Ethereum Co-Founder Vitalik Buterin Discusses Proposal to Reduce Network Congestion and High Fees CryptoBlog
Ethereum co-founder Vitalik Buterin and developer Tim Beiko discussed a proposed solution to the current data transfer problem and scaling issues. Buterin talked about adding functionality such as “blob carrier transactions” in a “hard fork in the near future.”
‘Transactions carrying blobs’
The price of ethereum (ETH) has moved north over the past two weeks, climbing more than 25% over that time. Last week, ETH gained over 16% and the crypto asset managed to break above $3,000 per ETH zoned. On February 4, 2022, the co-founder of Ethereum Vitalik Buterin shared a tweet written by ETH developer Tim Beiko which offers a new Ethereum transaction format.
The first approach only makes the minimum changes for this to be supported by EL clients: https://t.co/Cwor6BgqTC
—Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) February 4, 2022
“Some proposals to add ‘blob-bearing transactions’ in a hard fork in the near future, bringing greater scalability to rollups before full sharding is complete,” Buterin said. wrote. Ethereum co-founder further share a explanatory which was posted on Reddit which details how the network may evolve. Buterin’s proposal goes into more detail:
‘[Blob-carrying transactions]’ contain a large amount of data that cannot be accessed by the EVM runtime, but the commit can be accessed. The format is intended to be fully compatible with the future Danksharding specification.
It is possible that the new proposal of “blob carrying transactions” will be implemented in the Shanghai hard fork. According to Buterin, the new transaction format would be connected to the beacon block and consensus nodes.
“This EIP provides an interim solution up to this point by implementing the transaction format that would be used in sharding, but not actually sharding those transactions,” Buterin’s notes say. The Ethereum co-founder added:
Instead, they would simply be part of the beacon block and should be downloaded by all consensus nodes (but can be deleted after only a relatively short time). There would be a reduced cap on the number of such transactions that could be included, corresponding to a target of around 1MB per block and a limit of around 2MB.
Ethereum data transfer fees remain high, L2 fees significantly lower
Meanwhile, the average transaction fee on February 6, 2022 is 0.011 ether or $31.99 per transfer. The median size Ethereum transaction fees are between $4.59 and $7.87, or 0.0026 ether per transaction. Of course, moving an ERC20 token or exchanging a token can cost users more gas to push the transaction. Layer two (L2) transactions are cheaper than on-chain layer one (L1) transfers, with Loopring being the cheapest.
Loopring currently costs $0.11 per transfer while Zksync can cost around $0.17 per transaction. Transfers using L2 solutions such as Loopring, Zksync, Polygon Hermez, Optimism, Boba Network and Arbitrum One are significantly cheaper than L1 transfers. The latest proposal regarding “blob carrier transactions” could alleviate on-chain congestion and high fees.
What do you think of Vitalik Buterin’s discussion of “blob carrying transactions”? Do you think this idea could help alleviate blockchain scaling issues? Let us know what you think about this topic in the comments section below.
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