As a seasoned researcher who has witnessed the evolution of blockchain technology, I find the Ethereum EIP-7781 proposal to be an intriguing development. The potential to increase Ethereum’s throughput by 50% and enhance the efficiency of decentralized exchanges is indeed promising.
According to the latest statement made by developers, there’s a proposed change for Ethereum called EIP-7781 that aims at decreasing block times from 12 seconds to 8 seconds. This represents a reduction of approximately 33%, and it is expected to enhance the overall transaction speed or throughput by around 50%.
Last Saturday, October 5th, Ben Adams, one of the co-founders at Illyriad Games, presented EIP-7781 – a proposition aimed at shortening the block confirmation intervals on the Ethereum network’s primary chain. The block time refers to the typical duration taken by validators to confirm transactions and find solutions for hashing problems.
Reducing the block time from 12 seconds to 8 seconds in the EIP-7781 proposal may lead to an enhancement of the delay experienced by base rollups. However, this change will also enhance the capability of handling larger data chunks (blobs), which ultimately contributes to a decrease in Layer-2 network fees.
In a post dated October 6th on X, an anonymous developer named Cygaar referred to EIP-7781 as a significant initial move in upgrading Ethereum’s core infrastructure. He mentioned that a large portion of the development work is now being directed towards Ethereum Layer 2 networks, which aim to address scalability issues.
There’s a new EIP to increase Ethereum’s throughput by 50%.
– Block times reduced by approximately 4.2 seconds
If approved, this would be a huge first step in improving Ethereum L1’s performance.
— cygaar (@0xCygaar) October 6, 2024
The proposal not only aims to enhance the mainnet’s processing speed but also evenly distributes data transmission over a period, thus reducing overall bandwidth demand and boosting the number of individual blocks and data chunks (blobs). Ethereum Foundation researcher Justin Drake has endorsed the EIP-7781 proposal on GitHub.
As a crypto investor, I’m excited about this proposal because it seems to align with the broader objectives of Ethereum scaling groups, even endorsed by co-founder Vitalik Buterin. Notably, this reduction in block times to 8 seconds could potentially make decentralized exchanges (DEXs) like Uniswap v3 1.22 times more efficient. This efficiency boost could save approximately $100 million annually in CEX-DEX arbitrage, ultimately leading to improved user experience by providing better trade executions.
Ethereum Proposal and Smart Contracts
The EIP-7781 proposition for Ethereum aims to enhance user interaction with smart contracts and decrease confirmation times by approximately one-third more, as well as lessen the peak load throughout intervals. Yet, some developers have voiced apprehensions that shortening the block time could potentially endanger solo stakers.
Reducing block duration might cause a rise in blockchain data (the execution state), necessitating stronger hardware and greater network bandwidth to swiftly handle and transfer the expanded blockchain state.
On a different post dated Monday, October 6, Adam Cochran, a partner at Cinnehaim Ventures, expressed that this EIP appears “fair” by also affecting solo stakers, while keeping the gas limit per block constant.
Cochran suggested that it would be beneficial to conduct tests on the Input/Output (I/O) hardware and monitor the ping times of the staker, ensuring it does not disconnect any home stakers unintentionally. However, it appears that this should fall within the acceptable range for most users.
On the other hand, intensified expectations on stakeholders might pose a threat to Ethereum’s ultimate objective of preserving its decentralized structure.
Read More
Sorry. No data so far.
2024-10-07 11:39