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<h4><strong>If approved, this plan aims to cut block times on the Ethereum network from 12 seconds to just 8 seconds. </strong></h4> 
<p>This change would not only speed things up but also increase the overall data capacity, boosting Ethereum’s throughput by 50%, according to developers.</p> 
<h5><strong>What Is EIP-7781?</strong></h5> 
<p><a href="https://github.com/ethereum/EIPs/pull/8931" target="_blank" rel="noopener">EIP-7781</a> 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.</p> 
<p>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 <a href="https://ethereum.org/en/" target="_blank" rel="noopener">Ethereum network</a>. By making these blobs bigger, the proposal hopes to make decentralized exchanges, like Uniswap v3, work more efficiently.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">There’s a new EIP to increase Ethereum’s throughput by 50%.</p> 
 <p>– 12 second block times -&gt; 8 seconds<br> – 6 data blobs per block -&gt; 9 blobs per block<br> – DEXes become around 1.22x more efficient</p> 
 <p>If approved, this would be a huge first step in improving Ethereum L1’s performance. <a href="https://t.co/MkX5gbiBFR">pic.twitter.com/MkX5gbiBFR</a></p> 
 <p>— cygaar (@0xCygaar) <a href="https://twitter.com/0xCygaar/status/1842985189124997362?ref_src=twsrc%5Etfw">October 6, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>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.</p> 
<p>Justin Drake, a researcher from the Ethereum Foundation, has also <a href="https://cointelegraph.com/learn/ethereum-eips" target="_blank" rel="noopener">given a thumbs-up</a> 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.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f916.png" alt="🤖" class="wp-smiley" style="height: 1em; max-height: 1em;"> New EIP: 7781</p> 
 <p>By:<br> – Ben Adams</p> 
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/K40RzW6oSz">https://t.co/K40RzW6oSz</a></p> 
 <p>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…</p> 
 <p>— ethresearchbot (@ethresearchbot) <a href="https://twitter.com/ethresearchbot/status/1842397313915920488?ref_src=twsrc%5Etfw">October 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Potential Drawbacks</strong></h5> 
<p>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.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/new-ethereum-proposal-could-boost-efficiency-by-50/">New Ethereum Proposal Could Boost Efficiency by 50%</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

New Ethereum Proposal Could Boost Efficiency by 50%

Altcoin Buzz

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