Vitalik Buterin chooses fast Ethereum, promises EIP-7732
Ethereum developers have introduced a new Ethereum update proposal EIP-7732 that aims to revamp the block verification process and speed up the blockchain.
The proposal introduces significant changes to block proof to improve blockchain security and performance by separating the process into consensus and execution.
The EIP-7732 responds to the growing need for efficiency on the Ethereum blockchain and follows Ethereum founder Vitalik Buterin's fast transaction confirmation times.
Related: Ethereum Pectra Update: Major Risks Identified in Report
Technical details of the proposal
A key component of EIP-7732 is its built-in proponent-builder separation (EPBS), a process for dividing block creation into the agreement proponent and executor.
The consensus provider selects the execution provider, which promises to produce a valid block containing important information such as a payment or block hash.
A group of verifiers known as the Payload Timeliness Committee (PTC) ensures that the execution provider delivers the promised block on time.
Related: Vitalik Buterin is ‘very important' to Ethereum's future: experts weigh in
Why is it important?
EIP-7732 aims to reduce the computational load on verifiers by separating the consensus and implementation layers, increasing network efficiency and speed.
The Ethereum blockchain requires validators to fulfill the role of consensus and execution in a short period of time, which can create inefficiencies and delays in the process.
EPBS allows verifiers to focus on immediately verifying consensus and postpone the verification of performance without compromising network performance and security.
The solution also offers a trust-free exchange between developers and proponents, eliminating the need for payment and real-time blockchains and middleware.
Related: Ethereum's next hard fork could make lost private keys a thing of the past
Vitalik's fast Ethereum push
According to a report posted by Buterin on June 30, “One of the important features of a good blockchain user experience is fast transaction confirmation times.
Thanks to the EIP-1559 transaction fee update and fixed post-merger times, transaction confirmation on Ethereum is now down to between five and 20 seconds.
Although comparable to credit card transactions, some applications require much faster speeds – a far cry from the current 12-second Gasper settlement method.
EIP-7732 With discussions and promises of proposed changes, faster transaction speeds may be around the corner, but at the cost of another hard fork with backward-incompatible changes.
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