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Vitalik Buterin, the co-founder of Ethereum, recently surprised the crypto community with a major announcement: a fourfold reduction in the cost of gas on the Ethereum network. This initiative aims to make transactions more economical and improve network efficiency, a major milestone for the Ethereum ecosystem.
Ethereum: quadrupling gas fees!
Vitalik Buterin, who recently presented the decentralized future of Ethereum with “The Verge”, this time proposes to reduce the gas cost of Ethereum Virtual Machine (EVM) opcodes. Specifically, the cost of opcodes that are currently in the range 2 to 5 will be reduced to 1, and the cost of opcodes in the range 6 to 10 will be reduced to 2.
In addition to quadrupling transaction fees, this reduction could also make trading on the crypto network much more affordable for users. The reduction in gas costs will therefore have several positive effects on the Ethereum network. Especially:
- Increased efficiency: By making transactions cheaper, the network will be able to process more crypto transactions per second (TPS), increasing overall efficiency.
- Better accessibility: Lower transaction fees make Ethereum more accessible to users, especially those making low-value transactions. This could attract more cryptocurrency users and boost the adoption of the Ethereum blockchain.
- Smart Contract Development: Smart contract developers will also benefit from this reduction as it will be more economical to implement and execute smart contracts.
Collaboration and innovation in the crypto space
This initiative is part of a series of ongoing efforts to improve the Ethereum network. Along with other players in the ecosystem, Buterin and the Ethereum team are constantly striving to innovate and optimize the network to meet the growing needs of the crypto community.
Vitalik Buterin’s proposal to reduce gas costs on Ethereum is a major breakthrough that could change the user experience on the network. By making ETH transactions more affordable and efficient, this initiative strengthens Ethereum’s position as a leader in the blockchain ecosystem.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
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