Bitcoin News and Finance

Ethereum’s Vitalik Buterin Proposes Gas Limit Increase

Amidst escalating transaction fees, Ethereum’s Vitalik Buterin has suggested a substantial gas limit increase, potentially boosting network capacity and reducing user expenses.

Ethereum’s Vitalik Buterin Advocates for Higher Gas Limit to Improve Network Capacity

Ethereum ecosystem co-founder Vitalik Buterin has proposed an increase in the network’s gas limit. This adjustment, aimed at augmenting network capacity, could potentially lower costs for users and enhance transaction efficiency.

Ethereum’s gas limit is the ceiling for the total amount of gas allowed in a single block. Gas, a fee necessary for conducting transactions or executing contracts on the Ethereum blockchain, ensures the network’s operational fluidity. Presently, the gas limit stands at 30 million.

During an Ask Me Anything (AMA) session with the Ethereum Foundation’s research team on Reddit, Buterin suggested a “modest” gas limit increase, proposing a raise to approximately 40 million. This adjustment represents a 33% hike from the current limit. The rationale behind this proposal is to enhance transaction inclusion in each block, thereby boosting overall throughput and network capacity.

While increasing the gas limit could improve network performance, it’s not without risks. Larger blocks require more energy for processing, potentially increasing the likelihood of chain splits and abandoned blocks.

Reflecting on Ethereum’s history, the network has seen a gradual increase in the gas limit, from around 3 million post-launch in 2015 to 15 million following the Berlin hard fork in April 2021.

According to data from Dune, 2023 witnessed a significant spike in network gas fees, with the median price reaching higher than 150 gwei in May, primarily due to the inscriptions frenzy. One gwei equals 0.000000001 ETH. Currently, the average gas price hovers in the low 30s, with an increase since the onset of 2024, particularly for complex smart contract operations. Rising gas fees on the network have led to dissatisfaction among many users, as even basic transactions can become too costly at times.

$ETH / #Ethereum gas fees are ridiculous right now … 😢 pic.twitter.com/4oqQq0jeWZ

— PennybagsCX (@PennybagsCX) December 30, 2023

The proposal has stirred diverse reactions within the Ethereum community. Some, like Gnosis Chain co-founder Martin Köppelmann and Coinbase’s Jesse Pollak, support the increase, with Pollak suggesting a further raise to 45 million. However, Ethereum core developer Dankrad Feist urges caution, pointing out the need to target calldata and blobs per block in conjunction with the overall gas limit in order to get more capacity for L1 applications and rollups.

Buterin’s proposition, if implemented, wouldn’t necessitate a major network update or hard fork. Validators could effectuate this change by modifying certain parameters in their node software. This move could either reduce transaction costs or, more likely, increase network capacity at similar costs, leading to more burn, as per Köppelmann.

Are you in favor of a gas limit increase? Share your thoughts and opinions about this subject in the comments section below.

Comments

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

Bitcoin News and Finance: What You Need to Know

Search This Blog