Vitalik Buterin on Eliminating Ethereum Network Congestion and High Cost
Network congestion on the Ethereum network is a very real and current problem, which in turn has led to more real and pressing problems. Users of the network, especially small investors, have been the worst affected by these problems. With the skyrocketing rates, executing small transactions on the leading smart contract network is becoming less and less feasible by the day.
The high rates and congestion have sparked discussions about how to eliminate it. Several developments are in the pipeline, such as the Consensus Layer (formerly known as ETH 2.0) and other suggestions from developers. This time it’s atheneum founder Vitalik Buterin proposing a way to tackle network congestion and by extension high rates on the network.
Blob-bearing transactions on Ethereum
In a conversation that was Posted On the popular social media platform Twitter, Vitalik Buterin and developer Tim Beiko made proposals to tackle the problem of major network congestion. With network adoption growing at a rate the creators themselves couldn’t even have foreseen, it’s now become a race to find the best way to properly scale the network. Here, Buterin proposes a new feature called “blob-carrying transactions.”
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This feature would be added to a hard fork coming in the near future, explains buterin. Blob-bearing transactions would allow for higher scalability for rollups in the meantime before the full move to the consensus layer. It is basically a stopgap solution until network sharing is implemented. This new feature would be connected to both the Beacon block and the consensus nodes coming to the network.
Some proposals to add ‘blob-bearing transactions’ to a hard fork in the near future, giving rollups greater scalability before full sharding is complete. https://t.co/oRTSwAC1oD
— vitalik.eth (@VitalikButerin) February 5, 2022
“This EIP provides a stopgap solution until then by implementing the transaction format that would be used in sharding, but not actually sharding those transactions,” said the founder. “Instead, they would just be part of the beacon block and should be downloaded by all consensus nodes (but can be deleted after only a relatively short delay).”
When is this coming?
The blob-bearing trades can potentially be wagered with the Shanghai hardfork. It would provide a solution to mempool problems that keep the network rocking. In addition, for blob transactions and normal transactions containing a large amount of data, one solution would be to “increase the minimum increment for mempool replacement from 1.1x to 2x, reducing the number of resubmissions an attacker can do at a given rate.” by ~ is reduced by ~7x,” the notes read.
ETH settles above $3,000 | Source: ETHUSD on TradingView.com
Ethereum still remains the network with some of the highest costs in the space. Reportedly, the cost can reach $300 in some cases when the network is clogged by a high-profile NFT mining. Even the Layer 2 rollups designed to help users deal with the high transaction fees have seen their own fees are steadily rising as they cannot meet demand†
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On the price side, Ethereum is doing well as it continues to closely monitor the price of bitcoin. Both digital assets entered the weekend with bearish outlooks and settled on a bull trend with the price of ETH once again breaking above $3,000.
Featured image from Nairametrics, chart from TradingView.com