- Layer 2 solutions aim to solve scalability and high transaction issues on Ethereum.
- CEO of Enya.ai Alan Chiu said scalability on Ethereum is already making headway.
- The Ethereum development team also scheduled network upgrade EIP-1559.
In the blockchain world, one of the most anticipated developments in the industry is the launch of Ethereum 2.0. In fact, ETH 2.0 will solve the scalability and issues on the high transaction Ethereum network.
However, Alan Chiu, CEO of Enya.ai, is trying to do the same sooner in a Layer 2 race. He said Scalability on Ethereum is already making headway. At the same time, the world waits for the next level of Ethereum.
Moreover, Chiu said in a video interview,
“Ethereum has a rather limited capacity for computation. 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.”
OMG Network and Enya.ai have also started the public testnet of OMGX. The layer 2 Ethereum scaling solution which allows off-chain computations.
According to Chiu, layer 2 solutions like rollups will provide lower transaction fees. Also, rollups increase capacity for more transactions without waiting for ETH 2.0.
Furthermore, the Ethereum development team also scheduled network upgrade EIP-1559 as part of the London hard fork slated for July. This upgrade tries to further lower transaction fees by offering measures to discourage miners from manipulating gas fees.