Značka: EVM

Vitalik proposes new ‘multidimensional’ Ethereum fee structure

Ethereum co-founder Vitalik Buterin has put his thinking cap on again in an attempt to improve the current fee structure for the network.The proposal titled “Multidimensional EIP-1559” was laid out in a blog post on Jan. 5 in which Buterin noted that different resources in the Ethereum Virtual Machine (EVM) have different demands in terms of gas usage.He added that there are different limits for short-term “burst” capacity as opposed to “sustained” capacity within the EVM citing examples of block data storage, witness data storage, and block state size changes.“The scheme we have today, where all resources are combined together into a single multidimensional resource (‘gas’), does a poor job at handling these differences.”The problem is that channeling all the different resources into a single one leads to “very sub-optimal gas costs” when these limits are misaligned, he added.Buterin outlined his fairly complicated proposed changes with a lot of technical math, but in a nutshell, the proposal offered two potential solutions using “multidimensional” pricing.The first option would calculate the gas cost for resources such as call data and storage by dividing the base fee for each unit of resource by the total base fee. The base fee is a fixed-per-block network fee included in the EIP-1559 algorithm.The second more complex option sets a base fee for using resources but includes burst limits on each resource. There would also be “priority fees” which are set as a percentage and calculated by multiplying the percentage by the base fee.He stated that the drawback to the multidimensional fee structure is that “block builders would not be able to simply accept transactions in high-to-low order of fee-per-gas.” They would have to balance the dimensions and solve additional mathematical problems.Related: Ethereum supply flips briefly into deflation as gas fees spikeIt remains to be seen whether the proposal will be passed since the priority at the moment is the next big upgrade. The Ethereum network is currently gearing up for “the merge” which will dock the Ethereum blockchain with the Beacon Chain and effectively end Proof-of-Work. Testing is already occurring on the Kintsugi testnet and full deployment is expected in the first quarter of this year.EIP-1559 was deployed in August as part of the London upgrade to burn a portion of the transaction fees in order to make gas pricing more predictable. Since it went live, 1.36 million ETH worth approximately $4.7 billion at current prices has been destroyed according to the burn tracker.

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Assembly announces $100M capital raise, receives praise from IOTA co-founder Dominik Schiener

On Friday, Assembly, a decentralized layer one smart contract network built within the IOTA ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures. The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens, and play-to-earn crypto games.IOTA is a blockchain designed for facilitating internet-of-things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain. As a result, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy cost.The Assembly mainnet is currently scheduled to launch in early 2022 with a large community focus. 70% of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations, and grant programs.Meet $ASMB, a token to fuel innovation and growth. The vast majority of tokens are designated to ignite #Assembly’s ecosystem growth and to reward the @iota community. Visit: https://t.co/ULLTR84ZKN pic.twitter.com/fycCeywW94— Assembly (@assembly_net) December 9, 2021In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the IOTA Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:“Ultimately, all of them will face the same problems with fees, scalability, and interoperability. Most of them will fail in the long term as they offer nothing unique.”When asked about the uniqueness of the Assembly blockchain, Scheiner feels that it all comes down to flexibility:“Each smart contract chain can be fully customized to the project’s needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.”Billionaire investor Stelian Balta, founder of HyperChain Capital, said:We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade.

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