In a paper that was released on the 2nd of July, Vitalik Buterin –the founder of Ethereum – talked about the issue with the present system by which digital currency miners are reimbursed for their work, and how this process can be improved.
According to the publication, almost every blockchain platform utilizes a technique that is equivalent to a first-place auction – where miners submit their individual bids and if they are included, they pay what they bided.
Ethereum Price Today: Current Price of ETH
Ethereum, the second most valuable digital currency based on market cap, is trading at $475 after an increase of 2.4 percent over the last twenty-four hours. The digital currency boasts of a market cap of $47.78 billion and a trading volume of $1.62 billion over the past twenty-four hours.
The digital currency is presently trading over the long-term sloping trendline (presently at $461), and this is a promising signal. While the digital currency is eyeing the $500 mark, there might be another breakthrough attempt by the bulls, as long as the sentiments on the entire digital currency remain positive.
Vitalik Buterin Proposes to Increase Transaction Fee
The ever increasing gas prices have been affecting Ethereum (ETH) this summer. This has increased the costs of transactions, making things difficult for both miners and users. Now, Ethereum users may state the amount of gas they’re able and willing to pay for transactions.
But they don’t have the incentive to fix the cost higher than the average, this means the transaction is likely to fail. The founder of Ethereum – Vitalik Buterin, offered a solution.
Vitalik said on his Twitter account that “one proposal for enhancing user-friendliness and stability of gas price markets: Not dependent on sharding, Casper, or abstraction; if well looked at and individuals agree it is an important improvement, it could be implemented as a change to Mainnet.”
This is indeed a great news for the Ethereum community, and this could help to increase the value of the coin further.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
