Ethereum developers have introduced a new Ethereum Improvement Proposal (EIP), EIP-7732, which aims to overhaul the block validation process and speed up the blockchain.
The proposal introduces significant changes to block validation to improve the blockchain’s security and performance by separating the process into consensus and execution.
EIP-7732 responds to the growing demand for efficiency on the Ethereum blockchain and follows Ethereum co-founder Vitalik Buterin’s push for faster transaction confirmation times.
Proposal technical details
The core element of EIP-7732 is its Enshrined Proposer-Builder Separation (EPBS), the process of dividing block creation into the consensus proposer and the execution proposer.
The consensus proposer selects the execution proposer, who then promises to produce a valid block containing important information, such as a payment or block hash, for the proposer.
A group of validators, known as the Payload Timeliness Committee (PTC), ensures the execution proposer submits the promised block on time.
Why it matters
The EIP-7732 aims to reduce the computational load on validators by separating the consensus and execution layers, increasing network efficiency and speed.
The Ethereum blockchain requires validators to perform the consensus and the execution role in a short time frame, potentially creating inefficiencies and delays in the process.
EPBS would enable validators to focus on validating consensus immediately and deferring execution validation to a later time without compromising network performance and security.
The proposed solution also proposes a trust-free exchange between builders and proposers, guaranteeing payment and inclusion of valid blocks and removing the need for middleware.
Vitalik’s push for a faster Ethereum
According to a post by Buterin on June 30, “One of the important properties of a good blockchain user experience is fast transaction confirmation times.“
Thanks to EIP-1559’s transaction fee revamp and steady block times post-Merge, transaction confirmation on Ethereum is now down to 5-20 seconds.
Although comparable to credit card transactions, some applications require significantly faster speeds — a far cry from the current 12-second Gasper consensus mechanism.
With EIP-7732 in discussion and the promise of its proposed changes, faster transaction speeds could be around the corner, but at the cost of another hard fork with backward-incompatible changes.