Vitalik Buterin Proposes Method To Increase Ethereum Capacity
Ethereum co-founder Vitalik Buterin proposed introducing multidimensional gas pricing.
In his latest essay, Buterin proposed eliminating the limitations of the existing commission system using multidimensional gas pricing.
The network uses a peer-to-peer model in which all computing processes, including storage, data transfer, and encryption operations, are measured in a single metric, gas.
With this approach, various resources are considered as interconvertible but are not. Although the system simplifies market transactions and the calculation of commissions, it combines fundamentally different types of resources, Buterin noted.
According to Buterin, mixing leads to inefficient computing power use and the potential rejection of safe blocks or, conversely, the inclusion of dangerous blocks in the blockchain.
The Ethereum co-creator proposes that moving to a multidimensional gas model may better reflect the network’s true constraints and capabilities, potentially increasing capacity without making resources more fungible.
Buterin has previously spoken about the concept of multidimensional gas, noting its implementation in the EIP-4844 update. The new type of transactions for large binary data arrays, BLOBs, added during the Dencun update significantly reduced costs for layer 2 solutions, especially those based on rollup technology. The Dencun hard fork was successfully implemented on the mainnet on March 13.
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Pump.fun Platform On Solana Faces Potential Exploit
Ongoing investigations reveal that Solana-based platform Pump.fun, which facilitates token launches, has reportedly been... Read more
Tornado Cash Developer Appeals Verdict, KOLs Slam Dutch System
Tornado Cash developer Alexey Pertsev has reportedly appealed a guilty verdict in the Netherlands as the case sparked a ... Read more
Senate Approves Reversal Of SEC Crypto Custody Bulletin
The U.S. Senate passed a measure to overturn an SEC bulletin on crypto custody standards, and it is now awaiting Preside... Read more
Will VeChain (VET) Be A Profitable Investment In May 2024?
VeChain’s native token, VET, is currently trading at around $0.034 and has nearly increased by 1.5% in trade volume ov... Read more