The co-founder of Ethereum, Vitalik Buterin, has once again shown his efforts to improve the current network fee structure.
The proposal, titled “multidimensional EIP-1559,” was posted on Wednesday in a blog in which Buterin noted that Different Ethereum Virtual Machine (EVM) resources have different demands on gas usage.
Added that there are different limits to the short term “burst” capacity compared to the “sustained” capacity within the EVM, citing examples of block data storage, token data storage, and block state size changes.
“The scheme we have today, in which all resources are combined into a single multidimensional resource (” gas “), does a poor job of handling these differences.”
The problem is that funneling all the different resources into one leads to “very suboptimal gas costs” when these limits are misaligned, he added.
Buterin outlined his proposal for changes, quite complicated and with a lot of technical mathematics, but In short, the proposal offered two possible solutions using “multi-dimensional” pricing.
The first option would calculate the cost of gas for resources such as call data and storage by dividing the base rate for each resource unit by the total base rate. The base fee is a fixed network fee per block included in the Ethereum Enhancement Proposal (EIP) 1559 algorithm.
The second, more complex option establishes a base rate for resource usage, but includes burst limits on each resource. There would also be “priority rates”, which are set as a percentage and are calculated by multiplying the percentage by the base rate.
I affirm that The downside to the multidimensional fee structure is that “the block builders couldn’t just accept transactions in order from high to low gas rate.” They would have to balance the dimensions and solve additional math problems.
It remains to be seen if the proposal will be approved, as the priority right now is the next big update. The Ethereum network is currently preparing for “the merger”, which will couple the Ethereum blockchain with the Beacon chain and effectively end its use of the proof-of-work consensus algorithm. Testing is already underway on the Kintsugi testnet, and full rollout is expected to take place in the first quarter of this year.
The EIP-1559 was deployed in August as part of the London upgrade to burn off a portion of the transaction fees in order to make the price of gas more predictable. Since it went live, 1.36 million Ether (ETH) worth about $ 4.7 billion has been destroyed at current prices, according to the Ultrasound.money burn.