The Ethereum Constantinople hard fork has been completed successfully. While this upgrade addressed some of the problems on the blockchain, it still isn’t enough according to Eric Conner. The world’s foremost decentralized computer, Ethereum, has more features than Bitcoin. The blockchain supports smart contracts and other economic activities and the upgrade was meant to put the blockchain one step ahead in the ultimate goal of reaching maximum scalability.
Eric Conner Says Gas Fees Must Be Reduced
The Ethereum blockchain can be used as a host for building and deploying products. It is decentralized and tamper-proof just like Bitcoin’s blockchain. A fee is payable to keep these products running on the blockchain. This is the social cost know as gas or ether. As the usage of the network increases, the gas fee also increases. Lack of scalability on the network has made the gas fee even higher than it should be. This is one of the reasons why some developers prefer to go for new blockchains like EOS, Tron or NEO. These blockchains are more scalable and cheaper to use than Ethereum.
One of the key updates that were activated in the Ethereum Constantinople hard fork is the Ethereum Improvement Proposal 1014 also called Skinny CREATE2. This update makes way Ethereum smart contracts capable of interacting with third-party programs. The EIP 1559 that Conner is proposing is going to scrap CREATE2 off entirely. He claims that this the model is a “source of frustration” that can hinder the adoption of Ethereum in the long run.
Ethereum (ETH) Price Today – BTC / USD
The gas fees that blockchains require help protect the network against Sybil attacks. It is important that these fees remain low so new users can join the network and old ones will not be discouraged. It has become hard for users to estimate gas fees. There is also the issue of transactions being binned by miners who always prioritize transactions of those who are willing to pay premium fees for processing. This is against everything decentralization stands for.
Benefit Of Conner’s Proposal
The gas issue needs to be addressed as soon as possible if the network is to reach mass adoption. Conner is proposing an auctioning model that would adjust the current auctioning models slightly. This way, users will submit their bids and everyone would have to pay the lowest bid in the block.
By introducing miner tips and base fees, many of the inefficiencies of CREATE2 would be fixed. It draws high reliability that will allow wallets to set gas fees irrespective of the activities on the network. The base fees will depend on the demand and would be destroyed afterward to avoid manipulation.
Users will save up to 90% per transaction, the user experience will improve, and the automating bidding will even the playing field. The proposal will also offer a predictable fee system for advanced users and reduce confirmation wait times among other things. There are many other benefits of this proposal but it hasn’t been approved by the core development team.
What do you think about Conner’s Proposal? Share your thoughts in the comment section.