CryptocurrencyETH (Ethereum)

Ethereum Founder has Proposed New Plan to Tackle Gas Fees Issue

The gas prices have been soaring over the Ether network for some time now as users are paying exuberant amounts in terms of crypto transactions; it is definitely a very odd situation that is developing right now. To avoid or counterfeit this situation, the founder of ether Vitalik Buterin has proposed a temporary fix in the form of a new ether upgrade. This new upgrade will be known as the EIP-4488, and it will definitely be helping Ether with the ongoing price surges and bringing some kind of easement for the users, but all in a temporary capacity.

This new upgrade is supposed to reduce the transaction call data in a single block and associated costs to make sure that the overall transaction fee remains little as possible. This has been a real distressing issue for Ether network and blockchain as many investors have been paying an exuberant amount of transactional gas fees for the sake of performing or being able to perform transactions on the network. This has also tempted many users to leave ether network for good and choose other cost-effective blockchain networks, and as a result, many long-term and loyal customers have also abandoned the network for good.

Rising Gas Prices

To be able to control these rising gas prices on the ether network Buterin has come forward with a temporary short-term fix in the form of a new upgrade which will be restricting the gas fee prices to increase without any filter. It is also being said that this is only a temporary fix, and it doesn’t mean that the fix will remain in effect indefinitely, but it is going to cover the situation for the time being.

Moving on in the future, when there is a more permanent fix available out there, then that will be implemented to sort this situation once and for all. Many ether developers have criticized this new upgrade as they are saying that it could start to cause rollup connections to drop, in which case users would have to pay an even higher total fee, and that won’t be a fix in any capacity.

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