Thursday, June 20, 2024

Vitalik Buterin, discusses a proposal to alleviate network congestion and high fees.

The ethereum cofounder Vitalik Buterin in consultation with developer Tim Beiko has proposed a new solution to reduce gas issues and scaling problems. Buterin spoke about a new blob-carrying transaction feature with a hard fork in the near future.

Blob-carrying transaction

Ethereum price has been moving up in the last 2 weeks and gained over 25% in the same period. Last week Ethereum climbed more than 16% to reach $3000 per ethereum zone. A new transaction format for ethereum has been proposed by Vitalik in consultation with Tim on February 4.

The New Proposals

The goal is to bring higher scalability before completing full sharding by adding blob-carrying crypto transactions in a hard fork, according to Vitalik. He further explained in a Reddit post how this network will be scaled up. According to more details of this proposal, transactions with blob-carrying features have data that remain inaccessible during EVM executions but the commitment remains accessible. The future format will be compatible with Danksharding specifications.

The proposed blob-carrying transaction may be implemented with Shanghai hard fork. Buterin informed that the new transactions will connect with consensus nodes and beacon block. The EIP will be a temporary solution until this point with transaction format implementation used in the sharding. However, it will not really shard those transactions. Rather, they will assimilate with beacon block. Every consensus node will have to download the data, which can be removed after some time. A reduced cap will be applicable on the transactions being accepted, with a limit of ~1 MB for each block and up to ~2 MB limit.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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