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Benzinga - by Benzinga Neuro, Benzinga Staff Writer.

Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH), has put forward a proposal to increase the Ethereum block gas limit by a substantial margin, which could augment the networks capabilities.

What Happened: According to a report by The Block, Buterin, during a Reddit AMA session, proposed an increase of the Ethereum block gas limit by 33.3%, which would raise it from the current 30 million to 40 million units of gas. Such a move would enable more transactions to be carried out within every Ethereum block, thereby enhancing the networks capacity. Buterin during the AMA said that the existing gas limit has not changed for nearly three years.

Meanwhile, Jesse Pollak, Coinbase protocols lead, expressed his strong support for this change, stating, I'm strongly in support of increasing the Ethereum gas limit to 40-45M we have the network headroom and it will be beneficial for all parties. Its worth noting that, unlike several Ethereum modifications that necessitated hard forks, this increase in the Ethereum block gas limit can be implemented by validators adjusting their node configurations.

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Ethereum Co-Founder Vitalik Buterin Proposes A 33% Boost In Network's Gas Limit By Benzinga - Investing.com UK