IDEX Boasts a New System that Offers Limitless Scalability for Ethereum

0
187
Ethereum-IDEX

Decentralized exchange IDEX clains to have developed a new system for Ethereum that can reach block finality in just ten minutes, 1000x times faster than what the existing Optimistic Rollups. 

IDEX shared the details about the new system with Cointelegraph via an email. As explained, the new scaling system dubbed Optimized Optimistic Rollups (O2Rs) can significantly reduce the time needed to reach block finality. Notably, Ethereum relies on Optimistic Rollups (ORs), the scaling solution developed by Plasma Group, the network’s dedicated organization for scalability development. From two weeks to 10 minutes, IDEX claims that O2Rs would make a big difference in Ethereum’s performance.

To scale, O2Rs and ORs move computation off-chain and then push the result to the Ethereum network later. However, the new scaling solution would publish the data off-chain only when a validator prompts a data availability check. This protocol change enables O2Rs to deal with much more multifaceted applications. 

The CEO of IDEX, the Alex Wearn, said that O2Rs could also be used for other purposes. On November 6, he announced via a tweet that point-of-sale (POS) payment systems could use the new scalability solution in providing non-custodial payments service. He even vouched that O2Rs can rival that of Visa’s throughput. The CEO also added that O2Rs would enable the transfer of digitized video game assets as non-fungible tokens for free. 

As noted by industry experts, one of the main factors that make people feel reluctant to adopt Blockchain technology is scalability. The network either becomes unavailable for conducting transactions due to congestion, or they would increase transaction fees. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here