Support us with crypto to keep our newspaper alive
With a post on the Ethereum Magicians forum, Vitalik Buterin, the co-founder of Ethereum, presented his proposal for cost reduction in gas rates. He talked about the possibility of creating a new data limit that decreases the amount of data per block on the network.
Less consumption per block
The problems that ETH currently presents, related to the capacity of the network to operate with high demand, have been taken into account. On the one hand, the large number of users that use the network generates considerable loads. This, while at the same time such demand exacerbates maintenance costs.
Faced with this situation, the co-founder of Ethereum proposed a method by which the commission rates of the network could be reduced. In the short term at least, this alternative would allow transactions to take place over a network that would be less “stressed.”
Buterin spoke about the initiative to limit the amount of data that is emitted in each block of the chain, ensuring that the cost of gas has less impact. He emphasized the existing priority of maintaining security above all else, without neglecting the need to lower rates.
He clarified that while resource constraints have generally been rejected, this position should now be “rethought”. The use of a slight limitation on consumption would be a “pragmatic” way to continue to make a profit without affecting the realm of safety.
A hasty solution
Taking into account the consumption that the network currently registers, the co-founder of Ethereum proposed this plan to face the situation as soon as possible. This idea comes at a time when the implementation of data fragmentation would not be so fast.
In addition to this, Vitalik Buterin has put on the table the inconvenience of saturation of the blockchain, with user interaction that becomes more agitated. The immense amount of data that is transmitted at every moment can increase the risk of a network collapse.
A balance is sought between moderate block data limitation and less cumbersome gas costs.
It considers that a block size reduced to 1.5MB would be “sufficient” for a limitation that does not abandon the prevention of security risks. This would suppose an update in the network where the miners would have to refrain from exceeding the maximum amount of data per block established.
Waiting for the update
While the Ethereum co-founder proposed a quick help approach to high network costs, the community is faced with an overloaded system. This, in times of high transaction activity, where users who handle non-fungible tokens (NFTs) are included.
All environments supported by the ETH platform continue to struggle to keep the number of transactions afloat without incurring limitations. Buterin’s proposal opens a door to lower gas rates, but at the same time it could create another restriction as data flow is affected.
