Potential Ethereum Blockchain Soft-Fork Could Enable Scaling 10,000x
There is an Ethereum Soft-Fork that Would Scale its Network
Among discussions about the possibilities to scale Ethereum’s network, Vitalik Buterin and his developer team have proposed a new upgrade to the platform. The main intention is to change the system from Proof of Work (PoW), to Proof of Stake (PoS). Moreover, with sharding, which is a sidechain powered by PoW, the network would be speeding up the transactions.
Justin Drake, part of the sharding research team, said that there would be a small modification to the roadmap to include new proposals. In a reddit post, he wrote that they are considering slightly changes to the Ethereum 2.0 roadmap.
The main purpose is to skip Casper FFG, with 1500 ETH deposits, and change that to 32 ETH. This would help users to be part of the network, before, it would have been much more difficult for a normal investor to have 1,500 ETH, 32 ETH is a much better number.
Moreover, in a recent conference, Mr. Buterin said that Ethereum’s network could scale up to million of transactions per second once these upgrades are implemented.
“So if you get a 100x from sharding and a 100x from Plasma, those two basically give you a 10,000x scalability gain, which basically means blockchains will be powerful enough to handle most applications most people are trying to do with them.”
The Casper Friendly Finality Gadget was proposed by Vitalik and the developer team behind Ethereum, in order to create a hybrid proof-of-work / proof-of-stake system that would be more efficient than a completely Proof of Work.
In this way, the network will not have to fully depend on miners but it will be able to rely on ETH tokens that users hold on their wallets.
An important thing to mention is that the implementation will have a positive effect on the Ethereum’s network, but in the long term. Demand for tokens may increase and the amount of tokens generated be reduced, driving the price up.