<

Ethereum miners are voting to increase the gas limit per block to 12.5 million to make the network up to 25% faster

According to Bitfly, the parent company of Ethermine pool, Ethereum miners are currently voting to expand the block gas limit from 10,000,000 gas to 12,500,000 gas. However, many people believe that this solution can result in network congestion and vulnerability.

Ethereum miners are voting to increase the gas limit, make the network up to 25% faster

Gas is a unit that measures the amount of computational effort required to send a transaction or perform other actions on the Ethereum blockchain. It is denominated in Gwei or extremely small fractions of ETH. Block gas limit is the threshold of gas that can be spent on the transactions featured within one block.

If the vote is approved, it will theoretically increase the overall capacity of the network and reduce fees. According to Bitfly’s calculations, the Ethereum blockchain will start processing about 44 transactions per second. For the time being, the Ethereum Blockchain handles an average of 35 transactions per second.

However, the increased gas limit also has some potential drawbacks. As the threshold becomes larger, miners take more time to process each block, resulting in a problem known as block commentary. It happens when two different mining tools create one block at a time, and only one of these blocks joins the blockchain, essentially resulting in additional work for miners.

Increasing the gas limit can also cause weaker nodes to leave the network, potentially making it less decentralized. That is why the limit is raised conservatively, and even then, often, it is done after achieving some optimization results in client application deployment.

The recent initiative has encountered strong opposition from some community members. Core Ethereum developer Péter Szilágyi summarized Bitfly’s tweet in the following way:

Ethereum co-founder Vitalik Buterin also participated in the discussion. According to him, about six weeks ago, a representative of the mining team Sparkpool ETH asked him if he supported the gas limit increase. He said that he didn’t, citing Szilágyi’s views on the matter. Buterin’s position has seemingly shifted since.

Lefteris Karapetsas, the founder of the Rotki decentralized portfolio tracker, added that such a rapid increase in the block size would lead to an upsurge of node volume and, therefore, would damage Ethereum usability.

The price of ETH is moving very slowly but targets $ 1,000

The Ethereum blockchain remains at the forefront of the decentralized financial market. So, with great use cases like COMP, the governance token of Compound Protocol, Ethereum also benefits. However, ETH’s price is showing a pale performance.

Cryptocurrency investor Ryan Sean Adams said ETH price went parabolic with its last globally recognized use-case, ICOs of 2016 – 2017. Therefore, Ethereum should continue to grow following the same pattern with the expansion of DeFi.

Meanwhile, some others think that the price of Ethereum and Bitcoin will skyrocket soon. Especially investor Anthony Sassano with the view that Bitcoin and Ethereum will spike after the exhaustion of the mid-cap token rally. In it, the large-cap assets print other sorts of cycles, such as low-caps and mid-caps. The last two categories are subject to much more explosive pumps.

Quite a lot of people think that DeFi is a sustainable and reliable catalyst for the development of ETH price. And Ethereum needs nothing but time to reach full steam. And it could still revisit four-digit waters in the next rally.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS