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Learning & News => News related to Crypto => Topic started by: TomPluz on January 07, 2022, 05:25:06 AM

Title: Vitalik: multidimensional Ethereum fee structure
Post by: TomPluz on January 07, 2022, 05:25:06 AM

(https://images.cointelegraph.com/images/717_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvZjA3OTNlOWYtMzk1Yy00ZmI5LWE3ZjAtZTc3NWUxYzgwZDY3LmpwZw==.jpg)



Calculating different gas prices for different resource usage may streamline the current fee structure for Ethereum according to Buterin.

Ethereum co-founder Vitalik Buterin has put his thinking cap on again in an attempt to improve the current fee structure for the network.

The proposal titled “Multidimensional EIP-1559” was laid out in a blog post on Jan. 5 in which Buterin noted that different resources in the Ethereum Virtual Machine (EVM) have different demands in terms of gas usage.

He added that there are different limits for short-term “burst” capacity as opposed to “sustained” capacity within the EVM citing examples of block data storage, witness data storage, and block state size changes.

More of this exciting news here: SEE THIS!  (https://cointelegraph.com/news/vitalik-proposes-new-multidimensional-ethereum-fee-structure)

Oh, so once again we are witnessing the genius of Vitalik Buterin with this proposal. I am waiting for the time when we can finally get back to normal with Ethereum. Vitalik and his gang should be thankful that despite the big gas fee issue, his platform remains on the top of the crypto market...had it been in a normal market situation this could have been pronounced dead before reaching the hospital. I used to be a big fan of this boy but for now I am shifting to CZ but will go back to the former when he can fixed his Ethereum.

Now, do you think this proposal if implemented can solve at least a part of the problem or will this just another bag of air?


Title: Re: Vitalik: multidimensional Ethereum fee structure
Post by: mu_enrico on January 07, 2022, 06:03:20 AM
Tbh, I don't think ETH fees can be fixed by just a reordering/fee structure without increasing the capacity. I ditched ETH and use BSC as well because of absurd ETH fees. At this point, he isn't a genius. He made a mistake in the last EIP-1559 and wants to correct his mistake. Basically, ETH only has two feasible paths: (1) Faster block time, or (2) Bigger blocks (higher gas limit). If he tries to heavily modify the system, it will introduce more bugs, break the system, and then more updates.
Title: Re: Vitalik: multidimensional Ethereum fee structure
Post by: densus88 on January 07, 2022, 10:07:39 AM
Quote from: mu_enrico on January 07, 2022, 06:03:20 AM
Tbh, I don't think ETH fees can be fixed by just a reordering/fee structure without increasing the capacity. I ditched ETH and use BSC as well because of absurd ETH fees. At this point, he isn't a genius. He made a mistake in the last EIP-1559 and wants to correct his mistake. Basically, ETH only has two feasible paths: (1) Faster block time, or (2) Bigger blocks (higher gas limit). If he tries to heavily modify the system, it will introduce more bugs, break the system, and then more updates.

I get the point, It means Ethereum team didn't have solution for  this problem, because if they tries to modify the system , It  will introduce more bugs.
But If Ethereum doesn't have  solution, it will be abandoned soon.

Title: Re: Vitalik: multidimensional Ethereum fee structure
Post by: Senin on January 07, 2022, 11:02:39 AM
Not so long ago, on November 24, Vitalik Buterin was the initiator of the EIP-4488 improvement, which, according to calculations, should lower the gas price in the ethereum network by about five times. Until this time, the very global improvement of Ethereum 2.0, launched on December 1, 2020, also assumed, along with other improvements, to solve the problem of high transaction fees. If Buterin is still looking for other options, then is he really not sure about the effectiveness of what was previously conceived, or is this a common reassurance due to the severity of the problem? Anyway, I believe in Buterin's team and his ethereum coin, as they are constantly working on the existing problems of their cryptocurrency and suggesting new original methods of solving them.
Title: Re: Vitalik: multidimensional Ethereum fee structure
Post by: trendcoin on January 08, 2022, 09:42:29 AM
The chronic problem of decentralized structures. It will not be easy to reduce transfer fees. Coins with fewer validators like BSC or SOL will always be faster. But they will also have security problems. I don't expect transfer fees in Bitcoin and Ethereum to get cheaper anytime soon.