- Vitalik Buterin, Co-Founder and Lead Developer of Ethereum, has proposed «EIP-1559 multidimensional» to solve transaction cost problems.
- The proposal is awaiting public approval, whose assistance is currently focused on the forthcoming ETH 2.0.
Once again, Ethereum network lead developer Vitalik Buterin has offered his insight into another way the network could improve its prediction in terms of gas rates.
The «multidimensional EIP-1559» proposal, as Buterin calls it, was detailed in a blog post on 5 January. The proposal is based on the fact that different Ethereum virtual machine (EVM) resources require different levels of gas usage. Buterin noted that there are various limitations to short-term ‘burst’ capacity compared to ‘sustained’ capacity at EVM. In this regard, he cited examples of block data storage, token data storage, and changes in the size of the block state.
Today’s scheme, which combines all resources into a single multidimensional resource («gas»), does a disservice to these differences.
When these various resources are treated as one in terms of Ethereum gas usage, «very sub-optimal gas costs» result from the mismatch in the limits, «Buterin says.
New Proposal to Lower Ethereum Gas Rates
The rest of the proposal is outlined in maths and technical jargon. But in essence, the proposal offers two possible solutions using what Buterin calls «multidimensional» pricing.
In August last year, Ethereum introduced the EIP-1559 as part of the London update. This increased the gas rate projection by offering a fixed base rate. In addition, since its launch, 1.36 million ETHs have been burned (about $ 4.7 billion at current prices), according to the burn tracker.
Now the first solution provided by Buterin is based on this update. It recommends that the base rate for each capacity unit (for example, call data and storage) be divided by the full base rate. In theory, this would result in a fraction of the initial fee.
The second more complex solution also uses base rates but includes burst limits on all resources. He would also have obtained «preferential rates» by multiplying a certain percentage and multiplying the base rate.
The disadvantage of multidimensional pricing
The weak point of this whole system, according to Buterin, is that «the block builders could not accept transactions in order from a high to a low gas rate.» Instead, they would have to balance the dimensions and solve other mathematical puzzles.
It is unclear at this time whether the proposal will be approved by the public, as much of their attention is focused on ETH 2.0. The coupling of MainNet Ethereum with the Proof-of-Stake (PoS) beacon chain, commonly known as «the merger» is expected to happen in the first half of 2022, according to a previous statement by Buterin. Tests are currently underway on the Kintsugi testnet.