There’s a lot of news floating around about the Ethereum network this week. Some bad, some good. This article, however, is going to focus primarily on the latter news.
Ethereum Network to Add Sharding Scaling
Yesterday, the co-founder of Ethereum hinted that sharding scaling is coming to the Ethereum network. He tweeted this to his 747K followers. This would be pretty significant if it were to happen. Why? Because it means the transaction processing capacity on the Ethereum network could soon increase.
For those who don’t know, sharding is defined as a method that increases the number of transactions a blockchain can process at one time. How does it increase the number of transactions? Well, multiple networks computers break apart the transaction workload, dividing it between one another. This allows for more transactions to occur at the same time.
Vitalik Buterin, the Ethereum network co-founder, also published a lengthy post on Reddit yesterday. In this post, Buterin gave a proof of concept for the technology. Buterin wrote that he believes that the time it will take to actually process the “shard” blocks should be around 10 minutes. Not everyone understood the Reddit post, however, with some commenting, asking for Buterin to explain in more depth. Others said the method of sharding is simple, but Vitalk Buterin is “on another level.”
As mentioned, there has also been some negative news emerge about Ethereum (ETH) this week. There is a report that has surfaced, stating regulators are debating whether or not to treat Ethereum (ETH) like securities. The report also indicated that regulators are having the same debate over other forms of cryptocurrency. For Ethereum however, the report caused ETH prices to drop in the past twenty-four hours. Currently, Ethereum is down 3.29%.
The Ethereum Network Takeaway
What do you think about a sharding scaling improvement coming to the Ethereum network? And did you read Buterin’s post on Reddit? If so, did it make sense to you? Let me know.
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