On Friday, a conference call was held with all the major Ethereum developers to discuss various proposals to improve Ethereum, as gas fees on the network remain historically high.

On the agenda, several points were put forward for discussion about the rise in gas prices and ways to reduce the problem. Alexey Akhunov, an independent researcher at Ethereum, began by commenting on the existence of gas tokens and how they can lead to higher than normal prices.

He stressed that Mempool is often riddled with transactions offering gasoline prices to stamp these codes, and compared this approach to book exchanges, as traders look for dips as prices drop. But he said the fact that gas bids were not easily canceled could mean that prices remain artificially high, with some dips being bought by default.

While a proposal has been made to abolish the recovery mechanism that supports gas labels, Akhunov admitted that the mint size for the gas symbol could be only about 2% of current gas use. This may indicate that any negative contribution could be of limited size, but he said he will need to find more data before options to remove this mechanism are formally discussed.

The remaining issues were of lesser importance when it came to gasoline prices. Among them is the recently launched EIP with the support of Ethereum founder Vitalik Buterin and lead developer Martin Svende.

The proposal was sent as EIP-2929, which significantly increases gas costs for certain storage operations. However, this is done as a defense against potential denial of service attacks, and the details of the change mean that some operations may actually be cheaper. However, Akhunov was skeptical of some of the more complex changes and exceptions included in this proposal, and suggested further discussion of these more subtle points.

The increase in gas costs appears insignificant in today’s environment, but it could help Ethereum developers feel more confident about future increases in gas limits. The strong threat of DoS attacks previously prevented more severe increases.

Another EIP that can have the biggest impact on the overall user experience is the EIP-2711. The proposal could allow one account to pay transaction fees to another account, create guaranteed bulk transactions to run in the order in which they were posted, and set an automatic deadline for transactions that fall into the notebook.

Developer Mica Zolto said the recent change could also save gas as these systems are already implemented at the application level on platforms like Uniswap. Doing so using smart contracts means that the transaction will still be listed as a failed transaction, and according to this proposal, it will simply be deleted when it expires.

However, this proposal was discussed on a media basis only, and no decisions have been taken yet.

In general, these changes were mainly discussed for inclusion in the Hard Fork Berlin, which was scheduled to take place this summer. However, many of the proposals have yet to be tested and approved, indicating that there is still some time before the hard fork.

For now, the entire Ethereum commission market will remain dominated by soaring demand.

Source: CoinTelegraph

LEAVE A REPLY