Coin World News Report:
Vitalik Buterin, one of the key figures behind Ethereum, has proposed a new initiative aimed at reducing gas fees to improve transaction efficiency on the Ethereum network. This move comes in the midst of increasing competition from platforms such as Solana, which has gained significant attention in recent months.
What changes are there in gas fees?
Buterin’s plan includes significant reductions in gas fees associated with the Ethereum Virtual Machine (EVM) operations. He proposes to lower the cost of specific opcodes from 2-5 to 1, and from 6-10 to 2. The proposal also includes a substantial four-fold reduction in gas fees for original wood operations, with the aim of increasing transaction volume while maintaining network performance.
How will the Verge upgrade enhance Ethereum?
Furthermore, Buterin highlights the upcoming Ethereum upgrade called “the Verge,” which aims to lower the hardware requirements for running nodes. This change will enable a wider range of devices, such as smartphones and smartwatches, to connect effectively to the Ethereum network.
Recent developments indicate that Solana has surpassed Ethereum in gas fee revenue, partly due to the surge in the platform’s AI meme coins. In response, Ethereum aims to enhance its capabilities through Buterin’s proposed innovations. Key points include:
Significant reduction in gas costs for specific operations.
The Verge upgrade will lower hardware requirements, enabling more devices to access the network.
Improved validation processes will encourage more participation in the Ethereum network.
Vitalik Buterin’s initiatives aim to enhance Ethereum’s transaction efficiency and competitiveness, promising a better user experience and improved network operations.
