Vitalik Buterin proposes faster transaction mechanism for Ethereum
Transaction times have been a focus of concern for many Ethereum users. In light of this, Ethereum co-founder Vitalik Buterin has proposed introducing a new transaction mechanism for the Ethereum network that aims to reduce confirmation times.
In a June 30 blog post, Buterin suggested transforming the current epochs and slots mechanism into a single-slot-finality (SSF) system, highlighting its advantages and challenges.
Buterin highlighted the improvements brought about by the Ethereum merger, which will transform the network from proof-of-work to proof-of-stake in 2022. This shift will reduce the confirmation time of layer 1 (L1) transactions to 5-20 seconds. Buterin compared this performance to the speed of credit card transactions and proposed further optimizations to improve user experience.
The founder of Ethereum also recently shared his idea of reforming Ethereum gas fees.
Can Buterin's SSF revolutionize Ethereum's performance?
Currently, Ethereum’s slot and epoch mechanism determines the validation process.
A time slot lasts 12 seconds and allows a randomly selected validator to propose a block. In addition, 32 time slots form an epoch, during which the committee of validators completes the verification process. This system ensures finality, guaranteeing that blocks cannot be changed without burning 33%'s staked ether.
The first 32 time slots are in epoch 0. The genesis block is in time slot 0.
Buterin recognized the complexity of Ethereum’s current system of slots and epochs, highlighting its susceptibility to bugs and long finality time of 12.8 minutes.
To address these issues, the Ethereum founders proposed moving to a single slot finality (SSF) system, similar to the Tendermint consensus mechanism, but with the addition of an inactivity leak feature to ensure chain continuity when validators go offline.
The Tendermint consensus mechanism is a Byzantine Fault Tolerant (BFT) protocol that ensures network consistency through voting rounds. This allows for secure and consistent blockchain state updates even with up to one-third of malicious or faulty nodes.
SSF is not without its challenges
However, Buterin pointed out the challenges that the SSF approach could face. He explained that each Ethereum staker would need to publish two messages every 12 seconds, increasing network congestion.
Buterin concluded that despite the promising improvements brought by SSF, Ethereum is still exploring various ways to optimize transaction speed. In addition, the Ethereum founder pointed out that having more options can improve the user experience of both the first and second layers, while also making the development process more streamlined for second-layer developers.
By introducing SSF, Buterin aims to make Ethereum’s transaction confirmation process more efficient, potentially revolutionizing the network’s performance and user experience. However, further exploration and testing are needed to ensure a seamless implementation.