Vitalik Buterin Plans to Boost Ethereum TPS by 1.5x Amid Solana Competition

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As a researcher who has closely followed the blockchain space since its inception, I find Vitalik Buterin’s recent proposal to reduce Ethereum gas fees and boost transactions per second (TPS) both fascinating and promising. The targeted reductions in gas costs for specific Ethereum Virtual Machine (EVM) operations seem like a logical step towards improving transaction efficiency without compromising network performance, which is a delicate balance that every blockchain strives to maintain.

Vitalik Buterin, a co-founder of Ethereum, recently unveiled a proposal to enhance the gas fee system, aiming to increase Ethereum’s transactions per second (TPS) by approximately 1.5 times. This adjustment is in response to growing competition from networks like Solana. Buterin explained that this change would enhance transaction efficiency without negatively impacting the network performance.

Vitalik Buterin Proposes Ethereum Gas Fee Reductions

In his recent suggestion, Ethereum’s co-founder, Vitalik Buterin, proposed a decrease in the fees associated with specific Ethereum Virtual Machine (EVM) functions. More specifically, he suggested lowering the gas cost of EVM opcodes from the current range of 2 to 5 down to 1, and those in the range of 6 to 10 would be lowered to 2.

Furthermore, he suggested reducing gas expenses associated with logging operations almost fourfold. Buterin additionally discussed minimizing gas fees for pre-compiled contracts, with the exception of those earmarked for decommissioning.

I think my ideal is deep but selective cuts:

Lower the gas cost for every EVM opcode currently within the 2-5 range to 1, and those in the 6-10 range to 2.

Can probably get 1.5x TPS…

— vitalik.eth (@VitalikButerin) October 24, 2024

According to the co-founder of Ethereum, the suggested modifications are expected to boost Ethereum’s transaction capacity by a factor of 1.5, all while avoiding significant trade-offs or potential severe problems like expanded call data size or heightened input/output requirements.

Lately, the Solana blockchain has surpassed Ethereum in daily gas fee earnings, largely due to the ongoing craze surrounding AI meme coins on the Solana platform. This surge is largely attributed to the introduction of new coins such as Goatseus Maximus (GOAT).

Recently, one of Ethereum’s co-creators discussed potential centralization issues and proposed solutions related to Ethereum’s Proof-of-Stake system. Furthermore, he revealed some insights about the future developments associated with the ‘The Verge’ update.

The Verge Upgrade and More Details

This past week, Vitalik Buterin disclosed that the upcoming Ethereum update, ‘The Verge’, will significantly lower hardware demands, enabling node operations on devices like smartphones and smartwatches.

One of the ongoing challenges for Ethereum is the growing data size needed to run a node. As per Paradigm research, this currently demands “hundreds of gigabytes of state data”.

To tackle this issue, the forthcoming Verge update is set to implement stateless validation. Vitalik Buterin elaborated that this functionality will make verifying the blockchain computationally efficient enough for devices such as mobile wallets, web wallets, and even smartwatches to handle it effortlessly without any additional setup.

Additionally, moving towards stateless verification means that Ethereum nodes can function without holding the whole blockchain copy. This change could make it easier for users to participate, even solo stakers, by reducing the technical barriers they currently face.

In this ongoing growth phase, the cost of Ethereum (ETH) has generally held steady, hovering near the $2,550 mark.

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2024-10-24 13:10