Vitalik Buterin Proposes Gas Limit Increase in Ethereum Blocks
Date: 2024-01-11 Author: Dima Zakharov Categories: BUSINESS
Ethereum, the second-largest cryptocurrency network, is poised for a significant upgrade. Vitalik Buterin, one of its co-founders, has proposed a substantial change to improve the network's transaction capabilities.
Currently, Ethereum has a gas limit per block, which sets a cap on the maximum transaction fees within each block, consequently limiting the number of transactions processed in each block. Buterin believes it's time to increase the gas limit in Ethereum blocks. Presently set at 30 million gas, he suggests raising it to 40 million gas, a 33% increase.
When Ethereum was initially launched, the gas limit was a mere 3 million, but it has been raised multiple times. The most recent increase occurred nearly three years ago.
Speaking during a Reddit Q&A session, Buterin stated, "Honestly, I think a modest increase in the gas limit would be a justified move."
Raising the gas limit will allow for more transactions in each block, thereby improving Ethereum's overall network capacity. However, this also puts added strain on hardware and data transmission networks.
Towards the end of the previous year, Vitalik Buterin proposed several changes to Ethereum's consensus algorithm, indicating a constant drive for improvement within the Ethereum ecosystem.
