A recent Ethereum improvement proposal, known as EIP-7781, has been put forward by Ben Adams, co-founder of Illyriad Games. This proposal aims to increase the throughput of the Ethereum blockchain by 50%, addressing concerns about scalability and network processing capacity.
The proposal seeks to reduce slot times from 12 seconds to eight seconds, allowing for more transactions to be processed over time. This upgrade would also enhance the blockchain’s ability to handle blobs, which are data-storage chambers used by layer-2 networks like Arbitrum and Optimism to store transaction records. By increasing the number of blobs per block from six to nine, more space would be provided for these layer-2 chains to interact with Ethereum.
In the proof-of-stake consensus mechanism of Ethereum, slots refer to specific time intervals during which a block can be proposed. Validators are selected for each slot to propose a block, which is then added to the blockchain. The proposed upgrade aims to make decentralized exchange platforms like Uniswap more efficient, potentially closing pricing gaps between on-chain and off-chain trading venues and saving users significant amounts of money.
While Ethereum is known for its strong security and decentralization, it has struggled with high fees and slow transaction speeds compared to newer blockchains like Solana. Previous upgrades to the Ethereum blockchain have focused on supporting layer-2 networks, but EIP-7781 would be the first upgrade in a while to directly address speed improvements on the base Ethereum blockchain.
It’s important to note that while reducing slot times to eight seconds would benefit end-users with faster transactions, validators may require additional hardware resources to support the increased throughput. The proposal will need to go through the Ethereum open-source development process, but it has already garnered support from key figures like Vitalik Buterin and Justin Drake.
Overall, the proposed upgrade could significantly enhance the overall performance of the Ethereum blockchain, making it more competitive with speed-focused blockchains and improving the user experience for those interacting with the network. It represents a step forward in addressing scalability concerns and optimizing the blockchain for increased transaction throughput.