Ethereum’s Vitalik Buterin Calls on Power Users to Move to Layer 2 Scaling – CoinDesk

by crypto journalist

In the face of Ethereum’s recent rocketing transaction fees, its founder and chief scientist, Vitalik Buterin, called on users of the second-largest blockchain to move over to scaling solutions that are “already here for many classes of applications.”

Given that Ethereum’s roadmap for scaling the base layer of its blockchain with a technique called sharding seems to be some years away, Buterin said it was imperative users start supporting rollups. 

“If you’re listening to this and you are an exchange or you are a wallet or you are a mining pool or you are a major user – even just a regular – then you should be aware of what rollups are and what they do,” said Buterin. “Basically, what your strategy is, in terms of moving over to them.”

Buterin praised both “optimistic rollup solutions” and ZK rollups, which use zero-knowledge-proof technology, adding that using these solutions on the current Ethereum blockchain can increase transaction throughput from about 15 transactions per second to between 1,000 and 4,000.

“In terms of where we are now, for simple payments we are actually there, like you can do ETH transactions inside rollups. The challenge is just getting everyone to actually move over,” Buterin said. “Generic EVM [Ethereum Virtual Machine] application smart contracts are a bit further behind.”

Looking ahead to PoS, Buterin said stakers could expect to be net-profitable as long as they stay online at least 50%-60% of the time. “Some of the other proof-of-stake chains that are coming out [are] saying if you’re offline for 12 hours you get slashed, which kind of, I think, is absolutely insane,” he said.

Buterin was also enthusiastic about Ethereum’s proposed fee market reform (EIP 1559), which will experiment with a flexible block size cap. That, he said, will make fees a little bit less volatile and block sizes slightly more volatile.

This content was originally published here.

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