On the latest episode of the Tim Ferris Show podcast, Ethereum Vitalik Buterin, touted a particularly powerful scaling solution for the network that could also be the bus that takes the smart contracts over to the upcoming ETH2 upgrade. Buterin went as far as stating that the solution, which he predicts could release within the next two weeks, could potentially scale up Ethereum by 100 times.
The Ethereum founder is likely referring to Optimism’s Rollup layer-two solution, which notably stores and processes transaction data on a particular sidechain before putting together transaction batches onto the Ethereum mainnet. This solution aims to mitigate the network’s scaling issues, most specifically its current outrageously high transaction fees.
As of press time, the average fee for sending ETH is about $16 per transaction. Although a massive drop off from last month’s $38 per transaction, such figures for a simple process is still viewed as very significant, and thus, have promptly raised the alarms of its users and even Ethereum itself. This is also what the network aims to resolve with the highly-awaited ETH2 upgrade. However, at least for now, Buterin believes that Rollups could serve as a mid-term solution.
According to Buterin, Rollups could suffice for now while the Sharding, a highly-touted feature of ETH2, is in the works. He adds that Rollups could still scale the network 100 times and could even elevate it as far as being able to process 1,000 to 4,000 transactions per second.