Vitalik Buterin, a billionaire, has suggested a new short-term solution to curb soaring gas prices on the Ethereum network. The solution involves a network upgrade that reduces the transaction call data cost and limits the total transaction call data in a single block.
The network has been plagued by a high transactional gas fee to execute a transaction on the network, because of the soaring gas fee prices onEthereum. The surge in gas fee prices has prompted many users to switch to other cost-effective networks, which has compelled many investors to abandon the network indefinitely.
In a bid to control the increased gas fee prices on the network, Buterin has suggested a short-term network upgrade EIP-4488 that intends to limit the soaring gas fee prices.
According to information posted on the Ethereum Magicians forum, Buterin has laid out a plan that will allow the explosive gas prices to be curbed for the time being by reducing the transaction calldata cost and restricting total transaction calldata in a single block.
The maximum block size is increased by reducing the calldata gas cost from 16 to 3 by simply decreasing the calldata gas cost from 16 to 3 bytes. This would push the peer-to- peer networking layer to unprecedented levels of strain and risk breaking the network; some previous live tests of 500 kB blocks a few years ago had already taken down a few bootstrap nodes, Buterin added.
The new EIP-4488 network upgrade will help reduce the network's stress by adding more security and protecting the network from reaching its alleged breaking point. Once approved, the proposal will allow miners to pause a transaction while they are added to the block as soon as the calldata hits its limit.
The new solution suggested by Buterin that seeks to regulate the explosive gas fee prices on the network has drawn criticism from devs ofEthereum.
The users may have to pay higher total fees to reimburse for the lack of execution gas on transactions because of the new network upgrade, according to the devs.
The additional constraint could require them to pay an even higher fee to outbid other rollups competing on the same calldata space, the dev further added.
Many investors who are using the network to conduct transactions have been distressed by the fact that the fee prices of ether have been a source of constant distress.