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In his latest tweet, Buterin has forecasted the success for the Layer 2 scalability of the Ethereum platform adding that there’s still some refinement and deployment left. However, Ethereum 2.0 launch has been delayed further owing to code bug.
All eyes of the crypto community are currently on the Ethereum 2.0 scalability solutions. Last week, we at CoinSpeaker reported that the Ethereum 2.0 release date could be postponed again. The main reason behind this is the detection of bugs in the new Ethereum 2.0 code. However, in the latest development, Ethereum co-founder Vitalik Buterin claims that the Layer 2 scaling solutions for the existing Ethereum network are on the right track.
While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment. A thread: https://t.co/30Dfr9XmFs
— vitalik.eth (@VitalikButerin) June 1, 2020
This statement comes at a time when the Ethereum platform is experience vulnerability to severe network congestion. Through May 2020, the Ethereum network was operating at 90% capacity. As a result, the transactions happen at a very high gas price. Also, the constant delays with Ethereum 2.0 release have caused uncertainties.
The Layer2 scalability solutions go beyond the upgrades of the Ethereum platform. However, it includes state chains, Zero-Knowledge Implementation, and the Plasma framework. For the deployment purpose, users and wallet providers have to choose these L2 solutions to carry out their applications. Buterin further added:
“The challenge is that users would need to have wallets where their coins are stored in a rollup (or plasma). This is an adoption challenge, not a technical challenge (CC @metamask_io@ethstatus…)”.
Matic Network Mainnet Goes Live
Just yesterday, Ethereum’s sidechain scalability solution Matic Blockchain announced its mainnet launch. This is the platform’s initial phase of the launch as Matic will choose some initial set of validators allowing them to launch their own Decentralized Applications (DApps).
The Matic blockchain uses a novel combination of Plasma-enabled sidechains and hybrid Proof-of-Stake (PoS). This allows developers to deploy decentralized applications (DApps) for faster and cheaper transactions.
Besides the Matic Network, Omise Network, Loopring, and others have been also working on Ethereum’s L2 scaling. Although these systems are more about payments and DEX, they contribute a large part of the Ethereum activity.
Ethereum has still some catching up to do ahead while moving into plasmas as it would require users to have their wallets in place. Note that the wallet provides and plasma need to ensure the security of L2 chains in their initial designs. In addition to Layer 2 scalability, Ethereum 2.0 will bring ‘sharding’ to increase the speed and capacity of transactions. Speaking on it, Buterin said:
“Look forward to the future of Ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line)”.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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