Ethereum CEO Discusses Possible Network Scalability Solution
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Interestingly, Ethereum co-founder and CEO Vitalik Buterin recently shared a tweet created by ETH developer Tim Beiko, proposing a new ETH transaction format to help with the network’s scalability woes. Buterin asserted: “Some proposals to add ‘blob-carrying transactions’ in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete.” The CEO also detailed in an explainer on Reddit:
“‘[Blob-carrying transactions]’ contain a large amount of data that cannot be accessed by EVM execution but whose commitment can be accessed. The format is intended to be fully compatible with the future Danksharding spec.”
That said, many believe that the new blob-carrying transactions update proposal could find its way into the Shanghai hard fork. The Ethereum co-founder also stated: “ This EIP provides a stop-gap solution until that point by implementing the transaction format that would be used in sharding, but not actually sharding those transactions,” adding:
“Instead, they would simply be part of the beacon block and would need to be downloaded by all consensus nodes (but can be deleted after only a relatively short delay). There would be a reduced cap on the number of these transactions that can be included, corresponding to a target of ~1 MB per block and a limit of ~2 MB.”
Key Ethereum Levels to Watch — February 7
ETH has sustained its Saturday breakout above the two-month-long descending channel and has touched the $3,100 high.
With the current underlying market sentiment, I expect this cryptocurrency to hold its footing above the newly-found $3,000 bottom over the coming days, while buyers accumulate to facilitate a rebound and a possible breakout towards the $3,300 area.
As mentioned earlier, the whole sentiment driving ETH comes from the broader market recovery, making it critical to watch current market drivers like Bitcoin (BTC) and Shiba Inu (SHIB).
Meanwhile, my resistance levels are $3,100, $3,200, and $3,300, and my support levels are $3,000, $2,900, and $2,800.
Total Market Capitalization: $1.96 trillion
Ethereum Market Capitalization: $366 billion
Ethereum Dominance: 18.7%
Market Rank: #2
