Vitalik Warns: High Fees Will Threaten the Security of Ethereum

特邀专栏作者

2020-07-23 08:18 (UTC+8)

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V God issued a warning on July 22 that if no countermeasures are taken, high fees will undermine the security of the Ethereum network.

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V God issued a warning on July 22 that if no countermeasures are taken, high fees will undermine the security of the Ethereum network.

Editor's Note: This article comes fromBlock beats BlockBeats (ID: BlockBeats), reprinted by Odaily with authorization.

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After the Ethereum transaction fee reached 100gwei recently, the co-founder of Ethereum, V God, issued a warning on July 22 that if no countermeasures are taken, the high fee will undermine network security.

A recent paper pointed out that miners' increasing reliance on fees may incentivize selfish mining behavior, and miners may disrupt transaction processing in order to obtain greater profits. Therefore, V God called for the reform of the cryptocurrency fee system to protect the security of the network. Ryan Adams, founder of Mythos Capital, also tweeted on July 22 that the Ethereum network must

Find ways to accommodate more value in each block

V God is advocating the implementation of Ethereum Improvement Proposal (EIP) 1599 in order to reform the fee system of cryptocurrencies. The proposal involves cutting base fees to reduce miners' reliance on fees. However, some in the community are not too enthusiastic about the proposal.

secondary title"Vitalik urges adoption of EIP-1559"V God’s article cites a paper titled “On the stability of Bitcoin Without the Block Reward” published in 2016 by four researchers at Princeton University, Outlines the risks posed by the increase in handling fees."Researchers point out that as block rewards decrease, high variance in fees may incentivize