Vitalik Butterin suggested a proposal to reduce the gas costs in the Ethereum blockchain-based transactions.
After Bitcoin, Ethereum is a top-level crypto asset and this coin is popularly known for its ability to provide a trusted ecosystem to the other crypto projects. As we know that Ethereum is also based on the proof of work-based Consensus, so it is also costly to use for the transactions. Many times people criticized Ethereum because of its lack of efficiency.
On the Ethereum Magicians forum, Ethereum co-founder Vitalik Butterin’s post-EIP- 4488 pointed out the gas fees concerns of the Ethereum network. On the high transaction fees, EIP-4488 will “rollups and the considerable amount of time to implement and deploy data sharding”.
“Hence, a short-term solution to further cut costs for rollups, and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum, is desired.”
Vitalik idea to lower the gas parameter have another alternative option without limiting the size of blocks, to avoid security issues by changing the call data gas cost from sixteen to three:
“(This) would increase the maximum block size to 10M bytes and push the Ethereum p2p networking layer to unprecedented levels of strain and risk breaking the network.”
Vitalik suggested a decrease-cost-and-cap proposal. The main aim of the proposal is to gain better level success to reduce the gas parameters and also lower the risk against security concerns. And also he believes that 1.5MB is enough to protect the network from any security risk. By advising the Ethereum community, Vitalik wrote:
“It’s worth rethinking the historical opposition to multi-dimensional resource limits and considering them as a pragmatic way to simultaneously achieve moderate scalability gains while retaining security.”
If in the future, the Ethereum community will agree to this proposal then in that situation Ethereum network will go through a network upgrade, and also developers will be able to set new pricing of the gas fees system. But this thing may go through “A worst-case scenario would be a theoretical long-run maximum of ~1,262,861 bytes per 12-sec slot or ~3.0 TB per year, Vitalik wrote.
Read also: El Salvador buys 100 more Bitcoin in dip