Ethereum Network Speed Set for Revamp as Vitalik Buterin Unveils EIP-7732 Proposal

Key Points

• Ethereum co-founder Vitalik Buterin is focusing on enhancing the network speed for better scalability.
• A new development proposal, EIP-7732, has been introduced to improve the blockchain’s validation process and increase its speed.

Vitalik Buterin, co-founder of Ethereum, is dedicating significant efforts towards improving the network speed, aiming to prepare the blockchain for the next level of scalability.

Ethereum developers have recently put forth a new development proposal, EIP-7732, with the primary intention of enhancing the blockchain’s validation process, thereby increasing its speed.

Changes Brought by EIP-7732

EIP-7732 brings about substantial changes to block validation. It augments the performance and security of the Ethereum blockchain by dividing the block validation process into consensus and execution.

The proposal is in line with the growing demand for efficiency on the Ethereum blockchain and aligns with Buterin’s push for quicker transaction confirmation times.

At the heart of the EIP-7732 proposal is the Enshrined Proposer-Builder Separation (EPBS), which splits the blockchain creation process into the consensus proposer and the execution proposer. The consensus proposer is tasked with selecting the execution proposer, thereby promising to produce a valid block containing crucial information, such as the block hash or a payment.

Meanwhile, a group of validators, referred to as the Payload Timeliness Committee (PTC), ensures that the execution proposer submits the valid block on time.

EIP-7732 aims to lessen the computational load on validators by keeping the consensus and execution layers separate. This separation is expected to increase the efficiency and speed of the Ethereum blockchain network.

Currently, the Ethereum blockchain requires validators to perform both the consensus and execution within a short time frame, which can lead to inefficiencies and delays. However, with the application of EPBS, validators can concentrate on validating the consensus immediately while postponing the execution validation to a later stage. This approach does not compromise network security and performance. Moreover, the solution proposes a trust-free exchange between the builders and proposers, ensuring payment and the inclusion of valid blocks.

Buterin Advocates for Speedier Ethereum

On June 30, Buterin shared a post stating, “One of the important properties of a good blockchain user experience is fast transaction confirmation times.” Thanks to the transaction fee overhaul brought by EIP-1559 and consistent block times post-Merge, Ethereum transaction confirmations now take between five and 20 seconds.

This speed is comparable to credit card transactions, but certain applications require considerably faster processing, far surpassing the current 12-second Gasper consensus mechanism.

The EIP-7732 proposal is currently under discussion and promises faster transactions in the near future. However, this might come at the cost of another hard fork with backward-incompatible changes.