Ethereum (ETH) raises gas limit to 10 million to tackle rising transaction costs

Ethereum (ETH) raises gas limit to 10 million to tackle rising transaction costs

Ethereum Futures demand grows as Bitcoin derivatives explode

The developers of Ethereum are said to 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 currently being conducted to lower transaction costs, among other things. One of the ways to achieve this is to increase the “block gas limit”:

Given the current #Ethereum network congestion, we have started testing increasing the block gas limit to 10M gas.

Gas is a token that users of the Ethereum network use 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 of the reasons that the Ethereum network seems to be at its limit is the switch from stablecoin tether (USDT) to the Ethereum blockchain. Previously, the focus of the stablecoin was primarily on the Bitcoin blockchain, but the company behind the stablecoin 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 Bterin, said earlier in an interview that the Ethereum blockchain is “almost full” and that scalability is a major bottleneck for Ethereum. He does, however, expect Ethereum 2.0 to largely solve current problems by making the network more efficient.

Smarter_way_USA
About Shawn Morrison 244 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

Be the first to comment

Leave a Reply

Your email address will not be published.


*