Ethereum Will See Significant Scalability Improvement in 2022: Coinbase CPO

Ethereum Will See Significant Scalability Improvement in 2022: Coinbase CPO
Ethereum Will See Significant Scalability Improvement in 2022: Coinbase CPO

Although Ethereum is often praised for its open-ended decentralized blockchain, scalability has never been one of its strong suits. On the Ethereum blockchain, high demands lead to slower transactions and outrageous gas prices.

An array of layer-2 scaling solutions like Polygon, Optimism, and Immutable-X sprung up on the Ethereum network to solve this problem. Layer-1 refers to the blockchain architecture, whereas Layer-2 refers to a network built on the underlying layer-1.

The Layer-1 Scalability of Ethereum will Improve

While scalability still remains a problem for Ethereum, Surojit Chatterjee, the Chief Product Officer of Coinbase (NASDAQ:COIN), has predicted that the scalability of the Ethereum network will drastically improve in 2022.

Ethereum’s transition into proof-of-stake consensus mechanism scheduled for mid-2022 is expected to bring significant improvements to the network – including the much-needed scalability boost.

Ethereum can handle only 15-45 transactions per second, whereas Polygon boasts of up to 65,000 transactions per second on a single side chain.

Although L1 will improve in 2022, Chatterjee still believes L2 which grew by 11,000% in 2021, will also make strides this year.

As scalability drastically improves on Layer-1, Chatterjee explains that more layer-one networks focused on gaming and social media could also emerge on Ethereum. In addition, he also predicted that more privacy-focused applications would emerge in 2022.

On The Flipside

  • Chatterjee believes that Ethereum could attract more regulatory attention as more Know Your Customer and Anti-Money Laundering restrictions are enforced.

Why You Should Care

Achieving better scalability – a Layer-1 problem of Ethereum – could set be the last piece of the puzzle to unlock Ethereum’s explosive growth.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin Casino
bitcoin casino india
bitcoin gambling
keonhacai hôm nay
kèonhàcái
link dang ky k8
link vào k8
Bitcoin Gambling
Bitcoin Casino India
Btc Gambling
Bitcoin Lottery
Bitcoin Gambling news
Bitcoin Sportsbook
Bitcoin Poker Reddit
sportsbook
indiancasino
baccarat
slots
bitcoincasino
cryptocasino
signup
casinologin
gambling