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Vitalik Buterin, the co-founder of Ethereum, has said that in order to raise the gas limit for Ethereum’s next fork, the community should start an online campaign. An active Twitter and Reddit campaign would convince large mining pools to push the gas limits up and solve the network’s congestion problem.

Ethereum’s congestion problem needs a quick solution

The world’s second-largest blockchain network, Ethereum, has been experiencing unprecedented congestion in the past couple of weeks, with reports showing that Ether’s network utilization has reached 90 percent.

Related: Microsoft using Ethereum blockchain to democratize machine learning and AI

Earlier this week, Vitalik Buterin, the co-founder of Ethereum, warned that the increased utilization could result in larger transaction costs, which would, in turn, deter corporate and institutional users from using Ethereum.

In a lengthy Reddit thread discussing the effects Tether has on the Ethereum network, Buterin said that developers were actively working on layers 1 and 2 that would solve Ethereum’s high fee problems. But, until that happens, the only thing that would help reduce some of the congestion on the network would be to increase the gas limit, he said.

With a large part of the Ethereum community pushing for it, Buterin said the best way to do it would be to start an online campaign. Buterin wrote on Reddit:

“I’d recommend starting a Reddit/Twitter campaign to promote the cause of pushing the gas limits up. Historically the large mining pools have listened to community pressure,” Istanbul fork could allow more transactions with the same gas limit.”

With F2Pool and Sparkpool, which represent around 40 percent of all Ethereum miners, currently supporting the idea of increasing the gas limit, the support of just one other mining pool would be enough to go through with the increase. Buterin said that getting either Ethermine or Nanopool onboard with the idea would secure the majority.

However, he noted that the best strategy would be to wait and not rush into increasing the gas limit. Istanbul, an upcoming Ethereum fork, will bring several gas-related improvements, TrustNodes reported, adding that they alone would allow for more transactions to be fitted within the current gas limit.

Buterin further explained on Reddit:

“It’s not clear that exactly now is the best time; it could be better to do a bigger gas limit jump at the same time as the Istanbul fork when the opcodes that present the greatest risks will see their gas costs bumped up so higher gas limits become safer.”

The Istanbul update, which was scheduled to go live at the beginning of October, has been delayed for a month due to problems with the implementation of Parity, one of the most advanced Ethereum clients.

Ethereum, currently ranked #2 by market cap, is up 0.43% over the past 24 hours. ETH has a market cap of $18.47B with a 24 hour volume of $5.21B.

Chart by CryptoCompare

Ethereum is up 0.43% over the past 24 hours.

Filed Under: Ethereum, People of Blockchain, Price Watch

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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(Excerpt) Read more Here | 2019-09-02 10:37:18


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