Ethereum network congestion is a very real and present problem, which in turn has led to more real and pressing problems. Network users, especially small-time investors, have gotten the short end of the stick with these problems, as they are the most affected. With fees skyrocketing, conducting small transactions on the leading smart contract network becomes less and less feasible with each passing day.
High fees and congestion have sparked discussions about how it can be eliminated. There are several developments in the works, such as the consensus layer (previously known as ETH 2.0) and other suggestions made by the developers. This time, it is the founder of atheneum, Vitalik Buterin, who proposes a way to deal with network congestion and, by extension, high fees on the network.
Transactions transporting blobs in Ethereum
In a conversation that was aware On the popular social media platform Twitter, Vitalik Buterin and developer Tim Beiko submitted proposals that would help address the problem of high network congestion. With network adoption growing at a rate not even the creators themselves anticipated, it has now become a race to find the best way to properly scale the network. This is where Buterin proposes a new feature called “blob carrier transactions”.
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This feature would be added to a hard fork that would take place in the near future, Explain Buterin. Blob carrier transactions would allow for greater scalability for builds in the meantime before the full move to the consensus layer. It’s basically a stopgap until network sharing is implemented. This new feature would be connected to both the Beacon block and the consensus nodes that are coming to the network.
Some proposals to add “blob carrier transactions” in a hard fork in the near future, giving greater scalability to rollups before full sharding is complete. https://t.co/oRTSwAC1oD
— vitalik.eth (@VitalikButerin) February 5, 2022
“This EIP provides a stopgap solution up to that point by implementing the transaction format that would be used in sharding, but without actually sharding those transactions,” the founder said. “Instead, they would simply be part of the beacon block and should be downloaded by all consensus nodes (but can be removed after a relatively short delay).”
When is this coming?
Blob bearer transactions could possibly be implemented with the Shanghai hard fork. It would provide a solution to the mempool problems that continue to plague the network. Also, a solution for blob transactions and normal transactions that carry a large amount of data would be to “increase the minimum increment for mempool replacement from 1.1x to 2x, which reduces the number of resubmissions an attacker can do to any fee level at ~7x,” the notes read.
ETH sells off above $3,000 | Source: ETHUSD on TradingView.com
Ethereum remains the network with some of the highest fees in the space. Fees are reported to be as high as $300 in some cases when the network is clogged due to a high-profile NFT mint. Even Layer 2 rollups that have been developed to help users deal with high transaction fees have seen their own fees rise steadily as they cannot keep up with demand.
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On the price side, Ethereum is doing well as it continues to closely follow the price of bitcoin. Both digital assets entered the weekend with a bearish outlook and emerged with a bullish trend, with the price of ETH breaking above $3,000 once again.
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