpler, Lighter Ethereum
According to Buterin, the blockchain processes roughly 28,000 signatures per slot, which is brought about by the 895,000 validators currently securing the protocol.
A PoS simplification proposal: make a design that only requires 8192 signatures per slot (even with SSF), making the consensus implementation considerably simpler and lighter.https://t.co/Z8mK7vZx7g
— vitalik.eth (@VitalikButerin) December 27, 2023
Buterin wants to reduce the number of signatures to 8192 per slot to make the “consensus implementation considerably simpler and lighter.”
The Ethereum co-founder proposes to achieve his plans in three ways. One way is to rely on decentralized staking pools giving more power to pools supporting participants with few ETH staked.
Secondly, the network may choose to embrace a tiered staking system supporting light and heavy staking. With this approach, “for a block to finalize, both the heavy layer needs to finalize it and the light layer needs to have [at least] 50% of online light validators attest to it.”
Rotating Participation
The third way through which Buterin thinks that Ethereum can become lighter is by using rotating participation. This involves choosing 4096 validators for each slot and adjusting the list of validators for each set.
Buterin’s thoughts come a week after the EthereumPow team disclosed that they’ll be parting ways to achieve full autonomy, leaving the project in the hands of a DAO.
Although Buterin’s idea of making Ethereum lighter is just a proposal, it’s likely to be embraced by the community due to its viability.
Vitalik Buterin, the co-founder of Ethereum, has been at the forefront of innovation in the cryptocurrency space since the inception of the Ethereum network. Recently, Buterin proposed a new method to make Ethereum lighter, which could potentially improve its performance and scalability. In this article, we will delve into Buterin’s proposal and its potential impact on the cryptocurrency industry.
Background on Ethereum
Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It was proposed by Vitalik Buterin in late 2013 and development was crowdfunded in 2014, with the network going live on July 30, 2015.
Ethereum has gained widespread adoption and has become the platform of choice for many developers due to its robust functionality and flexibility. However, as the network has grown, it has faced challenges related to scalability, with issues such as network congestion and high gas fees becoming increasingly prevalent.
Vitalik Buterin’s Proposal
In response to the scalability challenges faced by Ethereum, Vitalik Buterin proposed a new method to make the network lighter and more efficient. This proposal revolves around the concept of “sharding”, which involves splitting the Ethereum network into smaller partitions called shards.
Sharding is not a new concept, and it has been proposed as a potential solution to the scalability issues faced by blockchain networks. However, implementing sharding on a live blockchain network like Ethereum presents significant technical challenges.
Buterin’s proposal outlines a novel approach to implementing sharding on Ethereum, which involves dividing the network into smaller, more manageable pieces that can operate independently. This would allow for parallel processing of transactions, significantly improving the network’s throughput and scalability.
Benefits of Buterin’s Proposal
Vitalik Buterin’s proposal to make Ethereum lighter through sharding offers several potential benefits for the network and its users, including:
Improved Scalability: Sharding could significantly increase the number of transactions the Ethereum network can process per second, addressing one of the most pressing challenges faced by the network.
Reduced Gas Fees: With improved scalability, gas fees on the Ethereum network could potentially decrease, making transactions more affordable for users.
Enhanced Performance: Sharding would enable the network to handle a larger number of transactions without sacrificing performance, leading to a smoother and more efficient user experience.
Increased Decentralization: Sharding could also improve the overall decentralization of the Ethereum network by allowing more nodes to participate in the validation of transactions.
Practical Tips for Users
While Vitalik Buterin’s proposal to make Ethereum lighter through sharding holds promise for the network’s future, there are practical tips that users can follow to navigate the current challenges related to scalability and high gas fees:
Optimize Gas Prices: Users can optimize their gas prices by choosing the right gas fees for their transactions, ensuring that they are not overpaying for network usage.
Utilize Layer 2 Solutions: Layer 2 scaling solutions, such as rollups and sidechains, can offer lower fees and faster transaction times for Ethereum users.
Stay Informed: Keeping up to date with Ethereum’s development and upcoming upgrades, such as Ethereum 2.0 and Buterin’s sharding proposal, can help users adapt to changes and make informed decisions.
Conclusion
Vitalik Buterin’s proposal to make Ethereum lighter through sharding has the potential to significantly improve the network’s scalability and performance. As Ethereum continues to evolve, it is essential for users to stay informed and adapt to changes in the ecosystem. With Buterin’s innovative approach, Ethereum stands to become a more efficient and user-friendly platform, paving the way for broader adoption and continued growth in the cryptocurrency industry.
Recommend0 recommendations Published in Ethereum
This could be a game-changer for Ethereum’s scalability!