27 November 2021 12:05, UTC
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Vitalik Buterin, co-founder Ethereum (ETH) said it plans to restrict the receipt of all blockchain transactions. To reduce overall transaction fees on the network, the second-largest cryptocurrency by market capitalization.
On the Ethereum Magicians forum, Buterin revealed that the EIP-4488 update highlights concerns about high transaction fees on the coin’s blockchain. Also known as Layer-1 for Rollups, it includes the long time it takes to set up and use the information sharing itself. Buterin emphasizes that short-term solutions are needed to reduce the cost of additional savings packages and to stimulate the transition of the entire ecosystem to savings focused on Ethereum.
At the same time, he gave alternatives that can reduce the parameters of the cost of the commission without increasing the block size. Buterin believes that security concerns lie in reducing the cost of collecting calldata from 16 to 3. The creator of the second-rated cryptocurrency notes that this will increase the maximum block size to 10 MB and push the Ethereum p2p network layer to an unprecedented level of congestion and the risk of damaging the network. Thus, the payment for gas in the network can be reduced by about 5 times.
How can Ethereum solve the problem?
Buterin has issued a cost and constraint reduction proposal aimed at achieving network-wide benefits, and believes 1.5 MB will be sufficient while avoiding most security risks.
“It is worth analyzing past conflicts with resource constraints in different dimensions and considering the possibility of moderate network expansion at the same time. together while maintaining safety. “
Implementation of such a proposal will require planned network upgrades. This results in a backward inconsistent adjustment of the fee price for the entire Ethereum blockchain. The update also means miners must comply with new rules that prevent new transactions from being added to a block when the calldata size is reached.
However, the community is discussing other options. Some users believe that the solution to the problem is to implement a soft cap. Others have raised concerns about congestion during the sale of NFT tokens, which may require users to be compensated by paying higher fees. The increased gas charges have led to an outflow of users from the Ethereum network to other networks. While they are compatible with the Ethereum virtual machine, their prices are lower.
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