Recently, Vitalik Buterin, co-founder of Ethereum, finalized the Ethereum Improvement Proposal 7983 (EIP-7983), which significantly lowers the gas limit to protect the network from DDoS attacks.
Overview of EIP-7983
EIP-7983 was proposed in late June but required Buterin's signature to come into effect. The proposed gas limit is set at 16.77 million, significantly lower than the initial limit of 30 million. This decision was made after intensive discussions within the Ethereum community.
Economic Implications for the Ethereum Ecosystem
The economic benefits to the Ethereum ecosystem at present are minimal. With an average gas price of 0.2 and an ETH price of $2,500, utilizing the new 16.77 million gas cap would result in a cost of $11. The introduction of EIP-7983 will provide greater predictability for developers to assess transaction costs in advance.
Impact on Blockchain Security
A critical vulnerability exists in the Ethereum system where a single transaction could fully consume a block's gas limit. EIP-7983 addresses this flaw, contributing to further decentralization of the blockchain and enhancing its security against DDoS attacks, creating a more stable network.
EIP-7983 could be part of Vitalik Buterin's vision for a minimalist Ethereum, allowing simple and complex transactions to coexist without the latter dominating the blockchain.
