99% ETH OFAC compliant to slow block times down to 3 hours but not censored
99% OFAC compliant ETH blockchain will claim 99.99% certainty of transaction inclusion in less than 4 hours
As Office of Foreign Assets (OFAC) compliance levels continue to rise on the Ethereum blockchain, a researcher from Scroll ZKP confirms the fact that censored transactions are still booming on the ETH chain, unlike Bitcoin (BTC) blockchain transactions. Will confirm with ,
If 99% of Ethereum validators were OFAC compliant, censored transactions would still verify faster than bitcoin transactions.
— pseudo 📜 (@pseudotheos) November 18, 2022
An Ethereum (ETH) block occurs on average every 13 seconds and hundreds of blocks are being validated per hour. Should ETH validators be 99% OFAC compliant, transactions would take three hours on average – but would still be included in the block.
data from inclusion. Watch allows visitors to adjust the level of censorship/compliance on the Ethereum network to find out the time it takes for blocks censored by the MEV-boost relay to join blocks.
As of press time, the average percentage of OFAC-compliant blocks produced has reached 77.82%, meaning that a non-compliant transaction would take more than seven minutes to be included in a block with absolute certainty.
Justin Bones, CIO of Cyber Capital, argued that a bitcoin block can take more than an hour to process, while on Ethereum there is a block every 13 seconds. However, the average time to create a block on bitcoin has not broken 12 seconds in the last quarter as stated cryptoslate Akeeba in the post below.
I mean it may take *hours* on BTC but that is a different matter.
The fact that a txs on 99% OFAC complaint will still be covered with 99.99% certainty is super impressive!
Doesn’t mean it will be faster than BTC though…let’s be precise here. pic.twitter.com/XdIRpsq7YI
— akeeba.lens (@kibablade) November 20, 2022
using the newly created inclusion. watch, Which makes it possible to review the number of blocks likely to be included on the 99.08% OFAC-compliant ETH blockchain, on the infamous MEVwatch website.
As seen in the image below, should Ethereum reach 99% compliance with OFAC sanctions, it would take 3 hours and 3 minutes for a new Ethereum block to include a transaction.
Therefore, the argument that Ethereum would still be faster than Bitcoin even if 99% of the network was censored appears to be false. External blocks can be processed slower on the bitcoin network but the average time to generate a block is very short.
What is impressive, as Akiba said, is that even with 99% censorship, Ethereum continues to process censored transactions within four hours. The argument that Ethereum is censorship resistant is hard to challenge under this revelation. However, if transactions from Uniswap, Aave, or 1inch account for a fraction of 1%, the 3 hour settlement time will result in severe network issues.
Credit : cryptoslate.com