Vitalik Buterin proposes a major repair to improve the efficiency of the ETHEREUM network with a decrease in transaction fees to its lowest level for 5 years

ethereum Eth/USD Co -founder Vitalik Buterin It suggested a long -term solution on Sunday to improve expansion and efficiency of the network implementation layer, a solution that takes over contracts and smart transactions.

What happened: In a blog post, Burin Proposal Replace the Language of the ETHEREUM virtual system with an open source RISC-V He said that this will address the long-term scaling bottlenecks such as maintaining the production of competitive mass and enhancing the efficiency of EVM zero knowledge-a vital feature that allows the account outside the chain and verify transactions.

Burine is that the implementation of the aforementioned proposal, in limited cases, can achieve efficiency gains of more than 100x.

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According to ETHERSCAN, the average transaction fee for ETH slid To the levels that have not been seen since May 2020. This usually occurs due to the low demand for the network.

Since part of the transaction fees are burned to add deviation pressure to the ETH, the decrease in the fees led to the removal of a number of ETH from trading, and thus inflation, According to To ultrasound money.

The analysts whom Bangzena met attributed to the appearance of Blockchains Layer-2 and Dencun’s upgrade, significantly reduced the costs of transactions on the L2S. This led to a transformation of the series away from the ETHEREUM chain.

PriceAt the time of writing this report, Ethereum exchanged hands at $ 1,644.66, an increase of 3.28 % in the past 24 hours, according to what it said. Data from Benzinga Pro. Year to date, the currency decreased by more than 50 %.

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Slip: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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