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The Ethereum founder Vitalik Buterin proposed a solution to the high gas fee that has been plaguing Etheruem miners. The proposal would have reduced block rewards by 75% and what doesn’t get mined in the future goes into an escrow account, which can be used for emergency purposes or as prize money for academic research.
The “ethereum gas price” is the amount of computational effort needed to execute a transaction on Ethereum. The high gas fees have been an issue that has been present for some time now. Vitalik Buterin, the founder of Ethereum, has proposed a fix for this problem.
Vitalik Buterin, a crypto millionaire, has proposed a new short-term solution to the Ethereum network’s increasing gas costs. The solution entails a new network upgrade that lowers the cost of transaction call data while also limiting the amount of transaction call data that can be sent in a single block.
The network has been troubled by rising gas cost pricing, with investors paying a very high transactional gas fee to perform a crypto transaction on the network. Many users have been forced to relocate to other more cost-effective blockchain networks, and many investors have been forced to abandon the network forever due to the dramatic rise in gas charge pricing.
A easy hack that keeps rising gas costs in check
Buterin has proposed EIP-4488, a short-term network upgrade that aims to limit the skyrocketing gas charge costs on the network, in order to manage the increasing gas fee prices on the network.
Buterin has laid out a plan that includes a quick fix solution that ensures that the explosive gas prices can be curbed for the time being by reducing transaction calldata cost and restricting total transaction calldata in a single block, according to information posted on the Ethereum Magicians forum.
“By just lowering the calldata gas cost from 16 to 3, the maximum block size might be increased to 10M bytes.” This would put unprecedented burden on the Ethereum p2p [peer-to-peer] networking layer, potentially disrupting the network; prior live testing with 500 kB blocks a few years ago had already brought down a few bootstrap nodes,” Buterin said.
Furthermore, the new EIP-4488 network update will aid in reducing network stress by enhancing security and preventing the network from reaching its stated “breaking point.” When the proposal is adopted, miners will be able to suspend a transaction while it is being included to the block when the calldata reaches its maximum.
The latest network upgrade has been met with criticism.
The latest method proposed by Buterin, which aims to moderate the network’s soaring gas cost rates, has been panned by Ethereum developers.
The developers went on to say that the new network update might result in a decline in rollup transactions, forcing users to pay an even higher total cost to compensate for the loss of execution gas on transactions.
“The new limitation may force them to pay a higher charge in order to outbid other rollups fighting for the same calldata space,” the developer said.
The price of Ethereum gas has been a cause of continual frustration for many investors who utilize the network to make crypto transactions on a daily basis.
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Posted in: Technology, Ethereum
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