Ethereum Co-Founder Warns High Fees Could Undermine Security

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Ethereum co-founder Vitalik Buterin has warned against the rising price of cryptocurrency. He believes that there is a dire need for the price to be reformed as the rising fee could security.

His idea is reportedly based on a paper which says that with the increasing fee for transaction many use it as incentive for selfish mining and in order to generate greater profits.

The comments made by him comes after their were certain reports which suggested that Ether transaction fees tagging 100 gwei.

Mythos Capital founder Ryan Adams tweeted that Ethereum network must “find ways to fit more value in each block.”

Earlier, Buterin had also called for the implementation of Ethereum Improvement Proposal 1599 to reform Ethereum’s fees. The proposal will need to burn the base price to reduce miners’ reliance on transaction tariffs.

It has however been the case that no many have accepted the proposal with open hands.

Buterin’s post cites the 2016 paper titled On the Instability of Bitcoin Without the Block Reward that was authored by four researchers from Princeton University, outlining the risks associated with increasing transaction fees, according to a report in Cointelegraph.

The paper sought to warn against several threats to Bitcoin’s (BTC) performance and security that may arise as miners become increasingly reliant on transaction fees as block rewards dwindle over time, the report added.