Vitalik Buterin Proposes EIP-7732 to Boost Ethereum Network Speed

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As a researcher with a background in blockchain technology, I’m excited to see Ethereum co-founder Vitalik Buterin’s continued focus on improving the network’s speed and scalability. The recent introduction of EIP-7732 is a significant step towards achieving this goal.

Vitalik Buterin, one of Ethereum‘s co-founders, is dedicating a significant portion of his efforts towards enhancing the network’s speed in order to prepare it for greater scalability. Not long ago, Ethereum programmers unveiled a new development proposition named EIP-7732. The objective of this proposal is to optimize Ethereum’s validation process and subsequently increase its speed.

In my analysis, the proposed EIP-7732 implementation introduces substantial modifications to the Ethereum block validation mechanism. By splitting the validation process into two distinct components – consensus and execution – this update aims to enhance both the performance and security of the Ethereum blockchain.

EIP-7732 aims to address the growing need for efficiency on the Ethereum blockchain, aligning with Vitalik Buterin’s call for faster confirmation times.

The heart of EIP-7732 proposal lies in Enshrined Proposer-Builder Separation (EPBS), which breaks down the process of creating a blockchain into two distinct roles: the consensus proposer and the execution proposer. The consensus proposer is tasked with choosing the execution proposer, effectively committing to generate a legitimate block complete with essential data like the block header or a transaction record.

The Payload Timeliness Committee (PTC), a team of validators, is responsible for making sure that the proposer of a new block submits it in a timely manner.

EIP-7732 aims to accomplish its primary objective by distinguishing between the consensus and execution layers, thereby lessening the burden on validators computationally. Consequently, this separation leads to enhanced Ethereum blockchain network performance and swiftness.

As an Ethereum investor, I’ve noticed that the current setup of the Ethereum blockchain necessitates validators for reaching consensus and executing transactions promptly. However, this arrangement results in inefficiencies and unwanted delays in the process.

Through the introduction of EBPS (ETH Base Fee Proposal System), validators are enabled to prioritize consensus validation in real-time while postponing the execution verification until later. This approach maintains network security and efficiency without compromise. Furthermore, this solution advocates a trustless interaction between builders and proposers, ensuring fair payment and confirmation of legitimate blocks.

Vitalik Buterin Pushes for Faster Ethereum

On last Sunday, the 30th of June, Vitalik Buterin made a post highlighting this point: A significant aspect of an excellent blockchain user experience involves swift transaction confirmation times.

Due to the revamped transaction fee mechanism of EIP-1559 and stable block times following the Merge, Ethereum transactions are confirmed within a range of 5 to 20 seconds.

As a crypto investor, I’ve noticed that the transaction speed of my preferred blockchain network is on par with traditional credit card transactions. However, for specific use cases, much faster confirmation times are required. Unfortunately, the current Gasper consensus mechanism only manages to process transactions in about 12 seconds, which falls short of meeting these demands.

The EIP-7732 proposition is currently being debated, offering potential enhancements and quicker transactions in the future. Yet, this may necessitate another hard fork involving modifications that are not compatible with earlier versions.

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2024-07-04 12:48