Last month, the co-creator of the Ethereum blockchain, Vitalik Buterin, has affirmed that the Ethereum network could scale to up to 500 transactions per second using ZK-SNARKS, the base technology from Zcash, a privacy coin. However, now some researchers have indicated that they can go even further than Buterin ever dreamed and achieve 17,000 transactions per second.
Barry Whitehat, Alex Gluchowski and Harry R., Yondu Fu and Phillipe Castonguay have decided to introduce another snark-based side chain solution and they believe that they can achieve even better results as the ones promised by the main creator of the network, Vitalik Buterin.
A Snark-Based Side Chain?
This new chain solution would work in a similar way to Plasma, another snark-based off-chain solution that was created to allow the Ethereum users to transfer ETH outside of the ETH chain. This technology is able to process off-chain transactions and to let users send and receive tens of thousands of transactions per second.
By using a snark-based protocol, the operators are the responsible ones for uploading the information to the mainnet as a single transaction. This means that before the release of a channel that is composed of many thousand transactions, the users will be able to request withdraws using smart contracts.
This way, operators that have malicious intent could be able to deny the withdrawal of the funds, however, the system has a built-in protocol that will punish these operators and will replace them disallowing further alternations to defend the network.
According to the researchers, many malicious operator, which would only appear in a worst case scenario, would not be able to steal funds in any meaningful amount of time because this operator would be blocked very fast. Upon the request of the users, the team could then replace the operator and roll back the transactions to continue the operation.
Basically, the snark-based second layer payment network could be faster and allow the users to freely send and receive payment with larger capacities and without suffering any risks.
Ethereum In A Good Price For Scaling
Ethereum is currently facing a scaling problem that can only be solved with solutions like the ZK-Snarks, Plasma and Sharding, so these solutions are competing to see who will be the ones to actually solve the problem, which is getting worse as time passes.
ZK-Snarks is a good bet because of its ability that lets it verify and correct the computations of the processes without having to execute them first, which can greatly increase the proficiency and the speed of the whole network.
Also, the price of Ethereum is currently low, so this is a good time to test these solutions, as they are better to be in test mode while the losses will be smaller than if the price of ETH was high. This is the time to develop great scaling solutions, we only have to wonder which solution will be the best one.