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What does 1M TPS mean for MegaETH?
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Let’s break it down from the perspective of a replica node who receives state diffs from the P2P network while relying on external proofs for state transitions. For simplicity, we use erc20 transfers as examples below.
Network. Even w/ erc20 transfers, each txn updates 3 kvs in the storage, so we need ~1.5Gbps bandwidth just to stream the raw state diffs. A smarter encoding scheme may compress the state diffs by 5-10x, reducing the BW needs to 150-300Mbps. But, it's unrealistic to allocate all BW for live sync (how can a new node join the network and catch up w/ the rest of the nodes then?), so the actual BW req must be 3-4x higher in practice.
Storage. Similar to the analysis above, 1M TPS translates to writing 3 million random kvs per second in the worst case. It's doable, but it would require sharding the traffic across multiple high-end SSDs.
Merkleization. Using our optimized Verkle-like state trie, updating 3 million random kvs requires ~6 million fixed-base ecmul ops. Assuming 5us per ecmul, one cpu core can perform 200,000 ecmul per second, so we need 30 cores to keep up. Yes, GPU is a more suitable to this task but that would require each replica node to be equipped w/ a GPU.
So, can megaeth do 1M tps? Sure, the max sustainable throughput of megaeth is a function of the minimum hw req of replica nodes. We just have to bump the hw req. However, we believe 100k TPS is sufficient for now and it's critical to have low-cost replica nodes. Thus, instead of aim for higher TPS, we prioritize 1-10ms block times and 10-1000 ggas/sec.
@naval What's an example scenario of why AI would need to transact in cryptocurrency rather than fiat?
AIs making money by trading stocks or running SaaS websites that charge via Stripe seem like useful AI applications for which 99% of customers would be looking to transact in fiat.