V God warns: High processing fees threaten ethereum's security

After ethereum transaction fees recently reached 100gwei, Ethereum co-founder V God warned on July 22 that the high fees could undermine cyber security if no action is taken.

& have spent

Miners' growing reliance on fees may have encouraged selfish mining practices and may have undermined trade processing in order to make a bigger profit, according to a recent paper. Therefore, V Shen calls for the reform of cryptocurrency charging system to protect the security of the network. Mythos Capital founder Ryan Adams also tweeted July 22 that the Ethereum network must "figure out how to put more value in each segment."

& have spent

V God is advocating the implementation of ethereum Improvement Initiative (EIP) 1599 to reform the cryptocurrency charging system. The proposal involves cutting base costs to reduce miners' reliance on fees. Some in the community, however, are less than impressed by the proposal.

& have spent

VItalik urges adoption of EIP-1559

& have spent

V God's article Outlines the risks of increased fees, citing a 2016 paper by four Princeton University researchers titled "On the Stability of Bitcoin Without the Block Reward."

& have spent

The paper attempts to warn of several threats to bitcoin's performance and safety that could materialize over time as block rewards diminish and miners become more dependent on transfer fees.

& have spent

The researchers suggest that as the block rewards are reduced, the high discrepancy in fees may encourage "selfish" mining behaviour, predicting that miners may try to fork off "rich" blocks in order to steal the rewards.

& have spent

The Ethereum community is cautious

& have spent

Under the EIP-1599 proposal, the total capacity of the network would increase from the current 12.5 million Gas to 16 million gas, with base charges fluctuating depending on whether capacity is higher or lower than the target of 10 million gas. Miners would prioritize trades based only on fees, and base fees would be eliminated.

& have spent

The Ethereum community is far from reaching a consensus in support of EIP-1599. Nick Jonshon, founder of Ethereum Name Service, also tweeted that he questioned the proposal because there is no compliance analysis to ensure that the cryptocurrency charging system will develop as expected once it is passed.

& have spent

There are also concerns that miners may manipulate base fees. Developer Fernando Nieto also criticized the 2016 paper cited by V God, saying its underlying assumptions were flawed.

& have spent

Text link:https://cointelegraph.com/news/

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia