Vitalik Butrin says the London update has increased the capacity of Ethereum Chain, yet the cost of processing the network’s transactions is still high and changing at every turn.
to the Report Crypto Slate, while Ethereum co-founder Vitalik Butrin has published an article explaining how London Update affects the network’s in-house capacity, the question remains for the digital currency community why Ethereum’s fees are so high.
Hardfork London Ethereum was launched on August 5 and increased the price of this digital currency. The update included an improvement plan called EIP-1559, a reduction plan to control the growth of Ethereum supply. Ethereum prices have risen 73.5 percent in the last 30 days.
According to Butrin, Ethereum’s long-range capacity has increased by 9% since London Hardfork, and three factors have contributed to this increase.
Three factors have contributed equally to this increase in capacity: (1) Delays in [راهاندازی بمب سختی] Ice Age, (2) blocks that were not filled before London Hardfork, and (3) mathematical results of the Ethereum 1559 improvement plan formula.
Butrutin’s analysis of Ethereum’s intra-chain capacity says Hardfork London has delayed launching an “Ice Age hard bomb” that was supposed to coincide with the update. Butrin in this analysis points to a mechanism to increase the level of difficulty in the Ethereum proof-of-work algorithm, as a result of which the extraction time of each block is longer than usual.
The hard bomb mechanism is designed to exponentially increase the extraction hardness in the Ethereum china block and ultimately lead to network freezing.
The analysis also explains how the increase in maximum use of block space before London Hardfork contributed to network capacity, but Butrin said the process encourages miners to process transactions that are willing to pay more than the base fee.
As far as the mathematical errors in setting the base fee are concerned, this analysis shows that the Ethereum 1559 improvement plan formula does not perform very well in targeting 50% capacity due to the complex relationship between arithmetic mean and geometry.
A block of zero percent is reduced by a base fee of about 12.5 percent (multiplied by 8.7). On the other hand, a block that is 100% complete increases the base fee by about 12.5% (multiplied by 8.9). Now what happens if you have a complete zero percent block followed by a 100 percent complete block? The base fee is multiplied by 64.63. After reading more details, it is concluded that in order for the base fee to be fixed, the average use of space in each block should be a little more than 50%.
The update is expected to eventually address the problem that has plagued the Ethereum network, but comments from some Twitter users show that burning more transaction fees did not reduce costs as expected.
The debate over Ethereum’s high commissions is likely to continue, as their current volatility may not disappear until the final transfer to the stock proof mechanism.