Currently, one of the most anticipated developments in the blockchain industry is the launch of Ethereum 2.0. It’s believed that its emergence will solve the scalability and high transaction issues of the Ethereum network.
However, before the launch, which is likely to play out in 2022, blockchain developers such as Alan Chiu, founder and CEO of Enya.ai, are trying to boost the scalability of Ethereum in a layer 2 race.
According to Chiu, in an interview with Forkas.news, scalability in Ethereum (ETH) is already making headway while the world awaits the next level of the leading blockchain project that has been battered with a lot of delays.
Chiu said, “Ethereum has a rather limited capacity for computation and this has been a known problem for several years…
“What happened more recently is, Vitalik and many other Ethereum researchers have come up with an alternative solution rather than trying to do everything in ETH 2.0, scaling both computation and data.”
In the course of the interview, Chiu expressed excitement for the upcoming layer 2 developments, such as Polygon, which has been gaining ground with its show of resilience to the recent crash of cryptocurrencies in the market.
Enya.ai and OMG Network have also launched the public testnet of OMGX — a layer 2 Ethereum scaling solution which allows off-chain computations.
Chiu said, “By implementing computations on layer 2, moving them off the main chain, we are freeing up the precious blocks on the main chain so that in aggregate we can — as an ecosystem — handle a lot more transactions.”
The founder of Enya.ia added that solutions like roll-ups are able to provide lower transaction fees and increase capacity for more transactions before Ethereum 2.0 is officially rolled out.
Conclusively, Chiu said, “So, over the next several months, there’ll be several layer 2 solutions that will be moving into mainnet and it will be an exciting time. We’ll see how that changes to gas fees that people have to pay to use these DeFi projects.”
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