4.9 C
Manchester
January 16, 2022
Image default
Altcoin

Vitalik Buterin, founder of Ethereum, proposes solution for high gas rates

Buterin unveiled a new upgrade to the EIP-4488 network to limit the rise in gas prices that prevails on the Ethereum network.

Crypto billionaire Vitalik Buterin has suggested a new short-term solution to curb rising gas prices on the Ethereum network. The solution involves a new network update that reduces the transaction calldata cost as well as limiting the total transaction call data into a single block.

The rising prices of gas fees on Ethereum have constantly plagued the grid, where investors have paid a very high transactional gas fee to execute a crypto transaction on the grid. The explosive rise in gas tax prices has driven many users to switch to other cost-effective Blockchain networks and forced many investors to abandon the network indefinitely.

A Quick Fix That Limits High Gas Rate Prices

In an attempt to curb rising gas tariff prices on the grid, Buterin has suggested a short-term upgrade of the EIP-4488 grid that is intended to curb rising gas tariff prices.

According to information posted on the Ethereum magicians forum, Buterin has hatched a plan that includes a solution to correction that ensures that explosive gas prices can be controlled for now, reducing the cost of transaction calldata and restricting the total transaction calldata to a single block.

As Buterin added:

Simply lowering the calldata gas cost from 16 to 3 would increase the maximum block size to 10 MB. This would drive the Ethereum p2p (peer-to-peer) network layer to unprecedented levels of tension and risk breaking the network; some previous live tests of ~500kB blocks a few years ago had already dropped some bootstrap nodes.

In addition, the new network update EIP-4488 it will also help to reduce the growing stress on the network, adding more security and protecting the network from reaching its supposed breaking point. The proposal, once approved, will allow miners to pause a transaction while being added to the block once the calldata reaches its limit.

The new network update draws criticism

The new solution suggested by Buterin which aims to stabilize the explosive gas tariff prices on the grid attracted criticism from Ethereum developers.

The developers further explained that the network’s new upgrade could cause rollup transactions to drop, prompting users to pay an even higher total fee to reimburse for lack of transaction execution gas.

The additional restriction may require them to pay an even higher fee to outperform other builds that compete in the same calldata space, the developer added.

Ethereum gas rate prices have been a constant source of anguish for many investors who regularly use the network to conduct cryptocurrency transactions.

Source: CryptoSlate

Related posts

Basic Attention Token to be listed this month on Gemini

Anupreet Kaur

Yearn Finance (YFI) hits new historic high

Anupreet Kaur

XRP Ledger Foundation denies rumors about Ripple abandoning XRPL

Anupreet Kaur

Leave a Comment