Fri, September 27, 2024 at 04:17

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some interesting news about Ethereum.

  • Vitalik Buterin, the co-founder, has proposed increasing the number of 'blobs' on the Ethereum network.

  • 
• Annie

  • Oh, that sounds intriguing!😊 What exactly are these 'blobs'?

  
• 

  Kang-hoon

  • Blobs are a data storage area introduced with EIP-4844, also known as proto-darksharding.

  • They are used to temporarily store large data to improve the performance of layer-2 rollups.

• Annie

  • Got it.

  • So, why does Buterin want to increase the number of blobs?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Currently, the blob space is about 75% full.

  • Buterin suggests increasing the number of blobs from six to eight per Ethereum block through EIP-7623.

  • This would expand the network's capacity, allowing more data to be stored on the layer-2 network.

• Annie

  • Interesting!

  • But won't this increase the cost of transactions?

  
• 

  Kang-hoon

  • Yes, EIP-7623 also proposes to increase the cost of call data for transactions that use Ethereum primarily for data availability.

  • This would reduce the maximum block size from around 2.7MB to 1MB, making room for an increase in the block gas limit or number of blobs.

• Annie

  • Hmm, I see.

  • Are there any concerns about this proposal?

  
• 

  Kang-hoon

  • Some layer-2 networks are hesitant to switch to blocks due to fears of market congestion.

  • 

  • However, Buterin emphasized that it's crucial to maintain momentum to get more layer-2s to use blocks.

• Annie

  • That makes sense.

  • What do other experts think about this?

  
• 

  Kang-hoon

  • Jesse Pollack, the founder of Coinbase Layer-2 Base, is a strong advocate for increasing the number of blobs.

  • He believes it will reduce the worst-case block size and add much-needed capacity to the fast-growing Layer-2.

• Annie

  • Wow, it seems like there's a lot of support for this.

  • What about the upcoming upgrades?

  
• 

  Kang-hoon

  • The highly anticipated Prague upgrade focuses on the execution layer of the network, while the Electra upgrade affects the consensus layer.

  • Together, they are called Pectra.

  • These upgrades will improve scalability, introduce account abstraction, and increase validator staking limits.

• Annie

  • Pectra sounds like a big deal!

  • Are there any plans to speed up its deployment?

  
• 

  Kang-hoon

  • Yes, Ethereum developers have proposed splitting the Pectra upgrade into PectraA and PectraB to accelerate deployment.

• Annie

  • That's great to hear!

  • So, Kang-hoon, do you think this news is good or bad for the market?

  
• 

  Kang-hoon

  • Annie, while the technical improvements are promising, the increased costs and potential for market congestion make this news a bit of a mixed bag.

  • Overall, I would say it's more of a bearish signal for the short term.

• Annie

  • Got it.

  • Thanks for the detailed explanation, Kang-hoon!🙏

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.