Ethereum (ETH) Miners Voting For Block Gas Limit Increase, Vitalik Buterin Proposes Another Solution

News
Fri, 06/19/2020 - 13:23
Vladislav Sopov
Ethereum (ETH) development and mining studio Bitfly revealed that miners are voting for an increase in the block gas limit. Why are Ethereum (ETH) core devs concerned?
Cover image via vk.com
Contents

Many prominent contributors to the Ethereum (ETH) ecosystem believe that this solution could result in network congestion and vulnerability.

Block gas limit surges 25%

As per an announcement from Bitfly, Ethereum (ETH) miners are upvoting an increase in the block gas limit from 10,000,000 Gas to 12,500,000 Gas. This would result in a significant increase in the transactional throughput of the Ethereum (ETH) blockchain.

Image via Twitter

As a result, the Ethereum (ETH) mainnet would be capable of processing 44 transactions per second instead of the current level of 35 TPS.

However, top-level Ethereum (ETH) developers suspect that this upgrade could threaten network operations. Ethreum Foundation team lead Péter Szilágyi highlights that such behavior from miners is egoistic as they don't care about:

the long term health of the network nor about DoS attacks.

Lefteris Karapetsas, 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 (ETH) usability.

Image via Twitter

Also, independent Ethereum (ETH) researcher Alexey Akhunov, in a semi-ironic tweet, claimed that it is the Bitcoin (BTC) network that would benefit the most from such a controversial upgrade.

Viitalik's proposal

Ethereum Foundation co-founder Vitalik Buterin proposed increasing gas costs for some particular types of transactions. According to his tweet, fees for initiating storage-accessing transactions should be way higher.

As covered by U.Today Crypto News, new research from Glassnode detected that only 10% of Ethereum (ETH) fees are paid by owners of accounts who use Ethereum (ETH) for retail transactions.

Stablecoins, Ponzis and DeFi account for the rest of miner rewards. In general, the abuse of the network by Ponzi schemes built around Ethereum-based stablecoins has already resulted in an upsurge of gas fees.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy