The core developers of Ethereum insist on a major technical change that can reform how quickly the network transactions processes.
On June 21, Barnabé Monnot, one of the core contributions of Ethereum, suggested a new proposal, EIP-7782, which would halve the block lock time from 12 seconds to 6 seconds.
According to him:
“Shorter final times make Ethereum a better mounting engine, which is perhaps one of the most important value propositions for apps and rollups that settle on Ethereum L1. Everyone benefits directly.”
EIP-7782 Benefits
He explained that the proposed changes would improve the confirmation speed, reduce the trading costs on decentralized platforms and create better conditions for cross-chain protocols.
The proposal also contains adjustments to the timing of different core blockchain operations, such as certificate and aggregation companies.
Under EIP-7782, the block proposal slot would shrink from 4 seconds to 3. Attrestations and aggregations would move even faster, each from 4 seconds to 1.5 cut.
Monnot has proposed that the EIP should lead the upcoming Glamsterdam -upgrade of Ethereum. He said:
“Several final restructuring proposals have already been made for GLAM AMSTERDAM (EIPS 7732 and 7886), more focused on scale. We want to use our Glamsterdam proposal as a place to emphasize the value of shorter final times and to continue the conversation to their implementation.”
In the meantime, this urge to faster final times is in accordance with the wider goal of the Ethereum Foundation to improve the Layer 1 performance of the network and the refinement of user experience.
Given this, Storm Slivkoff, a research partner at paradigm, supports The proposal. He noted that reducing latency could be the most valuable upgrade that is included in Glamsterdam, especially because transaction costs fall under $ 0.10.
In such an environment, the increasing block size reduces returns. Instead, improving the block quality becomes more critical.
Ethereum’s ecosystem growth
The proposal comes when the activity of Ethereum becomes new highlights in the midst of rising institutional acceptance.
According to Growthepie Data, more than 20 million active addresses had interacted with the network last week and have set a record. However, the majority of that activity happened on Layer-2 networks, such as the basis supported by Coinbase.
So, as the Layer-1 developers of Ethereum are now proposing to make the core network faster and more efficiently. If successful, the proposed final time reduction can improve performance where speed, costs and usability are the most important.
