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- The introduction of new technology can reduce the high gas fee of Ethereum.
- The merge of Ethereum Blockchain is likely to happen on 15 September.
The mechanism of Proof- of- Stake has been in the limelight for the past year, and Ethereum is focusing on the mechanism and is likely to launch the merge or upgraded version of Ethereum, also called Ethereum Version 2.0.
Officials of Ethereum have announced an estimated date of launching Version 2.0 on 15 September 2022. StarkWare, an Ethereum scaling solutions developer, quoted its new repetitive validity proof technology at the ETH Seoul developer conference last week during a presentation.
President and co-founder of Starware Eli Ben-Sasson presented an example of numerous checkout lanes at the supermarket. Rather than waiting in one line, customers can go through different billing counters and transact simultaneously.
When it comes to a transaction on the Ethereum ecosystem, several provers work in parallel using recursive proofs instead of all transactions for a proof waiting for a single prover. Multiple transactions are processed simultaneously and compressed into a single proof, reducing latency.
Eli Ben-Sasson mentioned that “We now can fit tens of millions of NFT (non-fungible token) mints into a single recursive proof, and therefore into a single Ethereum transaction.” adding more, Ben-Sasson said that the technology is in place to “prevent tomorrow’s bottleneck.”
In machine-oriented language, recursion is termed as the process of solving a computational problem where a solution depends on a solution to smaller instances of the same problem. Recursion solves such recursive problems by using functions that call themselves from their own code.
Ben-Sasson’s Non-fungible token is one such example of how recursion can benefit Ethereum’s transaction capacity.
“It’s like finding a way to comfortably fit thousands of passengers in a jet instead of a few hundred.” Gideon Kaempfer, head of core engineering. Adding to this he said the result is “many millions” of NFTs minted on Ethereum rolled up in a single STARK proof.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
