Fuel Labs released Fuel in the blog yesterday, which is the second largest blockchain platform Ethereum's alternative expansion solution. The project is expected to pass a security review soon to ensure its security and go live on the main network.
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Fuel Labs is a non-profit organization made up of a handful of Ethereum programmers. In the past two months, it has been quietly developing Fuel, which is based on research papers by ConsenSys researcher John Adler.
The Fuel Labs blog post states:
“After several in-depth conversations, we began to work hard to develop a practical Ethereum expansion implementation that would solve a problem: achieving sustainable, scalable, cheap and reliable stable currency payments at Ethereum: Fuel.”
The team's own conservative estimates claim that Fuel can make Ethereum transaction costs five times cheaper. Most importantly, it estimates that the number of transactions that Ethereum can handle per second can be increased from about 10 to 50. Looking ahead, you can see an increase to 2000 transactions per second (TPS), or even a million.
Ethereum is a platform for processing large amounts of cryptocurrency payments, including thousands of tokens and decentralized applications (dapps) built on it. However, the Ethereum platform is currently struggling to deal with a large number of transactions. So far, many solutions have been proposed, such as the chain network Plasma solution, but none have proven to be truly effective. Fuel Labs is planning to use a new technology called "optimistic rollups" (which was recently discussed by Ethereum co-founder Vitalik Buterin) to develop a solution that is said to better help Ethereum expand immediately. This makes the transaction much cheaper.
Optimistic about the future
Optimistic rollups are built on the concept of sidechains where work is transferred to a parallel blockchain. But these don't solve the problem completely, because they still involve a lot of trading on the main Ethereum blockchain.
Instead, optimistic rollups essentially process transactions in a batch so that there are few transactions on the main blockchain. In this case, the data can still be used on the Ethereum main blockchain, but hidden in a data structure called the merkle tree. However, as long as you know where you are looking, you can find the data.
This means that you can still prove that the optimistic rollups transaction is accurate, because you can find any transaction on the Ethereum main blockchain and reduce the burden on the Ethereum network while still leveraging its high level of security.