November 27, 2021

Ethereum creator proposes to reduce commissions in the network

Ethereum creator Vitalik Buterin proposed to reduce commissions in the network. He expressed this idea while speaking at the Ethereum Magicians forum.

Vitalik Buterin fears that reducing the cost of gas from 16 to 3 will lead to a load and network breakdown. According to the ethereum creator's idea, the problem can be solved without an additional limit on block size.

He suggested that developers limit the total number of transactions per block. This solution would help reduce gas costs and fees on the ETH network.

The Ethereum community is discussing other options to solve this problem. For example, putting a small limit.

Others see the danger in overloading the network during the sale of non-negotiable tokens (NFTs). Users would have to pay a higher fee to compensate for the lack of gas for the transaction.

Vitalik Buterin also posted his idea for discussion on GitHub.

Investors and developers are leaving the ether network because of the high cost of commissions. DeFi platforms have registered a record number of new users since October.

Customers of the Ethereum network have faced the problem of high fees since 2014. At that time, Vitalik Buterin said that a transaction should not cost less than $0.05.

According to CoinMetrics, all transactions on the Ethereum network cost at least $30 in November 2021

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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