Co-founder of the Ethereum (ETH), Vitalik Buterin has called for a reform of the cryptocurrency fee system and warns that rising transaction fees could affect network security.
The idea is based on a document that suggests this Miners’ increasing dependence on transaction fees can lead to selfish mining practices to generate higher profits and disrupt the way transactions are conducted.
The Remarks Buterin occurs when users report that the ether transaction fees are 100 Gwei. Myth Capital Founder Ryan Adams tweeted Today, the Ethereum network must “find a way to add value in every block.”
Buterin supports the use of the Ethereum Improvement Proposal (EIP) 1599 to reform Ethereum fees. It’s about burning basic fees to reduce miners’ dependence on transaction fees. However, some in the community were not yet enthusiastic about the proposal.
Vitalik urges adoption of EIP-1559
The mail from Buterin cites the 2016 document titled On Bitcoin’s Instability Without the Block Reward (On the instability of Bitcoin with no block reward), written by four Princeton University researchers, outlining the risks associated with increasing transaction fees.
The document should warn of various threats to Bitcoin’s (BTC) performance and security that can arise as miners become increasingly dependent on transaction fees as block rewards decrease over time.
The researchers claim that A large variation in transaction fees could lead to “selfish” mining practices if block rewards decrease. Predict miners might try to part with “rich” blocks to steal the rewards they contain.
The Ethereum community is cautious
The EIP-1599 proposal would increase the total capacity of the network to 16 million gascompared to the current 12.5 million, increasing or decreasing base tariffs based on whether capacity is above or below the 10 million gas target. Miners would only keep tips paid to prioritize transactions while the basic fee would burn.
The Ethereum community is far from finding a consensus to support EIP-1559. the founder of the Ethereum Name Service, Nick Jonshon, tweeted: “I know I’m a scratched record in this regard, but aren’t you concerned about the lack of a formal analysis showing that 1559 behaves as intended?”
Concerns were also raised about the possibility that miners could manipulate basic tariffs. Promoter Fernando Nieto too critical the 2016 document cited by Buterin on the grounds that its underlying assumptions are wrong.
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