I've been searching for a more precise answer to this question, but I've seen a lot of conflicting information stating that Ethereum can currently handle anywhere from 12-45 transactions per second. What is the correct current number?
Then, also, according to this article:
In creator Vitalik Buterin's words, the long-term goal is for the platform to be able to process transactions at "Visa-scale transaction levels" or beyond.
"Visa-scale" is referenced as being 45,000 transactions per second.
- So what has to happen at the technical level in order for this goal to be realized?
- More miners?
- More nodes?
- More efficient core code?
Or will a completely new evolution of Ethereum be necessary to reach that level of transaction capacity?
Best Answer
I did the math to show the aprox tx/s:
The block gas limit is 7,999,992
Transaction costs 21,000 gas (let's assume nothing else is attached)
That's ~380 transactions per block
With a block time of around 15.03 seconds. As https://ethstats.net/ shows.
This gives us aproximately: 25.346 tx/s.
At the end of your question, you have mentioned some possible ways to bring this number up.
To improve all of the features you mention, there are now a few ways on which Ethereum is entering:
Ethereum Fundation is donating lots of $ in order to incentivate the research on sharding and plasma.
Here I leave some really good github's info about sharding.
Another important improvement is the next:
Here I leave the CasperFFG paper's link.
There are more ideas to improve the speed of the network without losing it's main objective: consensus. But I posted the most important ones.
Hope it helps!