Ethereum: Can the blocks remain covered at 1 MB forever?
The Ethereum network, built on blockchain technology, is not only a decentralized platform for cryptocurrency transactions, but also a complex system with various layers of security. An aspect of this complexity is the size of the block, which was the subject of debate between developers and users since its establishment. Can blocks remain capped to 1 MB forever? Let’s throw ourselves in the economy behind this question.
Economy behind the size of the block
In 2017, the Ethereum team introduced the idea of a “size limit of the block” as part of the Bitcoin Protocol decision process (the size of the block). This limit has been set at 4MB and is still in effect today, although with some changes. However, the size ceiling of the block was not a simple implementation.
In 2017, the developer of Ethereum, Vitalik Buterin, said that the size ceiling of the block will be gradually increased, as needed by the network. He also proposed the use of a consensus algorithm based on proof (POW) to limit the number of transactions per second (TPS), which in turn limits the size of the block.
case for leaving the block size cap to 1MB
There are several arguments that claim to leave the block cover to 1 MB forever:
* Cost : The increased calculation power needed to extract Ethereum would lead to significant energy consumption and greenhouse gas emissions. In fact, a study by the University of Cambridge has estimated that Mining Ethereum consumes around 150 MW of electricity.
* The stability of the network : A block size limit helps maintain the stability of the network by preventing the creation of large and inefficient transactions. This stability is particularly important for high traffic networks, such as Ethereum mainnet.
* Transaction capacity : With a larger cap (for example, 1MB), several users can participate in the network without compromising on decentralization and security.
The case against leaving the block size of the block to 1MB
On the other hand, there are several arguments that suggest that leaving the block cover to 1MB is not viable:
* Cost : While the increased calculation power required for Ethereum miners would still be significant, they may not be sufficient to justify a drastic reduction in the size cap. A study by Bitmain, one of the most important mining hardware manufacturers, estimated that reducing the block size of the block from 1 MB to 0.5 MB would require around $ 15 million .
* Network effect : As several users join the network, the demand for energy and energy energy consumption will increase. The too much reduction of the cap size cap could lead to a decrease in the network flow, eventually, harming the user’s experience.
* Economic incentives : The Ethereum ecosystem is very based on the idea of evidence of work (POW), which is based on the difficulty of solving complex mathematical problems. A smaller block size would reduce reward for miners and increase users’ costs.
A potential solution
So what is the best approach? A potential solution could be the implementation of a more gradual reduction of the size ceiling over time. This would allow both miners and users to adapt to the change of network conditions, while reducing the impact on the general security of the Ethereum network.
Another option is to explore alternative consensus algorithms that are less energy consumers, such as Saturday (POS) or delegate proof (DPOS). These alternatives could reduce the necessary calculation power to extract Ethereum without compromising decentralization and security.
Conclusion
Although there are valid arguments on both sides, it is clear that the Ethereum network is not designed for a 1 MB size cap forever. However, exploring alternative solutions and gradually reducing the size ceiling of the block can contribute to mitigating potential problems and ensuring the long -term sustainability.