If approved, this plan aims to cut block times on the Ethereum network from 12 seconds to just 8 seconds.
This change would not only speed things up but also increase the overall data capacity, boosting Ethereum’s throughput by 50%, according to developers.
What Is EIP-7781?
EIP-7781 was introduced on October 5th by Ben Adams, a co-founder of Illyriad Games. The proposal aims to make Ethereum better in a few key ways. First, by reducing block times, transactions could happen more quickly. This means that people using Ethereum can get their transactions confirmed faster, which is always a good thing.
Another goal of this proposal is to increase the capacity of something called “blobs.” These blobs are temporary data structures that help reduce fees on layer-2 networks, which are like helpers for the main Ethereum network. By making these blobs bigger, the proposal hopes to make decentralized exchanges, like Uniswap v3, work more efficiently.
There’s a new EIP to increase Ethereum’s throughput by 50%.
– 12 second block times -> 8 seconds
– 6 data blobs per block -> 9 blobs per block
– DEXes become around 1.22x more efficient
If approved, this would be a huge first step in improving Ethereum L1’s performance. pic.twitter.com/MkX5gbiBFR
— cygaar (@0xCygaar) October 6, 2024
Cygaar, a developer known only by this name, called EIP-7781 a “first huge” step toward making Ethereum better. Right now, many developers are focusing on layer-2 solutions, which help improve Ethereum’s performance, but this proposal aims to enhance the base layer of Ethereum itself. In simple terms, it’s like fixing the foundation of a house to make it stronger and more stable.
Justin Drake, a researcher from the Ethereum Foundation, has also given a thumbs-up to this proposal on GitHub. He believes that cutting block times will make decentralized exchanges more efficient, possibly saving around $100 million in annual arbitrage between centralized and decentralized exchanges. This means users could get better deals and faster transactions.
New EIP: 7781
By:
– Ben Adams
EIP-7781 proposes reducing Ethereum’s slot time from 12 seconds to 9 seconds to increase transaction throughput by approximately 33%. This change aims to distribute bandwidth usage over time, lowering peak bandwidth…
— ethresearchbot (@ethresearchbot) October 5, 2024
Potential Drawbacks
However, not everyone is on board with the idea. Some developers worry that reducing block times could create issues for solo stakers—those who validate transactions on their own. Shorter block times might lead to an increase in the amount of data on the blockchain, which requires more powerful hardware and bandwidth. If this happens, it could make things tougher for those individual stakers.
Disclaimer
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This articles is written by : Fady Askharoun Samy Askharoun
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