Vitalik Buterin suggests short-term solution for steep Layer 2 gas fees

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Vitalik Buterin and Dietrichs proposed the EIP4488 amendment on Thursday on the Ethereum Improvement Proposal GitHub repository. 

EIP4488 proposes to cut the cost of roll-ups by 5x and adds a restriction on the number of calldata that can be stored in a block, with a theoretical limit of 1MB per slot.

Prior to this suggestion, the best solution to rising gas prices was a roll-up. On Ethereum, a roll-up is a layer two solution in which transactions are executed off the main Ethereum chain and transaction data is broadcasted on layer 1. 

When compared to layer one solutions, Loopring and Polygon Hermez layer two solutions are inexpensive, while ZKSync and Optimism roll-ups aren’t far behind. 

Roll-ups require transaction calldata, per the Ethereum website, and lowering the cost of transaction calldata is one approach to lower transaction costs.

When will Ethereum get proper sharding?

Buterin stated that efforts to introduce orthodox sharding to address congestion issues can start with a “boilerplate” code modification that will take about the same amount of time to roll out as the Altair hard fork. 

Sharding is a term adopted from traditional databases that refers to a database’s horizontal scalability, similar to expanding the number of lanes on a motorway to alleviate traffic congestion. 

The Ethereum network is now overburdened, resulting in high gas transaction fees. On Ethereum, gas is used for power computation. 

What are Ethereum proposals for improvement?

Bitcoin Improvement Proposals were based on the Python Enhancement Proposals method, while Ethereum Improvement Proposals were based on Bitcoin Improvement Proposals. 

Anyone who understands the proposal and design process can produce an Ethereum Improvement Proposal. 

The proposal documents, which include an abstract, a motivation, and technical specifications, are reviewed by an editorial team. 

Micah Zoltu, Nick Savers, Nick Johnson, Hudson James and Casey Detrio, to name a few, make up the squad.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/vitalik-buterin-suggests-short-term-solution-for-steep-layer-2-gas-fees/

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