Vitalik Buterin, the co-founder of Ethereum, has stated that the system will have the ability to process 1 million trades each second once second-layer climbing solutions are executed, in the not too distant future.
Scalability is the main issue in the blockchain networks, and essentially when they have to compete with traditional payment systems, like VISA.
But, Vitalik was talking about scalability earlier too, in what he calls the scalability trilemma — in which a community must undermine among those 3 things to attain the other 2 — safety, decentralization and scalability. That having been said, Vitalik has also said previously that decentralization is a luxury, especially when it has to do with a coin’s instant usefulness.
Sharing recent progress throughout the OmiseGO AMA, Vitalik talked about the second-layer solutions getting trials about the testnet, and also the way they could, when employed, let decentralized programs to encourage millions of consumers.
Sharding is among those alternatives, which effectively generates little’shards’ from the community, freeing the principal blockchain from needing to process each and every transaction. Likewise, another remedy is mobile, which can be manufactured by Vitalik and Lightning Network’s Joseph Poon, also eases micropayments via little child networks inside the primary network.
In case the scalability problems are solved, according to Vitalik, the Ethereum system might actually view mass-adoption, and functional applications in a variety of areas, such as health, transport and more, as large-scale causal programs become a fact.
“So if you get a 100x from Sharding and a 100x from Plasma, those two basically give you a 10,000x scalability gain, which basically means blockchains will be powerful enough to handle most applications most people are trying to do with them,” wrote Buterin.