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Why Ethereum wants gas (why Ethereum wants to upgrade)

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Why Ethereum wants gas (why Ethereum wants to upgrade) Why Ethereum wants gas’>

Why Ethereum wants gas Editor’s Note: This article is from the Caiyun blockchain (ID: cybtc_com), and the Daily Planet is authorized to reprint it

Why does Ethereum want gas? It will generate a large number of transactions, and the main logic of this is the Gas fee. In order to solve this problem, the Ethereum development team pointed out in a recent blog post that “at present, more than 200 blocks are verified and confirmed by miners.” Since gas fees are calculated from resources in the network, gas usage is very expensive for ordinary users. “We send a transaction to another person in the form of a small payment, and then package it into the system for execution, that is, how much space do you need to spend?” If we say that when your transaction is packaged into the system, it is actually part of all the procedures on Ethereum – namely GAS. The reason why Ethereum’s gas fee is so high is that Ethereum itself is a protocol, and its value lies in its ability to handle a large number of different data and some complex things. As a platform, Ethereum can make people more easily participate in the network and become the ultimate beneficiary. However, these services do not provide support for any specific needs. Because no solution can do this, all data must be extracted from the source code of Ethereum

In addition, it should be noted that “although Ethereum has existed for many years, with the development of technology and the continuous expansion of application scope, the demand for gas is also growing.” What is the main reason for Ethereum

The gas fee of Ethereum is determined by the number of nodes in the network. Normally, a new fork chain will be launched every 10 minutes. This split chain includes the total transaction volume on each fork chain in a ledger and does not affect the existing blockchain, but only occupies about half of the main network’s time. Ethereum’s network congestion is also one of the reasons for the soaring gas fees. However, this situation will not happen overnight, and Ethereum 2.0 Phase 0 may be realized soon, when more new functions, optimization and even alternatives will appear. Why does Ethereum make gas? In order to reduce the usage rate of gas fees, developers have designed a “smart contract” module that allows users to create and manage any type of application. Smart contracts are used to create products with infinite time locking capabilities, such as DeFi, NFTs, DAO, etc In order to reduce the impact of gas fees, the development team proposed a new mechanism called EIP-1559 proposal: 1. Improved EVM scalability. Deploying EIP-1559 between ETH1 and Layer 2 eliminates gas cost consumption. This move is to encourage developers to explore how to build DApps that are more suitable for their applications. 2. Increase storage capacity to make Ethereum more secure, efficient, and cost-effective

Why Ethereum should be upgraded

Editor’s note: This article is from Ethereum enthusiasts (ID: ethfans), written by VivekSharma, translated and proofread by Min Min&A Jian; The Planet Daily is authorized for publication Recently, the Eth2 team released a new upgrade plan called “Consensus Layer”, which means that nodes on the network will not be able to run new contracts and software updates in the coming weeks, and these changes will be implemented on the main network. What is sharding? Ethereum’s blockchain is built on a public ledger and controlled by a single verifier. To achieve this, the project has proposed a sharding solution that allows Ethereum holders to participate in existing networks to receive pledge rewards or collateral support. The branching protocol currently under development provides an alternative solution for Proof of Rights (PoS), but it is still in the testing stage. If we want to start Ethereum 2.0, we need to first introduce it into the main network, then add it to the beacon chain, and then start the next round of upgrade. Why upgrade on September 1, 2018? According to Etherscan data, over 1000 blocks have been excavated since the end of November last year, some of which were created in April 2019 and launched in late August. Since the new proposal may affect users’ basic costs such as transaction fees and miner’s fees, many Ethereum investors hope to improve their way of purchasing ETH. In addition, “hard bifurcation” has also triggered many debates about the future of Ethereum. The Ethereum community often proposes to reduce network utilization by changing the difficulty bomb: “Over time, we will see more clients and wallets can exploit this vulnerability.” However, from a technical perspective, this decision is not completely correct. “We should take measures to ensure that Ethereum remains stable, scalable and secure”. Despite this controversy, Ethereum has successfully established an independent system so that everyone can access various functions on its network, such as sending Cryptocurrency. However, Ethereum still has a lot of room for development. As people know, Ethereum has become very powerful in the past few years, and in some cases has reached incredible heights. ” The Ethereum Improvement Proposal (EIP-1559) aims to change the energy consumption of Ethereum. The goal of EIP-1559 is to solve one of the main problems of the Ethereum blockchain. EthereumGasLimit is a price used to calculate gas prices, as it allows pit operators to provide them with specific amounts. When miners sell their computing power, they are usually burned in return for Bitcoin Cash cash and other Cryptocurrency assets. Since Ethereum has high power demand and low cost, EIP-1 helps to mitigate these costs.

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