Skip to main content

Vitalik Buterin suggests short-term solution to high L2 gas charges



Ethereum co-founder Vitalik Buterin, together with Ansgar Dietrichs, a software developer for Ethereum , developed a new vision regarding the high gas costs. The proposal, called EIP-4488, is intended to provide a short-term solution to the escalating gas charges on Layer 2.


The modification EIP4488 was proposed three days ago on the Ethereum Improvement Proposal GitHub repository by Buterin and Dietrichs. EIP4488 aims to reduce the cost of roll-ups by ~ 5 times and adds a limit to the number of call data in a block. Theoretically, the limit is around 1MB per slot.


When is the right sharding coming for Ethereum?

The solution for the high gas / transaction fees is to bring EIP4488. The roll-up is a Layer 2 solution on Ethereum , in which transactions are carried out outside the Ethereum main chain. The transaction data is published on Layer 1, however. The Layer 2 solutions Loopring and polygon Hermez are compared with Layer 1 solutions favorable , while the roll-ups do not belong to ZKSync and Optimism far behind. According to the Ethereum website, roll ups use transaction view data, and minimizing the cost of transaction view data is one way to reduce transaction costs.


Buterin referred to sharding as a long-term solution to the high transaction costs. The concept of sharding comes from traditional databases and refers to the horizontal scaling of a database, much like increasing the number of lanes on a freeway to reduce congestion. The Ethereum network is currently heavily congested, resulting in high transaction fees known as gas. Gas is driving the computations on Ethereum .


What exactly is behind the “Improvement Proposals”?

Ethereum Improvement Proposals (EIP) are based on the Bitcoin Improvement Proposals, which in turn are based on the Python Enhancement Proposals process. An Ethereum Improvement Proposal can be presented by anyone who is familiar with the process of proposals and drafts. An editorial team reviews proposals, which consist of a summary, a motivation and technical specifications. The team consists of Micah Zoltu, Nick Savers, Nick Johnson, Hudson James, Matt Garnett, Casey Detrio, Greg Colvin, and Alex Beregszaszi.


My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more