The technology presented by Zcash (ZEC/USD) cryptocurrency can help the Ethereum network to scale, said the platform founder Vitalik Buterin. According to him, thanks to the zk-SNARKs technology, Ethereum can scale "to a huge amount" and process up to 500 transactions per second without having to resort to the second-level solutions, such as Plasma or Raiden.
The proposed technology allows packing of large data packets into the so-called compressed proofs that maintain a constant size regardless of the number of input values.
The developer described a method that includes a relayer node, that is, a computer that collects transactions and receives transaction fees for it. Buterin expects that his scheme will allow optimizing ETH-transactions by 24 times, and ERC20-tokens transactions - by 50 times.
"I understand that the above requires some quite heavy duty computing work on the part of the relayers." he wrote."But at this point, it’s widely known that optimizing SNARK/STARK provers is super-important so I’m sure there will be more and more software engineering work going into it over time."
Earlier, it was reported that the hash rate of the Ethereum network for the last month decreased from 294 TH/s to 246 TH/s, returning to February levels. This is the sharpest decline in the indicator, not only this year but also since the launch of the blockchain in 2015.
Following the words said by the Ethereum creator, Zcash cryptocurrency, the technology of which Buterin offers to adopt, showed a sharp rise gaining in price approximately $13 in 10 minutes. Currently, the value of Zcash has seen a slight correction, by the time of publication trading at $139.34 and showing 6.93% growth overnight.
WHY IS IT IMPORTANT?
- The search for new solutions for scaling Ethereum occurs at a time when the cryptocurrency network continues to experience increased loads from users. As such, recently the developer of Parity client for Ethereum Afri Schoedon urged to stop "deploying d-apps to Ethereum."
- Buterin, in his turn, argues that the scaling solution using zk-SNARKs can reduce the pressure experienced by the Ethereum blockchain system. He also noted that the collection of transactions according to the method he proposed requires the allocation of a large amount of computing power, but the technology can improve in the future.
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