Ethereum cofounder Vitalik Buterin has hinted at new technologies that might fuel faster transaction confirmation times for users. As shared in a lengthy blog post, Vitalik Buterin hinted at epochs and slots as the go-to models to help the Ethereum network stay competitive.
Ethereum needs speedy transactions
In Buterin's view, Ethereum is better off than it was five years ago in terms of transaction finality metrics. The blockchain now averages 5 to 20 seconds for transactions, which compares well with its traditional finance competitors.
Epochs and slots all the way down: ways to give Ethereum users faster transaction confirmation timeshttps://t.co/lfCXrFm6A1
— vitalik.eth (@VitalikButerin) June 30, 2024
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However, with the slots and epochs architecture, the Ethereum cofounder argued that finality could drop down to 16 seconds. While the protocol has worked hard to pilot this slot and epoch architecture, Buterin noted that more improvement to this tech stack is still needed.
Buterin noted that Ethereum has always created an enabling environment for its constituent protocols, like layer 2, to create their own model for transaction confirmation. While this strategy has worked well, with layer-2 solutions proven to be faster, he believes it is time to guarantee efficiency.
He remains optimistic about the future of the Ethereum blockchain and how advances in transaction speed times on L1 can make the lives of L2 developers easier.
Matching competition
The layer-1 blockchain space might be considered saturated, however, it has continued to evolve, with each new entrant boasting of enhanced capabilities. Ethereum’s key competitors, including Solana (SOL), Cardano (ADA) and Fantom (FTM), all boast advanced technology in terms of transaction speed.
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While Ethereum still dominates the DeFi ecosystem, and the new proposals to increase its confirmation speed might only help make it more endearing to users. Overall, if the developers of the Ethereum ecosystem are able to promote this new futuristic architecture, the biggest beneficiary will be ETH.
Combined with the expectations for spot Ethereum ETF trading this month, there might be a massive uptick in price moving forward.