Ethereum (ETH) Ready To Process 1 Million Transactions Every Second
One of the founders of the Ethereum, Vitalik Buterin claimed Ethereum will soon reach 1 million transactions per second. He said this when OmiseGO AMA meets. He said that a second layer of Sharding and Plasma will make the Ethereum able to process up to one million transactions per second. In addition, it has the potential to process more than 100 million transactions per second.
The problem of Scalability in the industry Blockchain
In some occasions, Buterin have created concern about the problem of scalability that faced with blockchain Ethereum. During an interview in the year 2017 with venture capital, Buterin Ethereum and say that Bitcoin can only do 3 to 6 transactions in a matter of seconds even when they are working at peak capacity.
He said that the blockchain must be able to process millions of transactions per minute if it supports large-scale networks such as Visa, the Nasdaq, and the Internet of Things.
In his words:
"Currently, Bitcoin can process about three transactions every second. Process the four transactions per second would require the full capacity. Ethereum able to handle five and six means working at peak capacity. However, services such as Uber do about 12 transactions per second, and Visa noted thousands of transactions per second while PayPal recorded hundreds of transactions per second. "<
In interviews recently, Buterin says that the developers are testing the second layer of the solution of the new scale on testnet. Ethereum may be able to support the application of large-scale decentralization.
Sharding Protocol created to divide the network into Ethereum blockchain fractions. Then the fragments will be equipped with node assigned to process information in specific fractions. All nodes on the Ethereum blockchain will not be required to process each piece of data.
Plasma will allow processing micropayment because it will create a small network in blockchain original for processing information more quickly.
Buterin believes that the combination of layers one and two layers of a solution will increase the scale of 10,000 x Ethereum.
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