Vitalik Buterin: cryptocurrency transfer fees should be below 5 cents

The developer stated that proto-danksharding may partially solve this problem in Ethereum

04.05.2022 - 10:40

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What’s new? Ethereum co-founder Vitalik Buterin wrote on Twitter that the fee for transferring funds in the blockchain should be less than $0,05. Buterin believes that Ethereum is “definitely making great progress” in this area. He noted that proto-danksharding may partially solve the problem of high fees on the main network.

Source: Twitter.com

What is proto-danksharding? It is part of the EIP-4844 upgrade that was proposed earlier in 2022 by Buterin. It will implement the key elements of danksharding, a new and simplified method of network segmentation.

Proto-danksharding will enable the use of a new type of transaction, called a “blob-carrying transaction,” which contains an additional 125 KB of data that cannot be accessed by the Ethereum Virtual Machine (EVM).

“Because validators and clients still have to download full blob contents, data bandwidth in proto-danksharding is targeted to 1 MB per slot instead of the full 16 MB. However, there are nevertheless large scalability gains because this data is not competing with the gas usage of existing Ethereum transactions,” Buterin wrote in a blog post.

What happened before? In March 2022, Buterin compared NFT to gambling. He believes that buying tokens for hundreds of thousands of dollars is not advisable.

The Ethereum co-founder also criticized sanctions against ordinary Russians. In response to the suspension by the Netherlands of issuing visas to Russian residents, Buterin said that “my family and I were the same Russians who received a visa from a Western country” and asked to be careful with such decisions.

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