Ethereum layer 2 eyeing a five-cent gas fee
The crypto-verse is highly competitive with new innovative proposed ideas introduced in the space to simplify users' transaction use cases there's no doubt complexity of building a blockchain network are been simplified to enhance a user-friendly interface that aims to break down complex codes for better scalability use, ethereum a leading blockchain network have the best smart contract dapps providing utility use cases for the blockchain, have repeatedly been faced with high transaction cost fee since the project launch, initially, the network high gas fee was thought to have been connected with high congestion from users trying to get their transitions processed, with the new EIP-1559 proposal these high gas costs were not completely solved users are hoping with the launch of Eth2.0 the impending high cost for making a transaction on the network will become history when ethereum network goes live on proof of stake consensus.
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Rivalry blockchain networks like the Solana and Cardano networks seem to have overcome high transaction cost fees and have improved their network scalability to processing thousands of transactions per second at a discounted fee, for the leading blockchain high gas fee seems like an unending complex puzzle, according to the ethereum Co-Founder there is still much to be done to tackle the network high-cost fee as devs are working tirelessly towards achieving a lower processing fee charge on the blockchain.
Vitalik Buterin has on several occasions reiterated the need for the leading internet of money to reform its high-cost fee which he proposed could make the network less secure if not fully tacked, according to him transactions should not cost above 5 cents in the network.
A proposed solution
Layer-2 proto-danksharding is a new EIP-4844 that seems to be the lasting solution to end ethereum's high transaction fees according to Vitalik Buterin proto-danksharding will help improve the network scalability by blob-carrying transactions thereby carrying extra data that cannot be accessed by the Ethereum Virtual Machine (EVM), these new upgrade will reduce data load on the network by decreasing the number of data processing during the transaction which will cut the cost of processing transaction on the network.
The average ETH cost gas fee is currently approximately 0.005ETH ($14) on the mainnet with the new upgrade implemented and cost fee under five cents the network will surely set a new record in price value.
Greetings @mccoy02, on several occasions I have socialized information relevant to the new updates that are sought from the Ethereum network, which is aimed at greater scalability in the data, security in the system and a much more user friendly process in relation to the fees and commissions charged, so if the ETH network is able to solve these problems, no doubt the hybrid merger you want, would generate a substantial boost to the price of this asset.
Greetings.
Sure, there's plenty of room for ethereum price to make higher high once the fee issue is tackle thanks for sharing with me.
Your post was upvoted and resteemed on @crypto.defrag
The ETH Network has been working for some time on scalability and security improvements to make it more attractive to blockchain users. Certainly, it is not an easy path because many elements are involved when new projects are launched and sometimes tests reveal unfavorable aspects. We have to wait and see if it is really a durable solution. Thanks for sharing the information.
Such upgrade expose the network to new vulnerable threat due diligence and gradual process need to be taken to avoid security breach with time this will be fully achieved thanks for sharing.
I think the high fees are the most serious drawback of Ethereum. Several competing projects such as BNB, AVAX, and DOT that claim to be “Ethereum killers” are actively working to solve it and I believe Ethereum must do so as soon as possible.
Competition are high and eth need to stay put in order to retain its spot otherwise other blockchain might take over thanks for sharing with me.
If you find layer2 interesting, you should take a look at Mute.io, great project.
Sure thanks will check it out i appropriate the info.