Vitalik Buterin, co-founder of Ethereum, has presented a new mechanism for fast confirmations that will allow users to receive a guarantee of transaction finality within just one time slot, approximately 12 seconds.
This is reported by Business • Media
- The implementation of this model will ensure final confirmation of the operation after just one slot.
- The processing time for deposits and transfers will be reduced by 80–98%.
- The reliability depends on the honesty of the majority of validators and the minimum network delay.
How the New Mechanism Works and Its Advantages
In the current transaction confirmation system in the Ethereum network, as well as during fund transfers on exchanges or in layer two (L2) solutions, users have to wait several minutes. Buterin’s proposed solution will significantly reduce this time to just a few seconds, allowing for faster liquidity movement between different platforms.
The new model changes the logic of transaction confirmations: instead of assessing block depth, the system focuses on confirmations by validators. If a sufficient number of validators confirm the block, the transaction is considered definitively accepted and cannot be revoked. This makes the process significantly faster, although the level of security is slightly lower than traditional economic finality.
“Security is guaranteed if the majority of validators act honestly, and the network delay does not exceed three seconds.”
Impact on Infrastructure and Future Development of Ethereum
The implementation of this mechanism is expected to ease the operations of exchanges and L2 solutions, allowing them to process deposits and transfers more efficiently. At the same time, this initiative does not require significant changes to the current network infrastructure.
This initiative harmoniously fits into the long-term development strategy of Ethereum, contributing to increased throughput, enhanced privacy, and scalability of the network.
As a reminder, the Ethereum Foundation previously conducted a sale of 5000 ETH in an over-the-counter deal.