Ethereum, The Fastest Crypto Network In The World Thanks To EIP-7781?

On October 5, 2024, a new Ethereum Improvement Proposal, known as EIP-7781, was introduced by Ben Adams. This proposal aims to reduce the block time from 12 seconds to 8 seconds, thus increasing the network throughput by 50%. This initiative could transform the speed of crypto transactions on Ethereum and reduce the associated fees.

Crypto: The Advantages of Ethereum EIP-7781

The main goal of EIP-7781 is to improve the efficiency of the Ethereum crypto network by reducing the time required to add new blocks to the blockchain. Consequently, the capacity of blobs, a temporary data structure used to reduce the fees of layer 2 solutions, would also be increased.

In addition to increasing the throughput, the proposal aims to distribute bandwidth usage more evenly over time. This would reduce peak bandwidth demands without increasing the number of blocks or blobs. This approach could enhance the user experience of Ethereum smart contracts by reducing confirmation times by 33% and smoothing peak loads.

The EIP-7781 proposal comes at a time when the Ethereum community is actively exploring ways to improve decentralization and network security. Vitalik Buterin recently suggested reducing the minimum amount of ETH required to become a validator, which could help enhance the decentralization of the crypto network.

Concerns about Home Stakers!

This proposal is not without challenges as reducing the block time could increase hardware and bandwidth requirements. This would make it more difficult for home stakers to keep up with the growth of blockchain data. Although the proposal seems reasonable, further testing would be necessary to ensure it does not negatively impact home crypto stakers.

Finally, if adopted, the EIP-7781 proposal could represent a significant advancement for Ethereum. By increasing the speed of crypto transactions and reducing fees, it will still pose technical challenges that will need to be carefully managed.