Ethereum blockchain scaling - 2000 transactions per second

A new sidechain solution for the Ethereum blockchain promises to ensure network scalability up to the volume of transactions"VISA level" after deployment.

Solving Ethereum Scalability

Developers Matter Labs launched beta testing of zkSync on the Ethereum network on June 18, as stated in the official project blog.

zkSync second layer application (add-on fornetwork, which conducts transactions and records their outcome on the main blockchain) is a “highly reliable and hyper-scalable solution on the Ethereum main network that allows users to send tokens while eliminating the high gas fees” for which the network is notorious.

If successful, the network capacity will besignificantly increased, and the transaction speed will increase several times. Matter Labs clarifies in its announcement that the zkSync scaling solution is not a decentralized application (dApp).

Overall, zkSync solves a long-standing Ethereum scalability problem that has been tested many times and resulted in network congestion and slow transaction processing.

The blog explains the technology behind the solution:

«ZkSync uses the new zero appknowledge rollups, which requires a one-time trusted installation that allows updates and new features to be applied without losing the security benefits provided by the [Ethereum] network.

Currently zkSync can handle more than200 transactions per second — works at approximately the speed of the PayPal payment processor. The Ethereum network only processes about 12 transactions per second, so the technology already provides a 10x speed increase.

Scale to VISA Level

PayPal — not the last frontier, developerszkSync wants to gradually increase speed to 2000 transactions per second (TPS) — to become on par with VISA, Mastercard and other legacy banking solutions.

The speed is expected to be achieved withusing Matter Labs' proprietary zkRollup technology, which uses third-party validators that "do not have access to the underlying transaction data within the rollup."

Regarding commissions, the blog notes thatfees will not exceed $ 0.01 per transaction in the foreseeable future and will be paid with the transferred token. Prior to zkSync, token transfers were paid only in ETH and cost $ 2 million per month.

Matter Labs joins Loopring and others,working to scale the Ethereum network to millions of users every month. The project previously received a grant from the Ethereum Foundation and was founded after an initial round of funding of $ 2 million by Placeholder VC in November 2019.

In future updates, zkSync will introduce smart contract compatibility and additional security and censorship protection features.

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