Vitalik Buterin proposed a solution to high gas charges and announced a new EIP-4488 network upgrade to curb widespread fuel prices on the network, so find out more on our latest Ethereum news today.

Cryptocurrency billionaire Vitalik Buterin has proposed a new short-term solution to avoid gasoline price spikes on the ETH network, and the solution includes a new network upgrade that will reduce the cost of transaction call data and reduce the total number of transaction call data in a block. The rise in gasoline prices on the ETH network has plagued the network, with investors paying high transaction gas fees to conduct transactions on the network, with an explosive rise in fee prices causing many users to switch to blockchain networks. forces many investors to die indefinitely.

In order to curb an increase in gas prices in the network, Vitalik Buterin proposed a short-term network expansion that would limit rising gas prices.

Buterin has set out its plan to put in a solid solution and ensure that explosive fuel loads are limited during this time and that the cost of transactional data can be reduced while limiting the total number of call data. Buterin added:

“Simply reducing the Calldata gas costs from 16 to 3 increases the maximum block size to 10 Mbytes. This will promote Ethereum p2p [peer-to-peer] Network layer unprecedented stress and the risk of network disruption, some previous live testing of a ~ 500kB block a few years ago crippled some bootstrap nodes. ”

The new EIP-4488 network upgrade will help reduce the growing load on the network, further increase security, and also protect the network from reaching the point of suspected breach. The proposal would allow miners to pause transactions while they are being added to the block once the call data limit is reached. The new solution proposed by Vitalik Buterin was to find a way to stabilize the gasoline price, which was skyrocketing in the network, but was criticized by Ethereum developers. The developers went on to explain that the network upgrade could result in transactions being set up and torn down and then cost users higher fees to make up for the lack of execution gas, the developers said.

“Additional restrictions may require you to pay an even higher fee to outbid other demos competing for the same Calldata space.”

The price of Ethereum gas is a constant source of great suffering for many investors who use the network to conduct transactions, which is why Vitalik Buterin suggests a workaround.