How Fast is iEthereum

Is iEthereum able to scale?

Does iEthereum have a dilemma?

Have you heard of “Blockchain Trilemma?”

Blockchain Dilemma! Blockchain Trilemma is obviously a play on words. The trilemma for blockchain networks is in the engineering trade-offs between decentralization, security and scalability.

We have and will continue to publish articles on these necessary engineered pillars of the iEthereum network. Today we will focus on the speed and scalability of the iEthereum token itself.

Speed and scalability go hand in hand. Currently, I am very pleased with the speed of iEthereum. Yet as it scales, will my expectation be exceeded as I go to purchase a cup of coffee? Or will I be let down?

As we have learned with so many other blockchains that as blockchains scale with more users and adoptive uses, the network begins to slow. This is due to the congestion of the network. Think of driving a freeway during rush hour. It is not fun and very inefficient use of your time and productivity.

iEthereum is an ERC20 token. Therefore, it relies on the speed and scalability of the mothership; the Ethereum blockchain network.

When iEthereum originated in October of 2017, the Ethereum blockchain was a Proof of Work (POW) consensus with an average TPS (transactions per second) of only 10. Realtime TPS for Ethereum 2.0 today is around 30 TPS and up to 100 TPS. Ethereum 2.0 is upgrading over the next several years with plans expected to perform 20,000- 100,000 TPS.

Just as a reference, Visa can handle 65,000 TPS. There are plans for Ethereum to increase to 1 million TPS in the future. However, the network will need to improve these planned implementations; rollups, sharding and increased band width.

At the time of this writing, iEthereum for me has always been fast. Very fast in fact. I have never had to wait long for the transaction to complete. However, I do recognize that iEthereum is a very low volume token with very few users or adoptive use cases. As we move into the future, Can we find the balance of time between the Ethereum technology improving and the iEthereum community growing? We hope so.

Currently, is iEthereum fast enough?

At the moment I say yes. Especially compared to Bitcoin or even Ethereum itself. Regardless of all the techies that explain to me that all ERC20 tokens relative speed and scalability is dependent on the capacity of the overall Ethereum network; my personal experience tells me something different. I am happy with my less than 10-15 second transaction experiences.

It’s worth noting that iEthereum’s speed and scalability could face challenges as the adoption of the token grows and the number of users increases. Although my experience with iEthereum has been consistently fast, the network may encounter potential bottlenecks as transaction volume rises, which could impact processing times.

One possible solution for maintaining efficient transactions is the use of second-layer scaling solutions like zk rollups, state channels or sidechains. These could help offload some transaction traffic from the main Ethereum blockchain, allowing for faster and cheaper transactions while still benefiting from the security of the underlying blockchain. Additionally, we continue to see the Ethereum network itself be upgraded. For instance, we will be seeing the Pectra upgrade this year hopefully.

The original iEthereum whitepaper written in 2017 states that you can send iEthereum anywhere on the planet instantly and have it confirmed as spendable within 30 seconds. This does not include the overall upgrades to Ethereum now and into the future.

There will be other technical innovations or optimizations on the horizon that might improve iEthereum's performance. For example, as more research is conducted on blockchain technology, novel consensus mechanisms and transaction processing techniques might emerge that could further enhance speed and scalability that are beyond that of the current objections and goals of the planned Ethereum network upgrades.

While iEthereum benefits from the ongoing improvements to the Ethereum network, there may also be opportunities to integrate additional functionalities and enhancements directly into the iEthereum token. This could involve exploring new partnerships or participating in initiatives that aim to address the broader blockchain trilemma, ensuring iEthereum's relevance and competitive edge in the evolving landscape of digital assets.

My opinion, is that Ethereum has lots of room for growth opportunities especially in terms of speed and scalability! And what that means for iEthereum is up for the mind to see.

iEther way, We see value!

If you see value in our weekly articles and the work that we are doing; please sign up for our free subscription and/or share this article on your social media.

Follow us on X (Twitter) @i_ethereum

Follow us on Truth Social @iethereum

Follow us over at Substack for additional fun, fictional iEtherean Tales and more technical iEthereum articles at https://iethereum.substack.com

Follow our casts on Warpcast at @iEAT

Our new Youtube Channel is https://www.youtube.com/@iethereum

Follow us on Gab @iEthereum

If you are currently an iEthereum investor and you believe in the future of this open source software; please consider upgrading to a premium paid sponsorship. A $104 annual sponsorship is currently the greatest assurance your iEthereum investment has a voice in the greater crypto space.

Receive free iEthereum with a sponsorship.

For those inspired to support the cause, the iEthereum Advocacy Trust provides a simple avenue – a wallet address ready to receive donations or sponsorships of Ethereum, Pulsechain, Ethereum POW, Ethereum Fair, all other EVM compatible network cryptocurrencies, or any Ethereum-based ERC tokens such as iEthereum.

Please consider donating or sponsoring via Ethereum address below 0xF5d7F94F173E120Cb750fD142a3fD597ff5fe7Bc

If you are interested in an iEthereum consultation, please sign up for the newsletter, upgrade to a premium sponsorship, and send me an email to schedule payment and appointment.

Feel free to contact us at iEthereum@proton.me with any questions, concerns, ideas, news and tips regarding the iEthereum project.

Thank you

Note: We are not the founders. iEthereum is a 2017 MIT Open Source Licensed Project. We are simply talking about this project that nobody else is while it is publicly listed on several coin indexes.

Do your own research. We are not financial or investment advisors!

Reply

or to participate.