Ethereum founder, Vitalik Buterin, has made the headlines again after proposing an alternative fee structure for the network.
Just like other Ethereum updates, this new structure centers on the gas fee problem. Tagged ‘Multidimensional EIP-1559’, this proposal acknowledges the fact that different resources on the EVM require differing degrees of gas-usage.
He drew comparisons between ‘sustained’ and ‘burst’ capacity on the Ethereum Virtual machine. Buterin said that:
“The scheme we have today, where all resources are combined into a single multidimensional resource, does a poor job at handling these differences.”
The proposal of Buterin is highly technical. Although, it is interesting, it may be overshadowed by other planned changes to the network. The most obvious of them is the full transition of Ethereum away from proof-of-work to proof-of-stake.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.