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Ethereum Improvement Proposal (EIP) 7781 aims to reduce Ethereum network slot times, expand point capacity, enhance decentralized exchange (DEX) performance, and reduce gas fees.
What is the Ethereum Improvement Proposal – 7781?
EIP-7781 has received attention from the Ethereum (ETH) community due to its potential impact on the smart contract platform.
Suggested Written by Ben Adams, co-founder of Illyriad Games The new EIP promises many 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 the number of binary blobs .
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For starters, binary biggies in Ethereum refer to the number of pieces of data contained in a block for future use by aggregated data sets or layer 2 scaling solutions. These blobs help offload data storage and processing from the Ethereum core network, reducing congestion and improving scalability.
The EIP-7781 also aims to distribute network bandwidth more evenly, effectively reducing peak bandwidth requirements without sacrificing network efficiency.
Adams explains in his proposal:
This would be equivalent to increasing the number of bubbles from 6 to 8 or the gas limit from 30 million to 40 million; But this approach does not increase the peak bandwidth.
Commenting on the proposal, Justin Drake, a researcher at the Ethereum Foundation, said he supports reducing unlock times to eight seconds. Drake added that the proposal will help DEXes impress com.uniswap Version 3 has become 1.22x more efficient, saving approximately $100 million in CEX-DEX arbitrage annually, resulting in better user trade execution.
Likewise, the developer goes by the pseudonym Cygaar subscriber Their thoughts on EIP-7781, saying, if the proposal is approved, it could increase Ethereum throughput by up to 50%. The developer also confirmed that the proposal will help reduce Ethereum gas fees.
However, Cygaar cautioned that reducing slot times should not come at the cost of significantly increasing hardware requirements for single validators.
To illustrate this concern, shorter block times may cause Ethereum blockchain data to grow more quickly, requiring more powerful hardware and faster internet to keep up with faster updates. This may present challenges for single stakeholders and node operators.
EIP-7781 raises concerns about sole contractors
While EIP-7781 promises to address many of the current challenges on the Ethereum network, there are concerns about its impact on individual stakeholders.
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For example, Cinnehaim Ventures partner Adam Cochran male The proposal “seems reasonable in terms of bandwidth over single stakeholders” as long as the per-block gas limit remains unchanged. Cochran added:
You might want to see some tests on the I/O devices and ping times for the respective parties back to make sure they’re not tripping over some major party, but it looks like they should be within range for most people.
It should be noted that recently, the co-founder of Ethereum, Vitalik Buterin He called Reduced ETH requirements for single subscribers from 32 ETH to 16 or 24 ETH.
Buterin stressed the importance of individual stakeholders in securing the Ethereum network, suggesting that increasing the proportion of individual stakeholders can provide an additional layer of protection against network attacks. At press time, ETH is trading at $2,469. higher 1.7% in the last 24 hours
Featured image from Unsplash, chart from Tradingview.com