For a while now, Ethereum’s blockchain has been known for its scalability issues. In recent news, Vitalik Buterin, Ethereum’s creator announced they would be implementing Sharding as a possible solution to this looming problem.
What is Sharding?
Sharding allows transactions and smart contracts to be verified quicker. The verification process is optimized when the blockchain network is split into shards. With the Sharding process, only certain nodes will go through specific shards instead of every node going through the whole transaction history of the blockchain network. In addition, the process of these nodes verifying transactions is a lot faster.
Sharding is a proof of concept that can be utilized in the Ethereum main chain.
Sharding is good news for Ethereum users
Buterin first performed a “minimum sharding protocol” on the blockchain network before making the announcement. This is good news for dApp platforms since it will go a long way in solving the current Ethereum scalability problem.
dApps are decentralized applications built on the Ethereum blockchain. To learn more about dApps, click here.
Ever since it was founded, the Ethereum blockchain has had to deal with an increasing amount of transactions. This has resulted in slower transaction speed as well as higher transaction costs.
In the past, dApps like CryptoKitties and Kyber, a decentralized exchange, caused congestion on the Ethereum blockchain. Even though there were systems in place to reduce the burden.
Buterin took to Reddit Ethereum and published a description of Staking and how it will benefit the Ethereum blockchain.
The end result
In a nutshell, the Sharding proof of stake will implement a proof of state beacon chain, otherwise known as a Casper into the Ethereum blockchain network. With Sharding in place, new blocks can be issued every 2 – 8 seconds in comparison to blockchains like that of Bitcoin with an average block time of 10 minutes.
With these type of processes (Sharding and Casper) hopefully, Ethereum’s scalability can reach new heights and support larger Apps as well as smart contracts.
According to Coinmarketcap, the price of Ethereum is currently at $681.69. Ethereum has a market cap of more than 467 billion.
Read more about Ethereum on Bitmart’s blog page. Click here.