In a recent AMA, Ethereum co-founder Vitalik Buterin suggested raising the Ethereum gas limit by 33% to 40 million to improve network throughput and overall scalability.
Proposal To Increase Gas Limit
Ethereum co-founder Vitalik Buterin was hosting his Reddit AMA session when he made the “modest” proposal to increase the gas limit from the current 30 million to 40 million – a substantial 33% increase i. This marks the first proposed gas limit increase in nearly 3 years. This could majorly impact the overall performance of the Ethereum network moving forward since it aims to address a fundamental issue in blockchain technology – network efficiency.
Understanding Ethereum Gas Limit
Gas serves as the transaction fee required to perform actions on the Ethereum blockchain. The gas limit represents the maximum gas that can be allocated in all the transactions and smart contracts running in each block. Increasing the gas limit essentially increases the block-carrying capacity in the Ethereum chain.
The limit is in place to prevent excessively large blocks, which could adversely impact network performance and synchronization. It is also a way to reduce spam in the network. During Ethereum genesis, the gas limit was set at 3 million, which has since 10X’d to 30 million due to network demands.
Potential Impact and Considerations
An increased gas limit has the potential to lower gas prices by accommodating more transactions per block, subsequently reducing network congestion.
However, this proposal introduces challenges, especially for network validators. A higher gas limit may strain validators, necessitating more robust hardware and raising concerns about network security and vulnerability to spam or other forms of attack.
The proposed increase also rekindles the ongoing discussion on scalability in the Ethereum community. As stakeholders deliberate on the potential implications, the decision on this proposal will undoubtedly shape the network’s trajectory. It holds the key to influencing Ethereum’s scalability and efficiency, and its broader role within the blockchain ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/01/vitalik-buterin-proposes-33-increase-in-gas-limit