Vitalik Buterin’s latest post on Ethereum Research, outlines an on chain scaling solution, without any additional layers, using zk-SNARKS, the encryption algorithm behind the popular privacy token ZCash. According to Vitalik, by using zk-SNARKS it is possible to scale Ethereum to 500 tx/sec.
In Vitalik’s solution, there will be 2 parties involved in the entire transaction,
Relayers will group multiple transactions into one transaction by creating ZK-SNARK to prove the validity and publishes the ZK-SNARK onto the blockchain. Everything will be managed by a Smart Contract. This way multiple transactions are stored on the blockchain in a highly compressed form.
Relayers would earn money through the group’s transaction fee. According to Vitalik, anyone can become a relayer, as every transaction is happening on the chain.
“There are two classes of user: (i) transactor, and (ii) relayer. A relayer takes a set of operations from transactors, and combines them all into a transaction and makes a ZK-SNARK to prove the validity, and publishes the ZK-SNARK and the transaction data in a highly compressed form to the blockchain. A relayer gets rewarded for this by transaction fees from transactors.”
zk-SNARKs are a zero-knowledge proof encryption algorithm. That means after encryption, the data exists but what the data is never revealed. Properties of zk-SNARKs are,
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…