Skip to main content

Ethereum gas prices too high: Vitalik Buterin suggests quick fix



It is Ethereum inventor Vitalik Buterin himself who proposes a network upgrade with the EIP-4488 that is intended to limit the rising gas prices in the network. In the “Ethereum Magicians” forum, Buterin explains that the update could “reduce the gas fees for transaction call data” and “set a limit for the number of call data that can be in a block”.

Algorithmic tricks should fill blocks optimally

The update could also ensure that transactions with a high data volume are replaced by less data-intensive transactions in one block. Buterin: "If a block fills up to the size limit, we could repeatedly remove the last data-intensive transaction and replace it with as many data-poor transactions as possible until it is no longer profitable."

A quick solution to limit high gas tariff prices has been expected for some time. Because the London Hardfork, which was implemented on the mainnet on August 5, 2021, had not, as was actually expected, made the network cheaper. On the contrary, the fees, the so-called gas fees, have only increased since then.

Burn exacerbates the problem

Added to this is the problem that parts of the fees for each transaction are burned. This is a concept and part of the EIP-1559, but leads to an additional increase in the cost of network use, because the deflation that has set in, in some cases, drives the prices.

At the time of publication of this article, the so-called burn, i.e. the proportion of ethers destroyed, amounts to a little under 1.1 million ethers and thus to a little more than 4.9 billion US dollars. That comes from data from Watch the Burn.

Depending on the time of day and network traffic, the gas fees fluctuate greatly. The fees on the Ethereum network are primarily driven by the NFT market, which is characterized by the fact that every action always entails many individual transactions, which makes the total fees sometimes exorbitant. Metaverse platforms such as Axie Infinity or Decentraland also belong to the drivers.

Developers see the approach as being too short

The new solution proposed by Buterin has also attracted criticism from Ethereum developers. As usual with hotfixes, it does not address the problem at the root. EIP-4488 should only work on roll-up solutions on so-called Layer-2. In this, developers recognize the danger that there could now be a bidding competition in the roll-up space, which then drives prices up again.

How to twist it, it's time to introduce Ethereum 2.0 and its sharding technology. Everything else will remain patchwork.

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

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