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Ethereum developers have introduced Ethereum Improvement Proposal 7732 (EIP-7732) on July 3, aiming to significantly enhance the blockchain’s security and performance by separating block validation into two distinct processes: consensus and execution. This proposal responds directly to Ethereum co-founder Vitalik Buterin’s call for faster transaction confirmation times to meet growing demands for efficiency.
Vitalik Buterin emphasized the importance of fast transaction confirmation for a better blockchain user experience. Despite improvements post-Merger, with transaction speeds now at 5-20 seconds, Ethereum still trails behind other blockchains like Solana, SUI, and Binance Smart Chain.
EIP-7732 introduces the Enshrined Proposer-Builder Separation (EPBS), which divides execution validation from consensus validation. A consensus proposer selects an execution proposer, who then commits to creating a valid block with key details like payments or block hashes. A Payload Timeliness Committee (PTC) ensures the execution proposer meets their commitments.
This separation allows validators to prioritize consensus validation, postponing execution validation, thus improving overall network performance and security. Additionally, EPBS introduces a trust-free system for payment and block validation, enhancing transparency and reliability without the need for middleware.
The improvement in transaction speed comes at a critical time as the market anticipates the launch of Ethereum spot exchange-traded funds (ETFs). The SEC has approved eight companies to launch these ETFs, and the process is advancing smoothly according to SEC Chair Gary Gensler. The expedited approval could see ETFs trading by mid-July, potentially boosting Ethereum’s market position and price.
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