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Vitalik Buterin On How To Eliminate Ethereum Network Congestion And High Fees

Best Owie
Best Owie
3 years ago
3 mins read
Vitalik Buterin

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Network congestion on the Ethereum network is a very real and present issue, which has in turn brought about more real and pressing issues. Users of the network, especially small-time investors, have drawn the short end of the stick with these issues as they are the most affected. With fees skyrocketing, carrying out small transactions on the leading smart contracts network is becoming less and less feasible with each passing day.

The high fees and congestion have sparked discussions on how it can be eliminated. There are various developments in the pipeline, like the Consensus Layer (formerly known as ETH 2.0) and other suggestions made by developers. This time around, it is atheneum’s founder Vitalik Buterin, proposing a way to deal with the network congestion, and by extension, the high fees, on the network.

Blob-Carrying Transactions On Ethereum

In a conversation that was posted to popular social media platform Twitter, Vitalik Buterin and developer Tim Beiko put forward proposals that would help address the issue of high network congestion. With the adoption of the network growing at a rate not even anticipated by the creators themselves, it has now become a race to find the best way to properly scale the network. Here is where Buterin proposes a new feature called “blob-carrying transactions.”

Related Reading | Solana And Ethereum Recover After Registering Double-Digit Gains

This feature would be added to a hard fork that would take place in the near future, explains Buterin. Blob-carrying transactions would allow for higher scalability for rollups in the meantime before the complete move to the consensus layer. It is basically a stopgap until sharing is implemented on the network. This new feature would be connected to both the Beacon block and the consensus nodes that are coming to the network.

Some proposals to add "blob-carrying transactions" in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete. https://t.co/oRTSwAC1oD

— vitalik.eth (@VitalikButerin) February 5, 2022

“This EIP provides a stop-gap solution until that point by implementing the transaction format that would be used in sharding, but not actually sharding those transactions,” the founder said. “Instead, they would simply be part of the beacon block and would need to be downloaded by all consensus nodes (but can be deleted after only a relatively short delay).”

When Is This Coming?

The blob-carrying transactions could possibly be deployed with the Shangai hard fork. It would provide a solution to mempool issues that continue to rock the network. Additionally, a solution for blob transactions and normal transactions that carry a large amount of data would be to “increase the minimum increment for mempool replacement from 1.1x to 2x, decreasing the number of resubmissions an attacker can do at any given fee level by ~7x,” the notes read.

Ethereum price chart from TradingView.com

ETH settles above $3,000 | Source: ETHUSD on TradingView.com

Ethereum still remains the network with some of the highest fees in the space. It is reported that fees can go as high as $300 in some cases when the network is clogged due to a high-profile NFT minting. Even the Layer 2 rollups that have been developed to help users deal with the high transaction fees have seen their own fees steadily increase as they are unable to accommodate demand.

Related Reading | TA: Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

On the price side, Ethereum is doing well as it continues to follow closely the price of bitcoin. Both digital assets went into the weekend with bearish prospects and emerged on a bull trend, seeing ETH’s price breaking above $3,000 once again.

Featured image from Nairametrics, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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