Ethereum Block Propagation Time Cut in Half Thanks to Scaling Fix
By Luke Flowers – Crypto Specialist
According to a third-party tester, scalability-focused blockchain startup, bloXroute Labs was able to successfully cut down block propagation time on the Ethereum mainnet in half. Reduce this propagation could increase network throughput to keep up with demand to buy and sell Ethereum and execute the smart contracts.
Between Nov. 11 and Nov. 27, the blockchain advisory firm Akomba Labs run bloXroute's "Blockchain Distribution Network" (BDN) on an Ethereum node in Singapore. The results found that the average block propagation time – the time it takes for a block to be produced and shared all over a blockchain – had been reduced to 172 milliseconds, which is half the current average time of 360 milliseconds. Halving this propagation time could help the network keep up when many users look to buy Ethereum or sell.
As part of the two-week test, Akomba used data from a Chinese mining pool.
The results found that BDN could have a modest but surging effect on block propagation on the Ethereum mainnet, which is currently the world’s second biggest public blockchain and also one of the more expensive to transact on. It is also a frequent subject on scalability, as far back as when Crypto kitties almost overloaded the network. This overload was caused due to the processing of many smart contracts, as oppose to an overload of orders to buy or sell Ether.
BloXroute Labs CEO, Uri Klarman, said, "Ethereum feels the burn of the scalability bottleneck more than any other blockchain out there. It's losing momentum, it's losing market share.” To encourage more users to buy Ethereum and developers to use the platform to build smart contracts and applications, the network need to overcome the scaling issue.
BloXroute uses a layer 0 approach that in turn cuts down transaction size and boosts block propagation time. For instance, BDN can broadcast 4 bytes for a 500-byte transaction.
Klarman said, "We don't send the entire block because if the other gateways know the transaction out of there, you don't need to send the actual data itself.” All that is needed for this type of system is just pointers stating which transactions are there.
Head on over to our platform if you’re looking to buy and sell crypto UK and be part of the innovation of blockchain technology.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards