Information reaching us has it that the developers of Ethereum have started a test this week to increase the capacity of the Ethereum network. For example, they want to raise the gas limit to 10 million per block. This should increase the capacity of the network by 25%.
Several parties, including Vitalik Buterin, have confirmed this week that tests are being conducted to lower transaction costs, among other things. One of the ways to achieve this is to increase the “block gas limit”:
According to a tweet on 14th of September by Bitfly@etherchain_org
“Given the current #Ethereum network congestion, we have started to test raising the block gas limit to 10M gas.”
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Gas is a token that users of the Ethereum network used to pay for their transactions. By increasing the block gas limit, Ethereum miners can put more transactions in a block and process it. This leads to more capacity.
One reason that the Ethereum network seems to be at its limit is the switch from stable coin tether (USDT) to the Ethereum blockchain. Previously, the focus of the stable coin was primarily on Bitcoin blockchain, but the company behind the stable coin decided to establish the majority of its tokens on the Ethereum blockchain. As a result, the number of tether transactions on the Ethereum blockchain increased by no less than 1,000%, which now accounts for 25% of the total network activities.
Co-founder and developer of Ethereum, Vitalik Buterin, said earlier in an interview that the Ethereum blockchain is “almost full” and that scalability is a major bottleneck for Ethereum. He expects Ethereum 2.0 to largely solve current problems by making the network more efficient.
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