Ethereum Miners Are Voting To Increase Block Gas Limit
The voting process was announced by Bitfly a while ago, via its official Twitter handle. According to the report, the process is meant to increase the Block Gas Limit from 10 million to 12.5 million.
Bitfly added that the new development is capable of enabling the Ethereum network to handle approximately 44 TPS, instead of the average of 35 it usually handles.
“The Ethereum miners are voting to increase the Block Gas Limit from 10,000,000 to 12,500,000. In theory, this means that the Ethereum network now has the capabilities to handle ~44 transactions per second, instead of ~35. Another huge milestone for the community,” Bitfly tweeted.
The #Ethereum miners are voting to increase the Block Gas Limit from 10,000,000 to 12,500,000. ⛏️
In theory, this means that the Ethereum network now has the capabilities to handle ~44 transactions per second, instead of ~35.
Another huge milestone for the community.🥳🎉
— Bitfly (@etherchain_org) June 19, 2020
Meanwhile, some Ethereum community members and developers had called for an increase in block gas limit a couple of weeks ago, due to the congestion noticed on the Ethereum (ETH) network since the end of April 2020.
According to the data from Etherscan, the average gas price increased by over three-fold since the beginning of May 2020, with an average of relatively 30 Gwei, which brought about the idea of voting to increase the Block Gas Limit.
Immense Progress on the Launch of ETH 2.0
As per the progress report made available on 2nd June 2020 by an Ethereum developer, Danny Ryan, everything is in order for the launch of ETH 2.0.
He explained further that many “moving parts” are needed to be merged before the network upgrade can take place.
“There are dozens of teams and hundreds of individuals working [on ETH2.0] each day to make this a reality. The path we’ve chosen is difficult, but immense progress has and continues to be made,” Danny Ryan stated.