Ethereum (ETH) co-founder Vitalik Buterin is ousingy for a new limit on the total transaction calldata in a block. Of course, this seeks to reduce the overall transaction calldata gas cost over the ETH network.
Vitalik post on the Ethereum Magicians forum, EIP-4488, expressing concerns about high transaction fees on Layer-1 blockchains. Also, on the considerable amount of time to implement and deploy data sharding,
Then, Vitalik explains further.
“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.”
More so, Vitalik notes an alternative wherein the gas costs parameters could be reduced without adding a limit to the block size. Then, he predicts a security concern in decreasing the calldata gas cost from 16 to 3,
“[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.”
Then, Vitalik adds.
“Some think layer 2 fees on ETH are too high, because each byte of data a rollup uses cost 16 gas…”
“To lower fees, the gas cost could be reduced to 3. This should be a large benefit,..”
“with 5x lower fees. However, in the long term, this may mean blocksize is a new network constraint”
pic.twitter.com/ffbTQ4zXOz — BitMEX Research (@BitMEXResearch) November 26, 2021
More so, Vitalik Buterin makes a decrease-cost-and-cap proposal, targeting the benefits of the decrease. Also, he believes that “1.5 MB will be sufficient while preventing most of the security risk.”
Lastly, Vitalik gives advice to the Ethereum community, writing,
“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.”
Additionally, once this pulls through, it will require a network upgrade. Which of course, will mean a backward-incompatible gas repricing for the Ethereum ecosystem.
Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>
Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors
