Ethereum Improvement Proposal EIP-7781 could be the key to improving speed and efficiency on the Ethereum blockchain.
According to the proposal's creator, the Ethereum blockchain has been a fundamental pillar in the cryptocurrency ecosystem, but its performance has been criticized over the years. Therefore, in order to address these concerns, Ben Adams has presented Ethereum Improvement Proposal (EIP) 7781, which promises to increase the network's performance by 50%.
According to Adams, this proposed improvement seeks to reduce slot times from 12 to 8 seconds, thereby allowing for more agile processing of transactions on the blockchain.
EIP-7781: Increasing Ethereum's capacity and efficiency
According to Adams' proposal, Ethereum urgently needs to improve the scalability and speed of its network, as both features have become critical to its success as the popularity and demand for the blockchain platform increases.
Despite the proliferation of Layer 2 solutions, which have allowed users to interact with the Ethereum ecosystem in a more efficient and cost-effective manner, the need to optimize the main blockchain has become pressing, the developer indicated. Therefore, EIP-7781 is presents as a direct response to concerns about speed, performance and scalability, proposing a change that could transform the user experience and competitiveness of Ethereum against other faster blockchains in the crypto ecosystem, such as Solana.
Details of the new EIP
EIP-7781 not only focuses on reducing slot time but also on increasing the blockchain’s ability to handle “blobs,” which are dedicated data storage spaces to optimize the speed and performance of the blockchain. This change involves an increase in the number of blobs per block from six to nine, providing more space for Layer 2 networks such as Arbitrum and Optimism to publish data on Ethereum. According to experts, this aspect is crucial, as Layer 2 networks have proven to be essential in improving transaction efficiency on the blockchain.
On the other hand, the reduction of the slot time from 12 to 8 seconds directly translates into faster processing speed of Ether transactions.
In the Proof of Stake (PoS) consensus mechanism used by the Ethereum network, each slot represents an interval during which a block can be proposed. By decreasing this interval, more blocks are allowed to be proposed and added to the blockchain, thereby increasing the overall throughput of the blockchain,
Challenges and implications for the Ethereum community
While EIP-7781 brings numerous advantages to optimizing the network, it also poses some challenges. One of the main drawbacks is that validators might need additional resources to support the increased throughput of the blockchain. This was raised by developer Kolby Moroz Liebl, known as KolbyML, stressing that the Ethereum community will need to evaluate how this increase in workload will affect the existing infrastructure and the decentralization of the blockchain network.
However, despite the potential challenges, the improvement proposal has received the financial key figures within the community, such as Justin Drake of the Ethereum Foundation. On GitHub, Drake has noted that reducing block times to eight seconds could make decentralized exchange (DEX) platforms like Uniswap more efficient, saving users up to $100 million a year in arbitrage costs.
According to the blockchain developer, this type of economic benefits that EIP-7781 could bring could encourage wider adoption and further strengthen Ethereum's position in the crypto market.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
