Over the past few months, expectations of the future release of Ethereum 2.0 have grown in the crypto world. The next version of the world’s second cryptocurrency by market cap, which promises to solve several of crypto’s biggest problems. Despite this, Ethereum already solves the scalability problem, even before the release of its new version.
Cryptocurrencies are plagued with problems. And it is normal that this is so, after all, the Blockchain technology that powers currencies like Ethereum, is quite recent. Having no precedent to build on, no clear path to follow.
Therefore, the great achievements that cryptocurrencies have had so far have been entirely due to their users.
Despite this, a lasting solution to problems such as scalability has not been achieved. Well, for most cryptocurrencies, there comes a point where too many users participate in your network, it becomes inefficient. It could take more than half an hour to execute a transaction, as we could see during the great 2017 bullish rally in Bitcoin.
This, for currencies aspiring to overcrowding, is a big problem. Therefore, all Ethereum developers have put special emphasis on getting a solution for scalability. Something that seems to have been achieved by the Optimism research team, in alliance with the Synthetix decentralized finance protocol.
The first solution for scalability on Ethereum
The solution developed by both teams would allow the use of decentralized networks with the same speed and efficiency as centralized networks such as traditional banking. Achieving up to now in tests performed, reduce latency by up to 35 times, delays in transaction execution by up to 75 times, and transaction fees by almost zero.
Despite not being a solution designed by the Ethereum Foundation team, under the direction of Vitalik Buterin. The Optimism system comes at the perfect time, when the number of users on the Cryptocurrency Blockchain has increased, to the point of being close to reaching 100 million users across the network.
And is that solutions to problems such as scalability or commissions for the use of the blockchain, need creative responses from users. So if Ethereum fixes its scalability issue before ETH 2.0, it’s great news for the entire crypto world.