The Istanbul update results in a record for Ethereum in terms of the number of transactions per second.
What is technically defined base level (layer 1) now exceeds 2000 times the performance of the first protocol’s native version by reaching 18,000 transactions per second thanks to the Starks.
The announcement was made by StarkWare.
The team of developers contributing to the project is of rare expertise and has been funded by groups such as Intel Capital, Pantera Capital, ConsenSys, Coinbase and many others alongside the founder of Ethereum himself: Vitalik Buterin.
Created with the desire to accelerate blockchain developments by increasing chain transactions with high privacy standards, developers are using the “zero-knowledge proofs” that are famous for being introduced to the blockchain industry by the Zcash team – to which many members of StarkWare belong.
The goal is to help DEXs, decentralised exchanges – which don’t hold cryptocurrencies – achieve performances increasingly similar to the popular centralised exchanges of which the entire ecosystem knows the risks.
What is defined as Stark technology also allows an efficient and decentralised payment system of which there will certainly be a lot of talk.
Moving on to the numbers.
As the team points out, thanks to the EIP-2028 ( optimisation proposal) included in the last Ethereum update, the limits imposed by the very high verification costs prior to the fork are a thing of the past. It’s now possible to achieve:
- 9000 trades per second (Smart Contract execution on DEX);
- 18,000 payments per second (simple on-chain transactions).
The first service that will apply this technology will be ready in March and it is obviously a decentralised high-performance Exchange: DeversiFi.
After the announcement of this new record, the discussion between the Ethereum guru and other users seemed to shift the focus to what RollUp connected to sharding technology can allow, setting the bar even higher:
- 2500 transactions per shard;
- 160,000 transactions per second (2500 x 64 shards).
The speed at which the protocol is evolving is astonishing, the problem that has made the community so concerned in the last 2 years seems to be getting less worrying. Greater adoption is possible, the public blockchain of Ethereum is ready to scale.