Published in: Blog

Parallel Execution: A Revolutionary Solution to Accelerate Blockchain

Author Duy

Published on: October 8, 2024

As blockchain faces increasing demands for massive transaction processing, speed becomes a critical factor in the development and scalability of this technology. Parallel Execution emerges as a revolutionary solution, boosting the performance and scalability of blockchain.

But what exactly is Parallel Execution, why is it important, and which projects are leveraging this technology to optimize their systems?

Table of Contents

Parallel Execution: A Solution to Blockchain’s Speed and Performance Challenges

Parallel Execution or Parallel Processing is a method that allows multiple transactions to be processed simultaneously, rather than sequentially, without creating conflicts. This capability represents a significant breakthrough in blockchain performance.

In traditional blockchains, such as Ethereum or BNB Chain, transactions are processed one at a time. This sequential processing forces each transaction to wait for the previous one to complete, which can lead to bottlenecks, long transaction queues, and ultimately, reduced throughput.

However, if multiple checkout counters were available, customers could be served simultaneously, drastically reducing wait times. Parallel Execution opens more “checkout counters” for blockchain transactions, enabling multiple transactions to be processed concurrently, thus speeding up the system and alleviating congestion.

Applications in Leading Blockchain Projects

Many cutting-edge blockchain projects are beginning to incorporate Parallel Execution into their architectures to enhance performance and scalability. These projects aim to process transactions faster, handle higher volumes, and offer lower transaction fees, setting the stage for a more efficient and accessible blockchain ecosystem.

Solana – A Pioneer of Parallel Execution

Solana is one of the most prominent early adopters of Parallel Execution, utilizing it as a cornerstone of its blockchain architecture. Solana’s speed and efficiency are made possible by two key innovations: Proof of History (PoH) and Sealevel.

Proof of History timestamps transactions, allowing them to be processed without waiting for synchronization with other parts of the network. Meanwhile, Sealevel enables the parallel processing of smart contracts, meaning that multiple transactions involving different contracts can occur simultaneously.

As a result, Solana can handle thousands of transactions per second (TPS), making it one of the fastest blockchains in the world, far surpassing the transaction capabilities of traditional blockchains like Ethereum.

Parallel EVM – Speed Meets Flexibility

While Parallel Execution boosts performance, maintaining compatibility with Ethereum’s vast ecosystem is equally important for many blockchain projects. Parallel EVM combines the speed of Parallel Execution with the flexibility of Ethereum’s virtual machine, allowing Ethereum-based projects to benefit from both technologies.

One standout project in this space is Eclipse, a Layer 2 solution aiming to integrate Parallel Execution into Ethereum. By combining the strengths of Solana and Ethereum, Eclipse seeks to offer the best of both worlds, enhancing speed and scalability without sacrificing the familiar Ethereum development environment.

Sei – Optimized Performance for Layer 1 Blockchains

Sei is another project leveraging Parallel Execution to improve transaction processing efficiency. Built on the Cosmos platform, Sei utilizes an innovative Optimistic Parallel Execution model.

This approach allows multiple transactions to be processed simultaneously, with conflicts being detected and resolved afterward. The result is a high-speed blockchain that can handle numerous transactions concurrently while keeping costs low.

Although Sei’s ecosystem is still in its early stages, its use of Parallel Execution has attracted significant attention from developers and investors alike. Sei’s potential to support high-speed, cost-efficient transactions makes it an attractive choice for a growing number of decentralized applications (dApps).

Monad – Merging Parallel Execution with Superscalar Pipelining

Monad, an EVM-compatible Layer 1 blockchain, combines Parallel Execution with Superscalar Pipelining technology. Superscalar Pipelining breaks down transaction processing into smaller steps, allowing the blockchain to handle more transactions simultaneously and optimize performance.

Though still in its testing phase, Monad’s unique approach shows great potential for accelerating blockchain speed and scalability, particularly for high-performance applications like DeFi (Decentralized Finance) and GameFi (Gaming Finance).

