IDEX Reports the Development of an Infinite Solution to Ethereum Scalability
IDEX is a popular decentralized platform on the crypto exchange market. It is accountable for an excess of all decentralized transactions of the crypto market. Recently, the platform had reported to developed a “scaling solution” that is said to be limitless in the trading of Ethereum.
Transactions are now Faster by 1,000 Times
In the email that Cointelegraph got from IDEX, the decentralized exchange platform had explained it better. It said the system which it named O2Rs or Optimized Optimistic Rollups achieves a transaction finality in exactly 10 minutes. The company went further to state that the O2Rs is approximately 1,000 times quicker than ORs. ORs basically stands for Optimistic Rollup (OR) and it was developed by the Plasma Group.
Whereas the Plasma Group had been an establishment that was created by the Ethereum Scalability development organization. The ORs achieve a blockchain transaction finality in about two weeks.
Roll up solutions typically carry out their scaling by doing their computations of the blockchain network. The results are later pushed back to the network after completion. Some form of analysis is done to ensure the legitimacy of the data published back on the chain.
This is achieved by its and O2Rs through getting validators to analyze this data that is being published.
The Possible uses of the new System are Numerous
This newly discovered technology comes with a large number of applications. The distinct feature among both O2Rs and it is the fact that O2Rs only tend to publish its data off-chain. It is kept this way, except there is a need to validate the data being published. Due to the change in the method of publishing the block finality, this new system now has the potential of limitless scalability. Furthermore, it is able to carry out bigger and higher-level applications.
O2Rs is the New Solution for Payment and Token Transfer
The CEO of IDEX, Alex Wearn had made a suggestion through twitter recently.
11/ Point of Sale payment system – O2 Rollup enables a service provider to support non-custodial payments with a scalable network that can match the throughput of visa. The provider can guarantee instant transfers for fast checkout times with no risk of settlement failure.
— Alex Wearn (@AlexWearn) November 6, 2019
He also said that this solution would allow for immediate and free exchanged of tokens from video games. The tokens are digitized as Non-fungible which implies that they cannot be exchanged.
But Scalability causes Blockchain Congestion
Arguably, the scalability of a system is the main reason it would not be adopted in a blockchain. Because during the period of heavy traffic, the blockchain tends to scale up the transaction prices. Or alternatively, they tend to stop processing the transactions altogether. A news snippet is being circulated around today by Cointelegraph. It had stated that the blockchain operated by EOS is currently under heavy usage because EIDOS is conducting its token airdrop. So these airdrops typically generate lots of simultaneous transactions. This is the reason that the EOS blockchain got jammed.