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Ethereum seems to be taking a lot of time to release their "2.0" version that provides scalability and doesn't require using huge amounts of energy - something

by Tepix 6y ago

Ethereum seems to be taking a lot of time to release their "2.0" version that provides scalability and doesn't require using huge amounts of energy - something that is pretty much inexcusable in this age of global warming. In the meantime other contenders seem to have more momentum. Case in point: CryptoKitties is leaving Ethereum because it lacked capacity and had high transaction fees.

RexetBlell 6y ago
Ethereum is scalable already. Layer 2 solutions like https://zksync.io/ https://zksync.io/ and https://loopring.org/#/ https://loopring.org/#/ are already live and allow 2000 transactions per second. This is based on ZK-rollups and provides the same level of security as the base layer. This technology can be used for trades or transfers. Another exciting technology that is coming this year is optimistic rollups, which will provide the same level of scalability for arbitrary smart contracts.
- joosters 6y ago
  From the zkSync website: "WARNING: zkSync v1.0 is in alpha. Blockchains and zero-knowledge proofs are still experimental technologies with rapidly evolving attack vectors. zkSync relies on cutting-edge cryptography that has never been used in production before. While Matter Labs is rigorously following scientific and engineering best practices with regard to security, we can not provide 100% fault-free guarantee. Use zkSync at your own risk and do not put more money into it than you can afford to lose." That doesn't sound like 'scalable already', it sounds more like be prepared to lose your money. Further, on the ZK-Rollups website, we have: "The initial set up of ZK-Rollups promotes a centralized scheme The security scheme assumes a level of unverifiable trust The initial setup of ZK-Rollups is assumed to be a trusted state, when this trust cannot be proven. A small group of developers will be subject matter experts on the initial trusted state. This undermines decentralization and opens the risk of social engineering hacking attacks by convincing a developer to manipulate code or provide vulnerability information." This is not reliable scalable technology. It's centralised so it takes all the supposed advantages of blockchains away, at which point you are better off just using a single trusted database, instead of thousands of machines duplicating the same work.

by Tepix 6y ago

RexetBlell 6y ago

Ethereum is scalable already. Layer 2 solutions like https://zksync.io/ https://zksync.io/ and https://loopring.org/#/ https://loopring.org/#/ are already live and allow 2000 transactions per second. This is based on ZK-rollups and provides the same level of security as the base layer. This technology can be used for trades or transfers. Another exciting technology that is coming this year is optimistic rollups, which will provide the same level of scalability for arbitrary smart contracts.

joosters 6y ago
From the zkSync website: "WARNING: zkSync v1.0 is in alpha. Blockchains and zero-knowledge proofs are still experimental technologies with rapidly evolving attack vectors. zkSync relies on cutting-edge cryptography that has never been used in production before. While Matter Labs is rigorously following scientific and engineering best practices with regard to security, we can not provide 100% fault-free guarantee. Use zkSync at your own risk and do not put more money into it than you can afford to lose." That doesn't sound like 'scalable already', it sounds more like be prepared to lose your money. Further, on the ZK-Rollups website, we have: "The initial set up of ZK-Rollups promotes a centralized scheme The security scheme assumes a level of unverifiable trust The initial setup of ZK-Rollups is assumed to be a trusted state, when this trust cannot be proven. A small group of developers will be subject matter experts on the initial trusted state. This undermines decentralization and opens the risk of social engineering hacking attacks by convincing a developer to manipulate code or provide vulnerability information." This is not reliable scalable technology. It's centralised so it takes all the supposed advantages of blockchains away, at which point you are better off just using a single trusted database, instead of thousands of machines duplicating the same work.