Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.
In a new OmiseGo AMA session, Vitalik Buterin has once again staked his belief that second-layer solutions will enable Ethereum to handle more than one million transactions per second.
During the AMA, Buterin noted that second-layer solutions such as Plasma and Sharing could be crucial in expanding Ethereum’s reach. While Plasma enables Ethereum to handle ‘micropayments’ through child blockchains, Sharding divides a blockchain network to sections – or ‘shards’ – which relieves nodes of having to process all new data items recorded on a blockchain.
“The reason I think layer 1 and layer 2 [networks] are complementary is because ultimately, if you look at the math, the scalability gains from the layer 1 improvements and layer 2 improvements do ultimately multiply with each other”, Buterin said.
“If you have a Sharding solution, the Sharding solution itself might increase the scalability of Ethereum by a factor of 100, or eventually even more. But then, if you do Plasma on top of the scalability solution, then what that means is, you’re not just doing 100 times of the amount of activity but you are doing 100 times the amount of entrances, the amount of exits, and despite resolutions.”
“So if you get a 100x from Sharding and a 100x from Plasma, those two basically give you a 10,000x scalability gain, which basically means blockchains will be powerful enough to handle most applications most people are trying to do with them”.
Buterin has Plasma Cash earlier this year.
Ether is up by 1.26% day-on-day, and at press time trades at $607.54 USD.