Ethereum (ETH) co-founder Vitalik Buterin proposed a new limit for total recall data for transactions in a block to reduce the total cost of transaction call data on the ETH network.
Buterin’s post on the Ethereum Magicians Forum, EIP-4488, highlights concerns about the high transaction fees on the Tier 1 blockchain for merging and the significant time it takes to implement and deploy data sharing:
“Therefore, it is desirable to find a short-term solution to further reduce merging costs and accelerate the transition of the entire ecosystem to a cumulatively oriented Ethereum.”
While the businessman provided an alternative where the gas price parameters could be reduced without adding an additional block size limitation, he anticipated the safety problem of reducing the cost of Calldata gas from 16 to 3:
“[This] will increase the maximum block size to 10 MB and push the Ethereum p2p network layer towards unprecedented levels of stress and risk of network outages.”
Buterin has issued a cost reduction and maximization proposal that aims to achieve the goal of reducing unprecedented levels of load and network outages, and believes that 1.5 megabytes will be sufficient while avoiding most security risks. As a tip to the Ethereum community, he wrote:
“It is worth reconsidering the historical resistance to multidimensional resource constraints as a practical way to achieve moderate increases in scalability while maintaining security.”
If the proposal is approved, the implementation of the proposal will require a planned network upgrade, which will lead to a revaluation of irreversible gas for the Ethereum ecosystem. This update will also mean that miners must comply with a new rule that prevents new transactions from being added to a block when the total connection data reaches the limit. “In the worst case, the theoretical long-term maximum will be ~ 1,262,861 bytes per 12-second slot, or about 3.0 terabytes per year,” the proposal states.
However, society is discussing other options such as implementing a weak border. Others have raised concerns about congestion in the sale of non-fungible tokens (NFTs), which may require users to compensate for the lack of execution gas by paying higher total fees.
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Higher gas prices have led to an influx of users from the Ethereum network to low-cost networks compatible with Ethereum VMs.
As Cointelegraph reported on November 4, Etherscan data shows that approval of a coin for trading under the Uniswap decentralized financial protocol can be worth up to $ 50 in ETH.
Average cost of Ethereum gas. Source: Etherscan
In addition, Layer 2 solutions, described as protocols that would help solve the billing problem, required high fees due to network congestion as new users joined.