Large Ethereum Network Spike Expected with New Single Slot Finality Feature
The Ethereum network is set to witness a massive increase as the project’s co-founder and crypto enthusiast, Vitalik Buterin, has introduced a new feature to be integrated into the Ethereum blockchain, that would cut down transaction confirmation times to a considerable extent. The feature is called Single Slot Finality (SSF) and can potentially make transactions on Ethereum super fast by making the consensus-building process on the network very efficient.
Major Upgrade for Ethereum Network Transactions
As Ethereum continues to develop, Vitalik Buterin’s announcement is proof that he remains committed to solving efficiency and scalability issues. The introduction of SSF is a crucial first step in increasing the network’s capacity to process more transactions quickly and securely.
Improving Transaction Confirmation Times
Buterin revealed the latest innovation in a blog post titled “Epochs and slots down: ways to give Ethereum users faster transaction confirmation times.” The design structure of Ethereum’s upcoming consensus mechanism, Gasper, will include epochs and slots through which validators can vote on the chain every 12 seconds, providing finality after two epochs, for approximately 12.8 min. However, over time and with the many steps involved, the users had become impatient. SSF is about making it more accessible; it will have a much more straightforward process using consensus akin to Tendermint.
Challenges and Two Distinct Approaches
Although it looks very promising to accomplish quick transaction times, the Ethereum network can face challenges with the new feature. The SSF feature encompasses two different approaches: Rollup pre-confirmations and Based pre-confirmations.
What is put in focus is the Rollup confirmations for the layer one solutions based on Ethereum, whereas working with engaging users is done by layer two solutions. Meanwhile, based pre-confirmations provide incentives to ETH proposers for providing pre-confirmations as a service, using their skill set for MEV-related ends.
