Vitalik Buterin Calls For Increase in Ethereum’s Gas Limit by 33%

• Buterin did some quick math and said that this would be a rise to around 40 million.
• Etherscan reports that the current gas cap is 30 million.

Vitalik Buterin, co-founder of Ethereum, has called for an increase to the gas limit in order to boost the network’s capacity. On January 10, during an ask-me-anything (AMA) hosted by the Ethereum Foundation’s research team on Reddit, Buterin brought attention to the fact that the gas limit has remained unchanged for over three years, which is the longest duration in the protocol’s history.

As the network has grown in popularity and users, the average gas limit has gone up shortly after Ethereum’s genesis in 2015 to its current level of over 3 million.

Modest Gas Limit Increment Proposed

While speaking at the research team’s eleventh annual meeting, Buterin said that a modest gas limit increment is reasonable even at this time. Buterin did some quick math and said that this would be a rise to around 40 million. Etherscan reports that the current gas cap is 30 million, hence Buterin proposes a 33 percent increase.

The gas limit for Ethereum is the maximum quantity of gas that may be used to execute smart contracts or transactions in a single block. Moreover, the gas fee is the necessary amount to execute a contract or make a transaction on the blockchain. The gas fee is calculated by multiplying the quantity of gas utilized in an operation by the cost per unit of gas. Whether a transaction is successful or not, the fee is paid.

To prevent blocks from becoming too big and disrupting network speed and synchronization, a gas limit is established. While creating blocks, validators may also dynamically change the gas limit within certain parameters.

Raising the gas limit should improve the network’s capacity and throughput by allowing more transactions into each block. There are downsides, too, including an increase in hardware burdens and the possibility of spam and assaults on networks.

Highlighted Crypto News Today:

Spot Bitcoin ETFs Approval Ignites Ethereum and Altcoin Rally