Alex Coin Buterin’s proposal proposes to solve the high rates of GAS a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. by operations in the network, although it contemplates two alternatives that vary in complexity to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. this aspect.
***
The lead developer and co-founder of Ethereum, Vitalik Buterin, presented a new proposal for a future update for the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. which substantially improves on the changes implemented during the project. EIP-1559 and would address the problem of the high rates of GAS associated with network a network refers to all nodes in the operation of a blockchain at any given moment in time. operations.
Buterin proposes a EIP-1559 multidimensional
Buterin’s proposed upgrade would be called the EIP-1559 “multidimiensional”, which proposes to address the problems in commission margins by differentiating between the different types of uses and operations that run through the network, highlighting the use of the Ethereum a decentralized open-source blockchain with smart contracts functionality. Virtual Machine (EVM), the block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. data, the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. data and the filling of the state size, data which are grouped in a “single multidimensional resource”.
Faced with the problem that the current system does not handle the differences in the limits for the various resources present in the EVM efficiently, Buterin explained that the transaction and its data would only consume 3% of the GAS present in a block, so some of these could contain 67 times more information than an average block.
In response, the lead developer of Ethereum proposed two alternatives that could be considered for the EIP-1559 multidimensional:
- The first option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. envisages that the gas price is calculated by dividing the base tariff of a resource unit by the free tariff. This is the easiest alternative to implement.
- The other option is a bit a bit is a basic unit of information in computing. more complex and involves setting base rates for the use of resources at a price. Here there would be no limit to GAS associated with the block but usage limits for each resource, so priority rates would also be modified based on percentages.
The importance of EIP-1559
In August 2021, a new update was released for the Ethereum, which contemplated the EIP-1559 as a response to the problems in calculating the rates of GAS This is one of the problems that most affects the users of the network interested in operating the different use cases available there.
One of the biggest benefits of this was the introduction of a burn system for part of the fees associated with the blocks, which introduced new deflationary properties to the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, with days when it would destroy more ETH of the one that was produced.
However, this did not ameliorate the problems with the high rates of GAS, So one of the solutions that are demanded in the short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. term is a cut in them to be able to make transactions viable through the network. Although there are second-layer solutions and work is being done on the so called Rollups, there are still no native solutions that provide an answer to this problem.
The proposal recently put forward by Buterin has met with mixed receptivity. On the one hand, there are those who see this as a reasonable suggestion that would involve a lot of work for developers, while others are concerned about the compatibility problems this could bring to previous versions of the EVM.
All that remains is to wait
While the developers continue to work on it, it seems that for now we can only wait and see if some of these or other proposals come into place to solve the problems of consumption of GAS by the network.
Now all eyes are on the change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. of the consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. for the network of Ethereum, which will soon migrate toProof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. after the implementation ofThe Merge, which is expected to happen during the first half of 2022. We will see if this solves the problems associated with transactions, or if more proposed changes are needed within the roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. for this to see the light of day.
- “Optimistic view on Ethereum’s dominance a measure of Bitcoin's value in the context of the larger cryptocurrency market. in DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. is at risk,” says JPMorgan bank
- Ethereum launches testnet an alternative blockchain used by developers for testing. for The Merge and will test Proof-of-Stake with validators
- “If Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. is an undervalued currency, Ethereum is much more so,” says Cathie Wood
Source:CryptoBriefing , Ethresear
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
