Ethereum may be the second-ranked cryptocurrency with regards to market capitalisation. However, it is proving to lose out to many in the cryptocurrency race.
From Ripple’s XRP taking over the second spot thanks to its revolutionary technology helping banks with cross-border transactions to Tron’s Virtual Machine leading the way for dApp development, Ethereum is facing issues in every angle.
Vitalik Buterin, being the genius has recently explained his latest way of solving Ethereum’s scalability issue on Ethereum’s research forum.
According to Buterin the method of zk-snarks will help Ethereum scale to 500 transactions per second (TPS) without layer two scaling solutions such as Plasma or Raiden.
“We can actually scale asset transfer transactions on ethereum by a huge amount, without using layer 2s that introduce liveness assumptions (eg. channels, plasma), by using zk-SNARKs to mass-validate transactions.”
Buterin went on to explain the method of a relayer node to perform the transaction which will make it faster-
“Anyone can be a relayer; there is no assumption of even an untrusted special ‘operator’ existing.” The node setup is estimated to lead gains of “~24x for ETH transactions and ~50x for ERC-20 transfers.”
It is already seen that people are getting frustrated with Etheruem’s scalability issues. Afri Schoedon, the communications officer at Parity recently tweeted about the slow deployments to dApps.
It led to Justin Sun, taking advantage over Ethereum and tweeted that Tron is ideal for dApp developers given its speed and compatibility given its Virtual Machine allowing any programming language.
Yes! Please stop deploying d-apps to Ethereum and migrate to #TRON network immediately! We are 100x faster than #ETH and fully compatible with #ethereum. We 100% guarantee better user experience! #TRX $TRX https://t.co/gRCtOC0rIS
— Justin Sun (@justinsuntron) September 24, 2018
Ethereum is facing a massive backlash from its scalability issue with not only Tron but EOS too becoming developers favourite for dApp development.
Reddit user,’cryptodmoney’ explained that ZCash has an added benefit if Ethereum uses its features such as zk-SNARKS-
This is a great chance for ZCash to get bigger if Ethereum Foundation decides to implement some ZCash’s features into ETH. Go ZEC.
Zk-SNARK is explained as ‘Zero-Knowledge Succinct Non-Interactive Argument of Knowledge’ which refers to a proof construction where on can prove possession of certain information. For example a secret key without revealing information or interactions.