Vitalik Buterin, one of the founders of Ethereum, announced that increasing transaction fees could be dangerous for ETH and therefore calls for reform.
Vitalik Buterin: What about Ethereum?
Transaction fees on the Ethereum network have increased significantly in recent weeks. The reason could be associated with a recent increase in ETH adoption.
In this sense, Glassnode reported that the average daily price of gas has increased “more than 5 times” since April. In fact, the current gas price has peaked at almost two years.
“Ethereum gas prices continue to rise. The average daily price of gas has increased more than 5 times since April, yesterday exceeding 50 Gwei for the first time in almost 2 years ”Glassnode’s Tweet notes.
Accordingly, Vitalik Buterin has noted that the situation could pose a serious problem for Ethereum.
The reason is that increasing tariffs could create greater dependence on miners and, therefore, could incentivize selfish mining practices in an attempt to extract greater profits.
“Transaction fee income is now close to half of block reward income. This actually runs the risk of making Ethereum less secure. ”Vitalik Buterin noted in Twitter. He also added that “The reform of the tariffs solves this”.
Buterin’s comment comes after users on Twitter will report that Ethereum transaction fees mark 100 Gwei.
So Buterin mentions the application of the Ethereum Improvement Proposal (EIP) 1599 to reform the Ethereum fee system. However, the proposal has not generated much enthusiasm in the community.
EIP – 1599
Vitalik Buterin cites a Princeton University study by Miles Caristen, Harry Kalodner, S. Matthew Weinberg, and Arvind Narayaman, examining how block rewards in the Bitcoin network affect cryptocurrency.
Therefore, the EIP – 1599 proposal supposes an increase in the total capacity of the network up to 16 million gas with an increase or decrease in the basic tariffs depending on whether the capacity is above or below the target of 10 million Of gas.
In this case, the miners would only keep the tips paid in order to prioritize the transactions. However, at the moment the community has not managed to reach a consensus in this regard.
Will Vitalik Buterin’s comment regarding the situation with the Ethereum rate have any impact?