Transactions on the Internet Should Not Cost More than 5 Cents, Says Ethereum Founder

For Ethereum, sharding is expected to reduce network congestion and increase transactions per second by creating new split chains - known as 'shards' - as the blockhain transitions to Ethereum 2.0.

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Ethereum co-founder, Vitalik Buterin, has reiterated that scalability is going to be a major focus for the blockchain in 2021.

In a Twitter thread looking back at some of the ideas he has pronounced in the past, the visionary said low fees has always been a key goal of Ethereum.

Vitalik’s tweet

One of the ideas rehashed by the 27-year old founder is sharding, which he says has remained a good scalability solution.

For Ethereum, sharding is expected to reduce network congestion and increase transactions per second by creating new split chains – known as ‘shards’ – as the blockhain transitions to Ethereum 2.0.

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However, Ethereum’s scaling has progressed slowly, as off-chain solutions and Ethereum competitors became more prevalent in 2021.

Sharding, the chief layer 1 scaling solution, is expected to come to speed only in 2023, and is the transition expected to have a real impact on fees.

Meanwhile, the protocol has continued a switch to Proof-of- stake (POS) consensus expected to gather pace when the Beacon Chain, introduced in December 2020, merges with the Proof of Stake later in 2021.

Beacon Chain would validate the transactions on each shard thus assisting the entire Ethereum 2.0 network in reaching consensus. 

However, according to Vitalik himself, implementing some of the ideas for Ethereum has not always happened at the speed he hoped.

Vitalik’s 2015 projections

According to Vitalik, he under-estimated the complexity of software development.

Additionally, him and his team are now committed to developing the simplest innovations to the problems Ethereum faces, including scalability.

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RECOMMENDED READING:  The Lightning Network, Bitcoin’s Scaling Solution, Grows by 78% in Less Than 2 Months

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