Ethereum co-founder, Vitalik Buterin, has unveiled innovative strategies to boost Ethereum transaction confirmation times. His unique approach seeks to finalize every transaction block ahead of creating the subsequent one, greatly reducing confirmation times and enhancing user experience.
In the crypto landscape, Ethereum has traditionally lagged in terms of transaction speed. Although the infamous Merge managed to cut down transaction times to 5-20 seconds, other blockchains still outpace Ethereum. A CoinGecko report released in May 2024 highlighted Ethereum not featuring in the top ten fastest blockchains, with Solana, SUI, and Binance Smart Chain taking the lead.
Buterin’s innovative approach named the ‘single-slot finality’ is set to revolutionize transaction confirmation times on the Ethereum network. The older ‘Gasper’ consensus used by Ethereum required about 12.8 minutes to finalize transactions, but the new method could potentially cut this waiting time significantly short. According to Buterin, the motivation behind this change is the complexity and lengthiness of the current approach, which inconveniences users who have no patience to wait.
With the markets eying the potential approval of the Ethereum spot exchange-traded fund (ETF) in the US, the necessity for enhanced transaction speeds becomes more vital. Investors are meticulously observing the cryptocurrency’s competitive arena, where Ethereum is presently valued at $3,389, marking a 1.24% rise in the past 24 hours.
Buterin is keen on employing ‘Layer 2’ solutions, which use smaller validator groups to expedite transactions, thereby freeing up Ethereum’s main layer to concentrate on fundamental responsibilities, such as security and resistance to censorship. Moreover, he is proposing a ‘fee-based’ confirmation system, where users can pay extra for immediate transaction confirmations, and any failures in inclusion in the next block will result in penalties to maintain dependability.