Ethereum co-founder Vitalik Buterin mentioned ‘The Surge’, an important update that, in the near future, will enable Ethereum to aims for more than 100k TPS. It would focus a great deal on the realization of Layer 2 solutions-for instance, rollups that help in load management, such as processing transactions off the main Ethereum chain while still allowing it to be secure and decentralized.
Impact on Ethereum’s Ecosystem
It is expected that the implementation of ‘The Surge’ will solve some of the current bottlenecks-a huge amount of gas fees, slow transaction times-in Ethereum’s network that have become important issues as the network has grown. It will help in improving the user experience and further facilitating mainstream adoption through diverse applications. This strategic upgrade by Ethereum proves that the blockchain network is concerned with ensuring a robust and scalable platform. Increased focus on Layer 2 solutions and improvement in interoperability between different networks within the Ethereum ecosystem are some of the areas wherein Ethereum eyes operational streamlining and ease of use on the platform. This will be important in the development of decentralized applications and further uptake of blockchain technology, for which Ethereum plays the central role.
Potential Impact of Ethereum100K TPS Surge Aims for on Africa
Having that in mind, the quest by Vitalik Buterin to scale Ethereum to more than 100,000 TPS via ‘The Surge’ might just set the exponential landscape of technology development in Africa ablaze. The increases in speed with the reduction in cost of transactions should make Ethereum more usable and practical, large in the continent. This therefore will be quite important for Africa, updating its financial institutions through blockchain technology in agriculture and governance.
The faster and cheaper transactions on the Ethereum network make remittances-everything vital in the livelihoods of families-easier to arrange. In addition, high-capacity Ethereum would go a long way in ensuring that building and deploying dApps is relatively easier for African developers to innovate and for entrepreneurial spirits. This could also help ‘The Surge’ in the adoption of blockchain in both government and non-government systems bring in greater transparency with lesser corruption. Such a technological leap might as well lure blockchain-committed international investments into the continent for newer chances at economic growth and development. In all, ‘The Surge’ can bring much-needed scalability improvements that will make blockchain technology core in driving robust innovation and economic advancement across Africa.
Photo Credit: The Cryptonomist