Aptos and Sui – Speeding Up Transactions with MoveVM

Aptos and Sui are two projects developed from Meta’s blockchain technology stack. Both have integrated Parallel Execution into their systems. Aptos uses Block-STM, a technology that synchronizes transactions and detects conflicts, while Sui employs a system that identifies each transaction object, making it easier to track and resolve conflicts.

These innovations allow Aptos and Sui to handle large volumes of transactions with minimal latency. Both projects have demonstrated their effectiveness in sectors like DeFi and GameFi, where fast and reliable transaction processing is essential.

Performance Comparison of Parallel Execution Projects

To assess the effectiveness of blockchain projects utilizing Parallel Execution, key performance metrics such as TPS, latency, and block time should be evaluated. These metrics provide insight into the speed and efficiency of each network, as well as their ability to handle high transaction volumes.

Solana: As one of the earliest adopters of Parallel Execution, Solana has demonstrated remarkable performance with high TPS and low latency. However, the network has faced occasional congestion during periods of high demand, leading to delays in transaction processing.
Aptos and Sui: Both Aptos and Sui have outperformed traditional blockchains thanks to their advanced Parallel Execution technologies. Aptos’ Block-STM system and Sui’s object-based transaction identification help minimize transaction conflicts, leading to higher TPS and lower latency than many EVM-based networks.
Sei and Monad: While not yet reaching the same performance levels as Aptos and Sui, Sei and Monad still deliver strong results, thanks to their use of Parallel Execution. Their TPS and latency metrics are notably better than those of conventional EVM blockchains.

Other Projects Leveraging Parallel Execution

Several other blockchain projects have adopted Parallel Execution to enhance their performance and offer more efficient transaction processing:

Neon: This EVM operates on Solana, allowing Ethereum dApps to run on the Solana blockchain without needing to modify their codebase. By leveraging Solana’s parallel processing capabilities, Neon delivers fast transaction speeds for Ethereum-based applications.
Eclipse: As a modular Layer 2 project, Eclipse uses Parallel Execution in conjunction with the Solana Virtual Machine (SVM) for the execution layer and Ethereum for the verification layer. This hybrid approach offers flexibility, scalability, and faster transaction processing.
Fuel: A Layer 2 solution on Ethereum, Fuel utilizes a modular execution model combined with Parallel Execution and a UTXO (Unspent Transaction Output) system. This enables Fuel to handle transactions efficiently while maintaining flexibility for developers building decentralized applications.

Challenges and Limitations of Parallel Execution

While Parallel Execution provides many advantages, it also presents several challenges that blockchain projects must address:

Security and Decentralization: Achieving high transaction throughput through Parallel Execution often requires reducing the number of validators, which can weaken the network’s security and decentralization. If validators collude, the integrity of the system may be compromised.
Transaction Conflict Detection: Detecting and resolving conflicts between parallel transactions can be complex, especially when multiple transactions interact with the same smart contract. For example, during periods of heavy trading on platforms like Raydium, Solana experienced congestion as numerous traders executed transactions simultaneously, causing delays.
Hardware Requirements and Costs: Implementing Parallel Execution demands robust hardware and well-optimized software, which can lead to higher costs. The cost of setting up validators for parallel processing can be significantly higher than for traditional EVM-based setups.

Conclusion

Parallel Execution has emerged as a vital technology in the quest to enhance blockchain performance and scalability. From pioneering projects like Solana to emerging players such as Aptos, Sui, and Monad, Parallel Execution is becoming an indispensable part of the next generation of blockchain networks.

However, for projects to successfully implement this technology, they must strike a balance between speed, security, and the cost of infrastructure. As blockchain adoption continues to grow, Parallel Execution will likely play a crucial role in driving the future development of scalable, efficient, and user-friendly blockchain platforms across the globe.

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