- In a recent post on X (formerly Twitter), Vitalik Buterin shed light on crucial updates in block construction.
- Additionally, Vitalik Buterin affirmed the team’s commitment to decentralization.
In a recent X post, Ethereum Co-founder, Vitalik Buterin shed new light on crucial updates related to block construction. Given that this is a fundamental process in the blockchain ecosystem, Vitalik explained the ongoing efforts to enhance the Ethereum blockchain’s efficiency and decentralization.
Viytalik Buterin shared the good tidings on X highlighting a post by Dan Robinson praising Max’s proposal over FOCIL.
https://x.com/VitalikButerin/status/1820993698106368166
Slightly switching focus, Robinson highlighted Max’s X post championing a leaderless transaction ordering system. According toRobinson, this approach strengthens blockchain decentralization. By eliminating the power of a single entity to dictate on-chain activity, Max showed great enthusiasm stating “Whatever you want to label this constellation of properties, I find it appealing.”
In response, praising the research, Vitalik prioritized that the Ethereum development team supports the value of having multiple actors contribute transactions for inclusion in a block. Additionally, he noted that there were ongoing talks of the possibility of eliminating a “last mover” in transaction ordering.
Notably, Ethereum currently takes 15 minutes for a block to be validated and considered irreversible. At this point, this ongoing research, including analysis of Orbit Single Slot Finality(SSF) aims to reduce this time frame. Ideally, blocks would be proposed and finalized within the same slot, drastically improving transaction processing speed and user experience.
Backtracking, there were concerns about the Ethereum team embracing centralization. In response to this, Vitalik highlighted the team’s undying dedication to decentralization. Proceeding, he proposed steps like multi-proposer systems, eliminating the “builder” role, and exploring distributed block building, network analysis, and bandwidth optimization for PeerDAS.
Ethereum facing price challenges
As the Ethereum ecosystem continues to show potential growth, ETH, Ethereum’s native token is not matching the energy. At the time of writing, ETH is changing hands with $2,431.29 marking a 3.47% and 23.44% decline in the last 24 hours and past week respectively. ETH dipped to its weekly support on Monday, following this, ETH later rebounded to the $2.43K level. Despite this slight rebound the averall sentiment remains bearish.
The recent market downturn has led to investors liquidating their assets further bolstering market volatility. Ethereum’s support level is near the $2,100 level. Notably, this is the same support level that ignited a rally to a high of $4,000. However, multiple failed attempts to breach the $3,500 resistance, coupled with intensified selling pressure around $3,000, have eroded bullish sentiment.
A surge in selling pressure has pushed the Taker Buy/Sell Ratio to its lowest level since 2021, indicating a significant loss of confidence among traders. This heightened pessimism suggests that Ethereum’s price could face further downward pressure. ‘
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