• About
  • Coincu
  • Hot topics
  • Random
  • Exchange
  • Dotscan
Sunday, August 14, 2022
CoinCu News
No Result
View All Result
  • Login
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
No Result
View All Result
CoinCu News
No Result
View All Result
Home Market

Vitalik Buterin proposes “Multidirectional EIP-1559” to solve high gas fees for Ethereum

January 7, 2022
in Market
379
91
SHARES
3k
VIEWS
Share on Facebook

Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

Is FOMO ETH Now A Wise Decision?

In one post Buterin recently presented two options for implementing the so-called “Multi-Way EIP-1559” on the blog. In it, he discussed Ethereum gas tariff markets with various resources, specifically referring to the use of Ethereum Virtual Machine (EVM), data locking, data witnessing and state size filling.

Vitalik Buterin suggests

Now, according to Buterin, these resources are packaged in a “single multidimensional resource”.

According to the founder of Ethereum, the problem is that the current system does not effectively process the limit difference for various resources in the EVM, as transaction data plus calldata transaction only consume 3% of the amount of gas in a block. He added that some blocks can store 67 times more data than an average block.

Buterin mentioned two limits in EVM as a solution to the problem: burst power and continuous power. While Buterin describes burst capacity as performance that can be processed in “just one or a few blocks”, sustainable performance is one that can be comfortably supported over long periods of time.

With the multidimensional EIP-1559, Buterin proposed the introduction of “boom limit” and “sustain target”, in which the number of resources in a certain block would not exceed the burst limit maintenance target or, as a result, separate targeting EIPs -1559 targeting schemes to be used separately for each resource.

EIP-1559 reusable

EIP-1559 is one of the major updates to Ethereum in recent years. Launched in August as part of the London hard fork, it introduced a base fee on Ethereum transactions to make gas charges on the network more predictable (previously it used a bidding system). It is crucial that the basic fee is also burned, which makes the offer of ETH more scarce. After consolidating into proof-of-stake (POS), ETH could become a deflationary asset due to EIP-1559.

Buterin presented two options for introducing the multidimensional EIP-1559. With the first option, the gas prices for resources such as Calldata and storage usage are calculated by dividing the basic fee by a resource unit by the basic fee. The more difficult alternative would be to set a basic fee for the use of the resource at a price of, for example, 1 Gwei. In contrast to the first option, in this case there is no gas block limit, but a burst-per-resource limit. The priority fees will also vary as they are percentage, with block producers receiving a priority fee equal to the base fee multiplied by the stated percentage.

The Ethereum founder received mixed reactions to this proposal. “I think this would be a reasonable suggestion, although I can imagine it will be an important engineering task,” commented Oisin Kyne, Obel Network engineer. Karl Floesch of Optimism expressed concern about the “backward compatibility of the EVM” and thought the first option was more realistic, leading Buterin to agree that it was “a less risky change”.

In any case, it is unlikely that the change will be implemented on Ethereum anytime soon. The network is currently preparing the transition to PoS, which will be the most significant update to date. The Kintsugi testnet is expected to take place in the first half of this year and is now live. Then there will be sharding, so it may take some time to make further EIP-1559 adjustments.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Almost 2 million ETH burned since Ethereum network upgrade EIP-1559

Tags: ButerinEIP1559EthereumfeesgashighMultidirectionalProposessolveVitalik
Previous Post

DeFi Loopring Token (LRC) has lost its light – what’s next?

Next Post

XRP Army wants to put the SEC under pressure through Joe Rogan Podcast

Other Posts

Crypto Market Highlights August 14, 2022
Market

Crypto Market Highlights August 14, 2022

August 14, 2022
Crypto Market Highlights August 13, 2022
Market

Crypto Market Highlights August 13, 2022

August 13, 2022
India’s ED Freeze $46 Million In Vauld’s Assets
Market

India’s ED Freeze $46 Million In Vauld’s Assets

August 13, 2022
Crypto Market Highlights August 12, 2022
Market

Crypto Market Highlights August 12, 2022

August 12, 2022
Crypto Market Highlights August 11, 2022
Market

Crypto Market Highlights August 11, 2022

August 12, 2022
Ripple Plans To Acquire Celsius’ Assets
Market

Ripple Plans To Acquire Celsius’ Assets

August 11, 2022
Next Post
XRP Army wants to put the SEC under pressure through Joe Rogan Podcast

XRP Army wants to put the SEC under pressure through Joe Rogan Podcast

Leave Comment
  • Acala USD (AUSD) Stablecoin On Polkadot Lost Peg

    Acala USD (AUSD) Stablecoin On Polkadot Lost Peg

    128 shares
    Share 51 Tweet 32
  • Tornado Cash Used To Communicate With The Crypto Wallets Uniswap, Aave, And Balancer Block

    132 shares
    Share 53 Tweet 33
  • Tornado Cash Discord And Admin Forums Vanished Overnight

    130 shares
    Share 52 Tweet 33
  • Aave Blocking All Addresses Linked To Tornado Cash, Including Justin Sun

    106 shares
    Share 42 Tweet 27
  • Shensei Bank Launches XRP Rewards For Customers

    144 shares
    Share 58 Tweet 36
Binance Holds The Most Bitcoins On Exchanges

Binance Holds The Most Bitcoins On Exchanges

August 14, 2022
Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

August 14, 2022
Is FOMO ETH Now A Wise Decision?

Is FOMO ETH Now A Wise Decision?

August 14, 2022
A Shiba Inu Believer Has Burned More Than 4.7 Billion SHIB Since Last Year

A Shiba Inu Believer Has Burned More Than 4.7 Billion SHIB Since Last Year

August 14, 2022
BlackRock's Crypto Address Had Only One Token Few People Know

BlackRock’s Crypto Address Had Only One Token Few People Know

August 14, 2022
Shiba Inu And Dogecoin Record Gains As Meme Crypto Trading Volumes Jump 151%

Shiba Inu And Dogecoin Record Gains As Meme Crypto Trading Volumes Jump 151%

August 14, 2022
Shiba Inu Burn Rate Increased By 824% Last Week, Burning 711 Million SHIB

Shiba Inu Burn Rate Increased By 824% Last Week, Burning 711 Million SHIB

August 14, 2022
DeFi Hub Of Polkadot Experiences Serious Hack

DeFi Hub Of Polkadot Experiences Serious Hack

August 14, 2022
Hacker Attacks Acala Network But Still Can't Transfer ACA Token

Hacker Attacks Acala Network But Still Can’t Transfer ACA Token

August 14, 2022
Crypto Market Highlights August 14, 2022

Crypto Market Highlights August 14, 2022

August 14, 2022
  • Live Prices
  • Binance
  • NFT
  • Solana
  • Polkadot Scan
  • Metaverse
  • Polygon
  • Coinbase
  • Trending
  • Top Coin
  • Vi
  • DFH
  • CryptoLinks

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

No Result
View All Result
  • Coincu
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Metaverse News
    • NFTs News
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
    • GameFi
    • NFT
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Dotscan

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In