Ethereum/Buterin: We Have to Find a Way to Lower Transaction Fees

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Vitalik Buterin, co-founder of Ethereum (ETH), said that “transaction fees need to come down” so that ordinary people can also benefit from blockchain technology.

  • Touching on the inadequacy of the financial infrastructure in many regions such as Africa, Latin America and the Middle East, Buterin said, “If we want blockchains to empower ordinary people, we first have to find a way to lower transaction fees.” said.
  • In the US, Democratic Senator Elizabeth Warren raised the high transaction fees on the Ethereum blockchain at yesterday’s Banking, Housing and Urban Affairs Committee session and criticized it in the context of financial inclusion.
  • According to Buterin, speaking at today’s World Knowledge Forum, the Ethereum network will be in the future thanks to rollup and sharding methods. up to 100,000 transactions per second it may be possible to remove it.
  • The founder of Ethereum paid the transaction fees of these methods. Get it down to less than 1 cent hopes.
  • In the Ethereum ecosystem, where Beacon Chain has been actively used since the end of last year, on the one hand, there is a transition from the proof-of-work algorithm to the proof-of-stake algorithm. (The Merge) being prepared.
  • Buterin, after this transition, Ethereum’s energy consumption can drop more than 99%attacking the Ethereum network it may become more difficult and the amount of ETH destroyed may be greater than the amount of ETH produced explained.
  • According to Watch the Burn data, the London hard fork, which came into use at the beginning of August, has been in total since then. More than $1 billion worth of ETH led to the burning.
  • Buterin said that the developments he mentioned were not just “ideas” and had already been put into “code”. “Proof-of-stake and scaling are imminent. I hope people will be ready for it.” said.
Image: Vitalik Buterin (TechCrunch licensed, image modified by Koin Bulletin)

The article named Ethereum/Buterin: We Have to Find a Way to Lower Transaction Fees was prepared by Ömer SAKMAR and published on koinbulteni.com.