The post A Balance-Changing Shift May Be Coming to Ethereum: Here’s the Proposal appeared on BitcoinEthereumNews.com.

A recent proposal for an Ethereum update could significantly increase the network’s throughput, potentially boosting transaction speeds by 50%. The proposed improvement aims to help Ethereum compete more effectively with speed-focused blockchains like Solana. Ethereum Could Approach Solana’s Pace The Ethereum Improvement Proposal (EIP), officially dubbed EIP-7781 and introduced by Illyriad Games co-founder Ben Adams on October 5, proposes reducing slot times from 12 seconds to eight seconds. This adjustment would allow the Ethereum network to process more transactions over time, improving efficiency and speed. EIP-7781 would also expand the blockchain’s ability to manage “blobs,” specialized data storage units used by Ethereum’s layer-2 networks to store transaction records. The proposal proposes increasing the number of blobs per block from six to nine, leaving more room for layer-2 solutions like Arbitrum and Optimism to send data to the Ethereum mainchain. In ETH’s proof-of-stake system, slots are specific time intervals during which a block can be proposed. For each slot, validators are selected to propose a block, and if these validators are successfully approved, it is added to the blockchain. EIP-7781 aims to increase the speed at which transactions are processed by reducing slot times. The proposal is still in its early stages within ETH’s open-source development community, but it has garnered support from notable figures. Ethereum Foundation researcher Justin Drake noted on GitHub that the proposed eight-second slot reduction could make decentralized exchanges (DEXs) like Uniswap 1.22 times more efficient. The development could also help reduce price differences between on-chain and off-chain exchanges, potentially saving users up to $100 million per year. Ethereum’s blockchain is known for its security and high degree of decentralization, but these strengths have traditionally come with tradeoffs in terms of higher fees and slower transaction speeds compared to newer blockchain platforms like Solana. Earlier this year,…

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Filed under: News - @ October 7, 2024 10:19 pm