Vitalik Buterin, the co-founder of Ethereum, is exploring ways to enhance transaction speed on the Ethereum network by utilizing tools that could potentially reduce layer-1 (L1) confirmations from a few 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 by Buterin on June 30, he suggests transitioning from Ethereum’s current epoch-and-slot mechanism to a single-slot finality (SSF) system, highlighting the significant challenges involved in such a transition.
Buterin mentioned that following the Ethereum Merge in 2022, which saw the network shift from a proof-of-work consensus mechanism to proof-of-stake, L1 transaction confirmations have been reduced to just 5-20 seconds. He compared this to the experience of using a credit card, stating that there is room for further acceleration in transaction speeds.
One potential solution proposed by Buterin involves restructuring the architecture of slots and epochs, concepts associated with Ethereum 2.0 and the underlying Ethereum Gasper consensus mechanism. Slots represent a 12-second time period in which an ETH validator is randomly selected to propose a block, with each epoch comprising 32 sets of committees responsible for validating transactions on the Ethereum blockchain.
To address issues with the current system, Buterin suggested transitioning from slot-by-slot finality to single-slot finality, a mechanism akin to the Tendermint consensus. This change aims to streamline the validation process and reduce the time required to achieve finality, which currently stands at 12.8 minutes.
While acknowledging the challenges posed by the implementation of SSF, including potential network congestion caused by increased messaging frequency, Buterin highlighted innovative proposals like Orbit SSF that could help mitigate these issues. He emphasized that Ethereum is still exploring various design possibilities to enhance transaction speeds and address the complexities associated with finalizing transactions on the network.