One of the biggest cryptocurrencies, Ethereum, hails long-standing features that make it the digital currency of choice for a vast range of NFTs. However, some problems that have come along with them, like high fees and slower network operations (compared to newer blockchains), have led to many a hesitant investors affecting the cryptocurrency’s long-term growth.
Consequently, Ethereum’s co-founder, Vitalik Buterin, along with developer Tim Beiko, have been going back and forth to discuss a proposed solution to the data transfer gas problem (Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform) and current scaling issues.
To this cause, Buterin talked of adding a feature called “blob-carrying transactions” in a “near-future hard fork.”
About Blob-Carrying Transactions
Vitalik Buterin shared a post made by ETH developer Tim Beiko on February 4, which provides information about the new Ethereum transaction format proposed: Blob-carrying transactions.
Some proposals to add “blob-carrying transactions” in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete. https://t.co/oRTSwAC1oD— vitalik.eth (@VitalikButerin) February 5, 2022
Ether’s co-founder further shared an explainer that was published to Reddit, linking to notes.ethereum.org, which details how the network can scale.
Blob-carrying transactions contain a large amount of data that cannot be accessed by EVM execution, but whose commitment can be accessed. The format is intended to be fully compatible with the future Danksharding spec.
He detailed these proposals to add ‘blob-carrying transactions’ in a near-future hard fork, explaining that it would bring higher scalability to rollups before full sharding is complete.
- Click here to read Floki Inu Updates That All Holders Should Watch Out For, FLOKI Curates Gemstone NFTs.
Sharding Completion Timeline, Introducing Rollups
JPMorgan’s strategists analyzed in early Jan that, the last phase of sharding, which is critical for scaling the network, may not occur until 2023. Thus, it appears that full scaling will take at least a year, implying that there’s still some time until it happens.
The latest Ethereum note shared by Tim Beiko (via Twitter), notes that transaction fees on Ethereum L1 have been very high for months, and there is a greater urgency to do whatever it takes to help support an ecosystem-wide migration to rollups.
Rollups are thought to be the sole trustless scaling solution for Ethereum in the short and medium-term, and maybe in the long term. Although rollups drastically lower fees for many Ethereum users, these prices may appear to the average ETH user to be prohibitively expensive, UToday notes.
Blob-carrying transactions, which would improve rollup scalability, are already in the works, and by implementing the transaction format that would be used in sharding but not actually sharding those transactions, this EIP would provide a stop-gap solution until the moment at which the transaction format would be utilized in sharding.
While at the time of publishing, Ethereum is down 0.8% in value, it has still seen a positive run in the past two weeks, increasing by 24.7% during this period.