Vitalik Buterin Presented the Short-Term Solution to the High Transaction Fees on the Ethereum Network


Ethereum co-founder Vitalik Buterin, Ethereum with software developer Ansgar Dietrichs, he put forward a new proposal. The proposal, called EIP-4488, was proposed as a short-term solution to the transaction fees experienced in Tier 2.

The New Bill from Vitalik Buterin

EIP-4488 about three days ago, it was transferred to the Github system called Ethereum Improvement Proposal by Buterin and Dietrichs. The update aims to reduce the cost of collection by about 5 times, while adding a limit on how much data can be contained in a block with a theoretical limit of about 1 MB per slot.

Prior to this proposal, the best response to increased transaction fees was a collection transaction. An aggregation is the main way of conducting transactions on Ethereum Ethereum 1. the transaction data performed outside the chain a release layer on layer two solution. Loopring and Polygon Hermez layer two solutions are cheaper compared to first-layer solutions, while ZKSync. and the Optimism summaries are not far behind. According to the Ethereum official site, summaries uses transaction call data, and minimizing the cost of transaction call data is one way to reduce transaction costs.

Solution to the Problem of Congestion

Vitalik Buterin noted that efforts to implement orthodox shredding in order to eliminate congestion problems, Altair hard forkhe said that it can be launched gradually with a change in the standard code, which should take a similar period of time as it becomes available.

The concept of fragmentation was borrowed from traditional databases and refers to the horizontal scaling of a database, similar to increasing the number of lanes on the highway to reduce traffic congestion. The Ethereum network is currently quite congested, which leads to gas fees. The transaction cost is determined by the gas cost of the transaction action price and in dollars Ethereum it is equal to the product of its price.

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