Ethereum’s co-founder, Vitalik Buterin, and developer Tim Beiko have been discussing a proposed solution to the data transfer gas problem and current scaling issues. Buterin talked about adding a feature like “blob-carrying transactions” in a “near-future hard fork.”
The price of ethereum (ETH) has moved northbound during the last two weeks, climbing more than 25% higher within that time frame. Last week, ETH gained over 16% and the crypto asset managed to climb above the $3K per ETH zone. On February 4, 2022, Ethereum’s co-founder Vitalik Buterin shared a tweet written by ETH developer Tim Beiko which proposes a new Ethereum transaction format.
The first approach makes only the minimum amount of 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-carrying transactions’ in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete,” Buterin wrote. Ethereum’s co-founder further shared an explainer that was published to Reddit which details how the network can scale. Buterin’s proposal notes further detail:
‘[Blob-carrying transactions]’ contain a large amount of data that cannot be accessed by EVM execution, but whose commitment can be accessed. The format is intended to be fully compatible with the future Danksharding spec.
It’s possible that the new ‘blob-carrying transactions’ proposal could 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 a stop-gap solution until that point by implementing the transaction format that would be used in sharding, but not actually sharding those transactions,” Buterin’s notes state. Ethereum’s co-founder added:
Instead, they would simply be part of the beacon block and would need to be downloaded by all consensus nodes (but can be deleted after only a relatively short delay). There would be a reduced cap on the number of these transactions that can be included, corresponding to a target of ~1 MB per block and a limit of ~2 MB.
Ethereum Data Transfer Fees Remain High, L2 Fees Considerably Lower
Meanwhile, the average-sized transaction fee on February 6, 2022, is 0.011 ether or $31.99 per transfer. The median-sized ethereum transaction fee is between $4.59 and $7.87, or 0.0026 ether per transaction. Of course, moving an ERC20 token or swapping a token can cost the users more in gas to push the transaction. Layer-two (L2) transactions are cheaper than onchain 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 like Loopring, Zksync, Polygon Hermez, Optimism, Boba Network, and Arbitrum One are significantly cheaper than L1 transfers. The latest proposal concerning ‘blob-carrying transactions’ could alleviate the chain’s congestion and high fees.
What do you think about Vitalik Buterin’s ‘blob-carrying transactions’ discussion? Do you think this idea could help alleviate the blockchain’s scaling issues? Let us know what you think about this subject in the comments section below.
Check live crypto rates here
Start trading today – See our list of exchanges
Medicines information. Brand names. In РЎРЁРђ vardenafil levitra Some hearsay nearby meds. Read facts now.
vardenafil 40 mg vardenafil india best price for levitra 20 mg
what does nolvadex do Since the life and physical integrity of the child to be conceived are not threatened by either the NPT or IUI protocols, I omit the first moral norm listed in Dignitas personae reproductive technologies must respect the right to life and physical integrity of the human being from conception to natural death
stromectol over the counter australia Adverse Events Reported During the Clinical Study
Very interesting points you have remarked, regards for putting up.
Saved as a favorite, I really like your blog!
I loved as much as you will receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get bought an impatience over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.
I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thx again!
The heart of your writing while appearing reasonable originally, did not settle very well with me after some time. Someplace throughout the paragraphs you actually managed to make me a believer unfortunately only for a while. I however have got a problem with your jumps in assumptions and one would do well to fill in all those breaks. In the event you actually can accomplish that, I would surely be amazed.
There is obviously a bunch to realize about this. I suppose you made some good points in features also.
I view something truly special in this website .
Only wanna tell that this is handy, Thanks for taking your time to write this.
I gotta favorite this site it seems very useful handy
I have recently started a web site, the information you offer on this web site has helped me tremendously. Thank you for all of your time & work. “Yield not to evils, but attack all the more boldly.” by Virgil.