Vitalik Buterin, co-founder of Ethereum, aims to accelerate transaction speeds on the Ethereum network by leveraging tools that could potentially reduce layer-1 (L1) confirmations from seconds to milliseconds.
In a blog post titled “Epochs and slots all the way down: ways to give Ethereum users faster transaction confirmation times,” published on June 30, Buterin proposed transitioning from Ethereum’s current epoch-and-slot mechanism to a single-slot finality (SSF) system, highlighting key challenges associated with such implementations.
Since the Ethereum Merge in 2022, which shifted Ethereum from a proof-of-work to a proof-of-stake consensus mechanism, Buterin notes that L1 transaction confirmations have already been reduced to 5–20 seconds. He likened this timeframe to the speed of paying with a credit card and sees further potential for improvement.
One proposed method to accelerate Ethereum transactions involves restructuring the architecture of slots and epochs, integral to Ethereum 2.0 and its underlying Ethereum Gasper consensus.
Slots represent 12-second intervals during which a randomly selected ETH validator, or staker, proposes a block. Every 32 slots collectively form one epoch, necessitating 32 committees of validators to validate transactions on the Ethereum blockchain.
The Gasper consensus system aims to ensure finality in Ethereum, guaranteeing that once a transaction, slot, or epoch is finalized, a block cannot be altered or removed from the blockchain without burning 33% of the total staked Ether (ETH).
Buterin suggests moving away from slot-by-slot finality to a single-slot finality approach, akin to the Tendermint consensus but retaining the ‘inactivity leak’ mechanism to ensure chain continuity and recovery if validators go offline.
Despite its promise, SSF poses challenges, such as increased network congestion due to the requirement for every Ethereum staker to publish two messages every 12 seconds. Buterin acknowledges ongoing developments like the Orbit SSF proposal to address these issues.
However, Buterin cautions that Ethereum has yet to resolve all challenges associated with methods to expedite network transactions, highlighting that innovative designs such as Orbit SSF still need further exploration within the epoch-and-slot framework.
For related updates, including the decline in Bitcoin and Ethereum transaction fees to their lowest levels in 7 months, refer to Hodler’s Digest, June 23-29.
This rewrite maintains the original article’s substance and details while enhancing clarity and flow.