Ethereum expands blockchain capacity by 25%

[cheezcarls]

"Ethereum’s network capacity has been expanded by the mining community to allow more transactions to be processed on the network per second. This is in light of increased traffic on the network, largely due to controversial stablecoin Tether and a gambling game called Fair Win.

Ethereum co-founder Vitalik Buterin relayed last week that block producers were starting to raise gas limits, in light of the network’s congestion. On Ethereum, gas is a separate cryptocurrency used to pay transaction fees and the gas limit essentially controls how many transactions can be included in a block. It’s similar to Bitcoin’s block size limit.

But on Ethereum, gas limits are more organic. Each miner can raise the gas limit by 1/1024 of its current value, slowing edging it up or downwards, as the network gradually adapts to its environment.

Today, miners continued to drive up the gas limit, causing it to break above 10 million per block, an increase of 25 percent over the last week. This means each Ethereum block can now include roughly 25 percent more transactions than they could the week before.

This allows the Ethereum network to process more transactions per second, helping to keep fees lower. But, it does mean the blockchain will get bigger more quickly, making it more expensive and difficult for nodes to keep running the network."

Source: https://decrypt.co/9573/ethereum-expands-blockchain-capacity-by-25-percent

[Zed0X]

A band aid solution to the scalability issue of ethereum blockchain and this reminds of that one bitcoin fork. Nevertheless, they are helpful somehow to users. I wonder if this size will be adopted once the ethereum 2.0 launches next year?