What is a direct way to scale a blockchain network (a blockchain technology)?
What is a direct way to scale a blockchain network? With the congestion of Ether
What is a direct way to scale a blockchain network? With the congestion of Ethereum and the increasing development and application scenarios of DeFi, decentralized networks have become a new hot spot. However, the congestion issues of Ethereum, such as high network fees, low transaction costs, and problems like Gas fees, remain unresolved. Therefore, Ethereum has encountered some challenges in scalability.
This article will introduce what a direct way to scale a blockchain network is. What is a Layer2 solution implemented based on smart contracts? What is a layer1 blockchain scaling solution based on ZKRollup technology? What causes Ethereum’s TPS (transactions per second) to double and reduce the load of this digital asset through sidechain technology? What is a Layer2 solution based on ZKRollups? Why do we need a completely different scaling solution?
First, we need to know how to transfer ETH on the Ethereum blockchain to our own mainnet and then conduct transactions on Ethereum’s L1. This allows developers to create EVM-compatible virtual machines or smart contracts. The reason for doing this is that users do not have to worry about network bandwidth and have to wait a long time for transactions to be confirmed. When running a validator node, some issues will arise: Has your account been frozen? If someone tries to access that address, you should lose your funds.
Second, to make these services work properly, you also need to use other methods to improve efficiency and eliminate concerns about fraud. For example, you can extract a small amount of tokens from your exchange and deposit them into ETH held in a custodial wallet. But for some projects, this is a very simple option. If you want to take advantage of this novel approach, you can do so without any third-party intervention, avoiding the loss of funds. If you want to gain more liquidity faster and maintain its security, you do not need to take additional steps to ensure the security of transactions. In addition, to reduce gas consumption and latency, you can also offer free block rewards (slashing) to miners.
Finally, let’s use a brand-new technology – Zero-Knowledge Proof (ZKP) to compress all data for computational purposes only, rather than just storing specific files, but expanding on a single shard. Simply put, we will pack each block into a state line and link them together. This is the advantage of Zero-Knowledge Proof technology, as it can quickly and securely generate blocks without compromising security and to some extent mitigate the possibility of attacks; and Zero-Knowledge Proof also provides another effective means to obtain transaction private keys without intermediaries.
However, to achieve the above goals, a set of complex technical processes is required: by introducing a “zkSNARK”, the deployment process can be simplified and allow more people to participate. This design has many advantages, including ease of deployment.
A blockchain technology
According to Coindesk, a new blockchain technology called “Hash Chain” aims to achieve trusted data storage through distributed ledger technology (DLT). The first application of this technology is a cross-chain communication protocol between the Bitcoin network and Ethereum. Research shows that consensus algorithms based on such multi-party participants will enable block validators to determine if they have any parts of transactions and ensure that transactions are ultimately confirmed or approved by others.
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