The post How the Ethereum EIP-7781 Proposal Could Revolutionize the Network appeared first on Coinpedia Fintech News
A new proposal, named EIP-7781, has been introduced in Ethereum. It is expected to considerably reduce block times from 12 seconds to 8 seconds – almost by 50%. If the proposal archives the expected outcome, it would provide a strong boost to the network. How has the new development influenced the price of ETH?Â
Ethereum’s New Proposal Introduced by Ben Adams: What You Should Know
Illyriad Games co-founder was the one who introduced EIP-7781. On October 5, when the new proposal was launched, the price of ETH was at $2,414. At present, the price stands at $2,488. In the last 24-hours alone, the price has seen a rise of +2.9%.
How Ethereum’s New Proposal Affects Layer-2 Networks
Ethereum is the largest blockchain network by TVL and Dominance. It has a dominance of 57.72% and a TVL of $46,864,334,333. Its 24-hour volume is nearly $1,069,684,291. It has experienced a 0.5% increase in TVL in the last 24 hours, and has recorded a 25.8% rise in its 24-hour Trading Volume during the same period.
The new proposal promises to improve the efficiency of the network. The key expectation is an increase in the latency of rollups – a Layer-2 solution designed to make Ethereum transans faster and cheaper.
Another important goal of the proposal is to distribute bandwidth usage over time. What it aims to achieve is better network performance without increasing the number of blocks being processed at a time.
Developer Reaction ot Etheruem’s New Proposal
Many developers have come out openly to express their support towards the new development. Cygaar a popular developer, has even gone a step beyond, calling the proposal the first huge step towards improving the Ethereum base layer. Generally, developers view the proposal as a major development for Etehreum’s core technology.
In conclusion, as Etheruem continues to innovate, EIP-7781 could significantly improve the network’s efficiency. Market data show that the Etheruem community is already thrilled about the new proposal.
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