RATE Group | Ethereum [ETH]’s Vitalik Buterin suggests a new fixed fee model for transaction
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Ethereum [ETH]’s Vitalik Buterin suggests a new fixed fee model for transaction

22 Aug Ethereum [ETH]’s Vitalik Buterin suggests a new fixed fee model for transaction

Posted at 14:02h in Ethereum News by

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Vitalik Buterin, the Co-Founder of Ethereum has recently opened a GitHub issue to propose an idea to change the existing highest fee auction model for transaction inclusion to a fixed fee model.

After posting about it at several online forums and most recently discussing it at the Crypto 2018 event, the Zcash community welcomed his idea and suggested he starts a discussion on the same.

Vitalik explains that the current public blockchain systems which also includes Ethereum and Zcash, adopt a particular block size limit and a fee market to regulate the inclusion of transactions. This is done in order to prevent users from spamming the blockchain he says. However, this technique forces transaction senders to pay for the costs they impose on the network.

Buterin argues that cap-auction method is the only method that can be used to resolve the above-mentioned issue. He also believes that other methods can prove to be more beneficiary and are worth looking into.

He poses…

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