Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: waybesuricata on November 28, 2021, 07:07:15 PM
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Ethereum co-founder Vitalik Buterin has put forth a proposal with Ansgar Dietrichs, a software developer for Ethereum. The proposal, called EIP-4488, is proposed as a short-term solution to the escalating gas fees experienced on Layer 2.
The EIP4488 modification was suggested three days ago on the Ethereum Improvement Proposal GitHub repository by Buterin and Dietrichs. EIP4488 aims for a reduction in cost for roll-ups by ~5x and adds a limit of how much calldata can exist in a block, which has a theoretical limit of approximately 1MB per slot.
Prior to this proposal, a roll-up was the best answer to escalating gas fees. A roll-up is a layer two solution on Ethereum, where transaction execution is done off the main Ethereum chain, while transaction data gets posted on layer 1. The Loopring and Polygon Hermez layer two solutions are cheap compared to layer one solutions, while ZKSync and Optimism roll-ups follow not far behind. According to the Ethereum website, roll-ups use transaction call data, and minimizing the cost of transaction calldata is a way to reduce transaction costs.
When Will Proper Sharding Come to Ethereum?
Buterin indicated that efforts to implement orthodox sharding to address congestion issues can begin, in an incremental fashion, with a “boilerplate” code change that should take a similar amount of time as the Altair hard fork to roll out. The concept of sharding is borrowed from traditional databases and refers to the horizontal scaling of a database, similar to increasing the number of lanes on a highway to reduce congestion. The Ethereum network is currently highly congested, leading to high transaction fees, called gas. Gas fuels computation on Ethereum. The transaction cost is equal to the price of the action in gas, multiplied by the cost of gas, multiplied by the ethereum price in dollars.
Source and continuation of news: https://beincrypto.com/vitalik-buterin-proposes-short-term-fix-for-high-l2-gas-fees/
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To Vitalik Buterin: I am so tired of waiting for the appropriate and effective solution to the blasphemously HIGH gas fees imposed on your Ethereum network. I understand that you are a genius man and so please use that high level of intelligence to come up with answer fast...this has been going on for a long time and is actually an insult to the very idea of cryptocurrency. Don't wait for us to totally turn our backs on you and your team.
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ETH gas fee is more volatile than crypto in general, unpredictable. While data sharding might be seen as the long-term solution to the imperfections of rollups, this proposal seeks to reduce gas fees in the very short term, possibly by Christmas of this year, according to a tweet by the team at zkSync, itself a Layer 2 scaling protocol.
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the Ethereum project needs to solve the problem with the commission not in the short term, since this affects the growth of the coin, it is necessary to act in the long term