Air-cell-4488.

Ethereum co-founder Vitalik Buterin and ConsenSys R&D engineer Ansgar Dietrichs submitted the EIP-4488 application to Github on November 23. This strategy is an attempt to reduce Ethereum's critical battery costs and aims to reduce fuel costs 2 in the short term. Stacks can be reduced up to 5 times.

Fragmented water is difficult to extinguish near a fire.

Until now, high fuel costs have been a key part of the Ethereum network. According to statistics from BitInfoCharts, the Ethereum network exchange rate was on average US $ 51.45, higher than at the start of 2021.

Since the end of June, Ethereum has faced high oil prices, and today the average exchange rate between Ethereum is between US $ 5 and US $ 34 per exchange.

After the renovation of London in the first week of August, the EIP-1559 was to reduce the burden. CornThe exchange's average exchange rate continued to rise after London's November 9 update to $ 62 per exchange.

Currently, the cost of fuel on Ethereum itself is still very high, but with good reliability and Zk-rollup, this dual layer 2 solution can reduce operating costs (3-8 times in the future) past and Arbitrum , and up to 100 times the last.) can be reduced), but the cost after "slimming" is still dangerous and difficult to accept by the masses.

We have seen the fact that the ETHereum network has lost users due to cost overruns, and while network extension solutions such as ETH2.0 were implemented quickly, Layer 2 solutions are only considered. that as a short measure.

Fuel prices will continue to rise, especially as demand for Ethereum continues to rise.For some users, it is important to pay the full cost as they cannot afford the fuel cost associated with using the network protocol.

In order for the process 2 solution to fail and follow the steps of the Ethereum backbone, we need to release the solution, which created EIP-4488.

According to the concept description,Rollup would ultimately benefit from the use of the technology, but it would be a few more years before the technology became popular, which is why V God and Ansgar Dietrichs decided to focus directly on gas.

EIP-4488 Temporary but valid

The EIP-4488 reduces the fuel consumption of calldata data and increases the capacity of all call data in a block, reducing Layer 2 costs.You can reduce stacking costs up to 5 times while reducing security risks, howeverThe downside is that it will increase the demand for blockchain storage.

If EIP-4488 passes, it will be difficult and will go live before the first quarter of next year (The Merge). However, since the deal is still under discussion, it is still under review by core Ethereum developers and members of the community, and may be revised.

According to V God, aggregation solutions can greatly improve the information available today. Vshen also called for a shift towards unified solutions and saw them as short-term solutions to lower fuel costs.

Assuming approval is received, an upgrade is required to estimate the cost of fueling the Ethereum network.Miners were to strictly adhere to the rules and further limit block trading after all currency data hit the limit.

What is the upgrade from ETH 2.0?

At the same time, the improvement of ETH2.0 is in full swing, lowering the threshold for users joining Ethereum 2.0 and reporting penalties.Modification of the AltaïrIt was released on the Ethereum Beacon channel on October 27.

Together a lotIt was completed on testnet on October 8, which means open source developers can now try to upgrade to ETH2.0.

The so-called "integration" aims to replace the current PoW (Proof of Work) trust layer of the ETH network with PoS (Proof of Work), which is a standard required for ETH to enter version 2.0.

Once the integration is complete, PoW will be completely replaced and ETH1.0 will become one of the chains of ETH2.0.

The current ETH2.0 plan is expected to be implemented in the first and second quarters of early 2022. At this point, the ETH network may evolve towards the consensus of proof of rights and interests, which will eventually bring the TPS of the Ethereum network to a new level.

concludes

Ether's closed value on the ETH2.0 contract has so far reached 8.42 million ($ 37.46 billion), which is another record high.

Since the second half of last year, the emerging success of the Ethereum network's NFT has garnered a lot of attention, and the Chicago Mercantile Exchange announced in December that it would start trading Ethereum micro-futures derivatives, allowing traders to outperform Ethereum today. it is possible that futures will allow more small businesses.

Ethereum continues to build the foundation for major network upgrades. Last month, Ethereum announced an integration into the Ethereum ecosystem to improve the tag chain and pave the way for "integration." Ethereum will give up the power to use proof of work approvals for the approval of better environmental approval mechanisms.

In the future, we can expect a lot from Ethereum.