Developers claim that the new Ethereum Improvement Proposal (EIP) will reduce Ethereum's block time by 33% and increase data capacity - thereby increasing overall throughput by 50%. EIP-7781 was launched on October 5 by Ben Adams, co-founder of Illyriad Games, with the aim of reducing block times on the Ethereum network from the current 12 seconds to 8 seconds, increasing aggregate-based latency, and increasing blob capacity.