Vitalik Buterin Proposes New Approach to Speeding Up Transactions on Ethereum Blockchain
Vitalik Buterin, the co-founder of Ethereum, has shared a new approach to speeding up transactions on the blockchain, which could significantly reduce transaction confirmation times in the first layer of the network (L1) from seconds to milliseconds. In his latest essay, Buterin proposed transitioning from the current epochs and slots mechanism to a more efficient single-slot finalization (SSF) system. This concept aims to tackle key issues associated with the existing model.
Transition from Proof of Work to Proof of Stake
Since The Merge hard fork, which saw Ethereum transition from the Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, transaction confirmation times in the main network have decreased to 5-20 seconds. This figure is already close to credit card payment speeds, but Buterin believes there is significant potential for further speeding up operations.
Proposed Changes to Architecture for Increased Throughput
One of the proposed ways to increase throughput is by changing the architecture of slots and epochs. In the current model, slots are 12-second intervals during which a randomly selected validator has the right to include a block in the network. Every 32 slots form one epoch. While this model has proven effective, Buterin believes it has certain limitations related to block creation times.
Introduction of Single-Slot Finalization System
Buterin noted that the current slot voting and finalization system are becoming less convenient for the Ethereum Foundation, as this system is prone to multiple errors and can be extremely cumbersome. As a result, block finalization takes about 12 minutes, significantly slowing down the process. To address these issues, Buterin proposed replacing the existing model with a single-slot finalization (SSF) system.
Challenges and Development of SSF System
SSF has several key differences from existing solutions like Tendermint. One of the main differences lies in the retention of the «liveness leak» mechanism, which allows the blockchain to continue functioning and recovering even if more than one-third of validators are temporarily offline. However, SSF is still in the development stage and may face certain challenges, such as increased network load. To address these issues, a proposal called Orbit SSF is being developed, but it is still in the early stages and requires further study and testing.
Enhancing Scaling Capabilities for Improved Efficiency
Buterin emphasized that enhancing scaling capabilities will be highly beneficial for both first-layer (L1) and second-layer (L2) users. It will also streamline the work of developers creating scalable solutions for blockchains. In his previous work, Buterin also discussed ways to apply cryptocurrencies in everyday life, including using zero-knowledge proofs (ZKP) mechanisms for identity verification, account data, and reputation.
Conclusion
It is worth noting that in May of this year, Vitalik Buterin expressed wishes for architectural changes in the Ethereum blockchain, proposing a series of changes that could improve the functionality and efficiency of the network.
