Vitalik Buterin, co-founder of Ethereum, once again limited his thinking while trying to improve the network’s existing fee structure.
The proposal, entitled “Multidimensional EIP-1559,” was published in a blog post on Wednesday, in which Buterin noted that different resources in the Ethereum Virtual Machine (EVM) have different requirements for gas use.
He added that there are various limitations to the short-term “burst” capacity versus the “continuous” capacity of an EVM, citing examples of block storage, witness storage and block state change.
“The system we have today, where all the resources are combined into one multidimensional resource (” gas “), does not address these differences well.”
The problem, he added, is that pooling all the different resources into one unit results in “suboptimal gas costs” when these limits do not match.
Buterin outlined his somewhat complex proposed changes with a lot of technical mathematics, but in short, the proposal presented two potential solutions using “multidimensional” pricing.
The first option involves calculating the gas costs for resources such as communication and storage data by dividing the base fee per unit of the resource by the total base fee. The basic fee is a fixed fee for each block on the network, embedded in the Ethereum Improvement Proposal (EIP) 1559 algorithm.
The second, more complex option specifies a base cost for resource usage, but includes batch limits for each resource. There will also be a “Priority fee” which is set as a percentage and calculated by multiplying the percentage by the basic fee.
He stated that the disadvantage of the multidimensional fee structure is that “block creators simply cannot accept transactions in order from the high to the low price of gas.” They have to balance volumes and solve more mathematical problems.
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It remains to be seen whether the proposal will be accepted as the next major update is a priority at the moment. The Ethereum network is currently preparing a “merger” that will connect the Ethereum blockchain to Beacon Chain and effectively end the use of the Proof-of-Work consensus algorithm. Kintsugi test network testing is already underway, with full commissioning expected in the first quarter of this year.
EIP-1559 was introduced in August as part of an upgrade in London to burn off some transaction fees and make gas prices more predictable. According to Burn Ultrasound.money, 1.36 million Ether (ETH) has been destroyed since its launch, valued at approximately $ 4.7 billion at current prices.