Key Points
- Ethereum is working on solutions to speed up transaction confirmations to 5-20 seconds.
- Proposed solutions include single slot finality (SSF), Rollup Confirmation, and Based Preconfirmation.
Ethereum co-founder Vitalik Buterin recently revealed in a blog post that his company is striving to enhance its user experience by accelerating its network speed. This would decrease confirmation times to between 5 and 20 seconds. The primary solution Ethereum is considering to tackle this speed issue is the implementation of single slot finality (SSF) for transaction confirmation.
Single Slot Finality and Its Challenges
SSF seeks to alter the existing slot-and-epoch system, making it more akin to the Tendermint system. In this system, one block is secured before the next one is generated. The chief advantage of SSF is that it hastens the duration it takes for a transaction to be deemed final, potentially to as little as 12 seconds.
However, SSF comes with its own set of challenges. It might necessitate each individual staking Ethereum to send messages every 12 seconds, which could put a significant load on them. To address this, Buterin proposed the use of Orbit SSF. The goal of Orbit SSF is to decrease the number of validators required to sign off on each block. Buterin noted that while this method could speed up ‘finality’, users would still need to wait for 5 to 20 seconds.
Additional Solutions: Rollups and Preconfirmations
In addition to SSF, Ethereum is also exploring other solutions to boost its network speed, such as Rollup Confirmation. Ethereum has both layer one and layer two blockchain. L2 users can construct their own decentralized sequencing network, which can provide users with quicker confirmation times.
Another proposed solution to address this issue is Based Preconfirmation. This solution aims to leverage the block proposer by offering them a special service that gives users preconfirmations of their transactions.
Balancing decentralization and user experience is a challenge Ethereum faces. Buterin stated that if the blockchain network implements SSF, Orbit-like techniques could reduce the number of validators. This could also assist the network in achieving its goal of reducing its current staking minimum of 32 Ethereum.
Buterin acknowledged the complexity the block proposal could face in the new upgrade. However, he affirmed that the company will continue working on creating more options for its users.
