Ethereum researcher Justin Drake has proposed a solution to address the scalability challenges faced by Layer-1 blockchain. This proposal has generated interest within the Ethereum community regarding ETH 3.0. Doug Colkitt, the founder of Ambient Finance, has particularly highlighted the potential inclusion of a new consensus model and a native zero-knowledge Ethereum Virtual Machine (zkEVM) in this update. According to Colkitt, these advancements could potentially eliminate gas limits, allowing nodes to process large blocks through snark verification. In such a scenario, scalability would only be limited by bandwidth.
Colkitt believes that incorporating zkEVM into Ethereum would be a significant update, potentially rendering Layer-2 solutions unnecessary and bringing greater scalability to Ethereum. If these rumors prove to be true, it could lead to a revolutionary change within the Ethereum ecosystem.
Discussions about Ethereum’s scalability challenges are ongoing. Consensys CEO Joe Lubin mentioned in an interview with Cointelegraph that various approaches are being considered to address these issues. Lubin noted that while they had previously abandoned the idea of execution sharding, they are now exploring new paths with zero-knowledge and optimistic approaches.
Lubin expressed that these approaches could provide Ethereum’s Layer-1 with increased processing power, enabling it to handle millions of transactions per second. However, it may take several years for this vision to be fully realized.
Rumors surrounding ETH 3.0 have raised questions among some community members. Major updates are typically announced months in advance and filed as Ethereum Improvement Proposals (EIPs). However, Drake’s sharing has not provided clarity on this matter.
As Ethereum continues to work towards its long-term goals, the community closely monitors these developments.
Disclaimer: The information in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
