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ethereum Improvement Proposal (EIP) 7781 aims to reduce ethereum network slot times, expand blob capacity, improve decentralized exchange (DEX) performance, and reduce gas fees.
What is the ethereum Improvement Proposal – 7781?
EIP-7781 has caught the attention of the ethereum (eth) community due to its potential impact on the smart contract platform.
ethereum/EIPs/pull/8931″ target=”_blank” rel=”nofollow”>Proposed According to Ben Adams, co-founder of Illyriad Games, the new EIP promises several benefits, including reducing network slot times from 12 seconds to eight seconds, resulting in a 33% increase in transaction throughput. without a corresponding increase in data blob count.
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For the uninitiated, data blob counts in ethereum refer to the number of data chunks included in a block for future use using rollups or layer 2 scaling solutions. These blobs help offload storage and processing. data from the ethereum base network, reducing congestion and improving scalability.
EIP-7781 also aims to distribute network bandwidth more evenly, effectively reducing peak bandwidth requirements without sacrificing network efficiency.
In his proposal, Adams explains:
This would be equivalent to increasing the blob count from 6 to 8 or the gas limit from 30 million to 40 million; however, this approach does not increase the maximum bandwidth.
Commenting on the proposal, ethereum Foundation researcher Justin Drake said he supports reducing slot times to eight seconds. Drake added that the proposal would help DEX as Uniswap v3 becomes 1.22 times more efficient, saving approximately $100 million in CEX-DEX arbitrage annually, resulting in better trade execution for users.
Similarly, pseudonymous developer Cygaar x.com/0xCygaar/status/1842985189124997362″ target=”_blank” rel=”nofollow”>shared his thoughts on EIP-7781, saying that, if approved, the proposal can increase ethereum's performance by up to 50%. The developer also confirmed that the proposal would help reduce ethereum gas fees.
However, Cygaar cautioned that reducing slot times should not come at the expense of significantly increasing hardware requirements for individual validators.
To clarify this concern, shorter block times could cause data on the ethereum blockchain to grow more quickly, requiring more powerful hardware and faster internet to keep up with faster updates. This could present challenges for individual participants and node operators.
EIP-7781 raises concern among solo bettors
While EIP-7781 promises to address several of the current challenges on the ethereum network, there are concerns about its impact on individual stakers.
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For example, Adam Cochran, partner at Cinnehaim Ventures x.com/adamscochran/status/1842987569514242105″ target=”_blank” rel=”nofollow”>noted that the proposal “seems reasonable in terms of bandwidth for individual bettors” as long as the gas limit per block remains unchanged. Cochran added:
I'd like to see some testing on I/O hardware and punter return ping times to ensure it doesn't disrupt some local punters, but it looks like it should be within range for most.
It should be remembered that recently, the co-founder of ethereum, Vitalik Buterin defended Reduce the eth requirement for individual stakers from 32 eth to 16 or 24 eth.
Buterin emphasized the importance of individual participants in protecting the ethereum network, suggesting that a higher proportion of individual participants could provide an additional layer of protection against attacks on the network. At the time of this publication, eth is trading at $2,469. above 1.7% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
