Breaking News

web3bzz

Allow notifications🔔 to receive the latest news and updates.

Ethereum EIP-7781: A Leap Towards Faster Transactions

EIP-7781 aims to enhance Ethereum's performance, reducing fees and improving transaction speeds, while addressing scalability challenges in the blockchain ecosystem.

1 min 10 secOctober 7, 2024

Highlights:

•

Block time reduced from 12 to 8 seconds.

•

Network throughput increased by 50%.

Ethereum EIP-7781: A Leap Towards Faster Transactions

A new Ethereum Improvement Proposal (EIP-7781), introduced on October 5, 2024, aims to significantly enhance the Ethereum network's performance. The proposal seeks to reduce block times from 12 seconds to 8 seconds, a 33% decrease, which could improve overall throughput by 50% and streamline transaction processing for decentralized exchanges (DEXs) like Uniswap.

 

 

Developed by Ben Adams, co-founder of Illyriad Games, EIP-7781 also proposes increasing the capacity of "blobs," temporary data structures that help lower fees on layer-2 networks.

 

This enhancement is expected to make Ethereum more efficient and accessible.

Ethereum Foundation researcher Justin Drake supports the proposal, noting it aligns with broader goals for scaling and could save DEXs around $100 million annually in arbitrage costs. However, concerns have been raised about potential centralization risks, as shorter block times may require more powerful hardware, potentially disadvantaging solo stakers and smaller validators.

 

 

If implemented, EIP-7781 could reshape Ethereum's landscape, addressing scalability challenges while enhancing user experience during peak demand. The community's response remains cautiously optimistic as discussions continue on the proposal's implications for decentralization and network efficiency.

Subscribe To

Web3Buzz

Connecting you to the world of Web3

Related News

People also like to read

Latest News