Network validating identity stuck
Transactions have a gas limit field to specify the maximum amount of gas the sender is willing to buy.Hence, the “gas limit” for each block determines how many transactions will fit in a block based on the gas limit specified by each transaction in the block.Unfortunately, this is not the actual throughput due to Ethereum’s “gas limit”, which is currently around 6.7 million gas on average for each block .Quick “gas” primer in case the measurement is new to you: in Ethereum, gas is a measure of computational effort, and each operation is assigned a fixed amount of gas (for example, getting the balance of an account costs 400 gas, creating a contract costs 32,000 gas, sending a transaction costs 21,000 gas, etc.).If we do some back of the envelope calculations, that’s an average of 5 transactions per second. Similarly, Bitcoin, despite having a theoretical limit of 4,000 transactions per second, currently has a hard cap of about 7 transactions per second for small transactions and 3 per second for more complex transactions.Note that these limitations don’t exist for private blockchains.The first Bitcoin paper was first released in 2008.
This gas limit for Ethereum imposes a soft cap on the network’s computational power per block: with the current 6.7 million gas limit and the current average gas used per standard transaction of approximately 21K, we get approximately 300 standard transactions every block.median gas used by smart contract calls is 50K , which means roughly ~7 transactions per second).Combined with the fact that the number of transactions on the Ethereum network is growing at a significant pace, you can see how this would become a problem.While a decentralization consensus mechanism offers some critical benefits, such as fault tolerance, a strong guarantee of security, political neutrality, and authenticity, it comes at the cost of scalability.The number of transactions the blockchain can process can never exceed that of a single node that is participating in the network.