- The IDEX exchange could have a solution that allows Ethereum to have infinite scalability.
- The next phase towards Ethereum 2.0 Berlin will be succesfull despite the concerns of the community.
Ethereum’s network could be on the verge of a breakthrough. The decentralized IDEX exchange has stated that it succeeded in achieving a solution that makes “infinite scalability” possible. The announcement is made just as the Ethereum update reaches its climax.
Competition for Visa and MasterCard
According to Cointelegraph sources, IDEX’s solution would be thousands of times more efficient in scalability than the Casper and Plasma protocol. The latter were developed by Ethereum teams dedicated to improving network scalability.
According to IDEX, its scalability solution, named Optimized Optimistic Rollups (O2Rs), would have achieved block finality in considerably less time than the Plasma protocol. This last project, called Optimistic Rollups (ORs), was able to complete a block in about two weeks. In contrast, the IDEX solution only needs 10 minutes to perform the same task.
Although both protocols are similar (they work off-chain), O2Rs need external validation to make their results public beyond the chain. This is what would make the IDEX solution an infinitely scalable protocol.
Applications for this solution could make the Ethereum network compete with major technological and financial services. For example, Visa and Mastercard. Whether the protocol is applied to payment systems or file transfer systems.
Hard Fork Instabul last phase of Ethereum 2.0
As CNF has reported, the Hard Istanbul Fork of the Ethereum network will take place in December. The date was confirmed by one of the main developers for December 4 of this year. This would be the final phase, after Hard Fork Constantinople, to implement Ethereum 2.0.
The developer team has been making updates on their progress. For now, they seem to be focused on solving the security issues the update might have. For this, they are conducting private audits and have even launched a rewards page for anyone to contribute.
In principle, upgrading to Ethereum 2.0 would move the network from a proof of work consensus (PoW) to proof of stake (PoS). This would increase scalability, energy efficiency, and network security. However, it is necessary to wait for the upgrade to be done in order to have a better opinion about its operation.
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In view of recent events, will Ethereum postpone the date of your Hard Fork? Certainly, it’s a demand made on the team, the developers and Vitalik Buterin. So far, without any success. Progress towards Ethereum 2.0 Berlin seems imminent.
It remains to be seen whether it will really be a step towards improving the functioning of the Ethereum network, as its most important figures have said. For now, the price of Ethereum stands at $186 with a slightly upward trend (0.10%) in the last 24 hours.