Vitalik Butterin figured out two ways to fight against the fees system in the Ethereum blockchain network.
Ethereum is the biggest and top-level smart contract enabled functional crypto asset in the crypto industry. But the success of its native token ETH is now a big problem for its users. The high price of a token causes high fees per transaction. However, this is a pain of success but still, the developer team of the Ethereum project is working at their best to fix all issues associated with its high fees system.
Vitalik Butterin, the co-founder of Ethereum blockchain, shared his idea, to lower down the fees of the Ethereum blockchain network, through a post on the network’s research platform.
To bring people on the Ethereum network and based Defi projects, Vitalik suggested a Multidimensional EIP-1559 proposal, so that they can bring retail users on the Ethereum and Ethereum blockchain network based Defi projects at low cost.
Vitalik said that the first, not good, idea to lower the fees is to fix the block fees by keeping EIP-1559 in existence.
“We keep gas costs of execution fixed, and we keep the current EIP 1559; let f1 be the base fee. The gas prices of all “special” resources …become fi/f1 . Blocks have both the current gas limit and the limit b1…bn on each resource. Priority fee works in the same way as today,” network co-founder wrote
Through a second idea, good but not easy, Vitalik said that we can keep the blocks under the limit to use resources within the limit.
“The gas base fee is fixed to 1 Wei (or if we want, 1 gwei). The gas price of using each resource (of which execution is one) becomes fi. There is no block gas limit; there are only the limits b1…bn on each resource. In this model, “gas” and “ETH” become truly synonymous.”
Now it will be worth noting what the community of the Ethereum blockchain network will suggest following. Because the Ethereum 2.0 process will take more than 6 years, perhaps the shift of Ethereum from pow to pos will take place before the middle of this year.
So probably there are some tricks or small engineering-based ideas that may help the Ethereum ecosystem to engage retail users significantly.