Wednesday, February 24, 2021

Vitalik Buterin: Increasing Gas Limit Is the Only Way for Scaling In Short-Term

The co-founder of Ethereum (ETH), Vitalik Buterin, has now spoken in support of the increase in gas limit as the only means for scaling in short-term.

However, he said in the long term, removing all the Apps to rollup seems to be a better idea, adding that a high gas fee is definitely not a good choice for users.

Vitalik Buterin made this statement while reacting to a tweet about his opposition to the increase in gas limit proposed by Ethereum miners.

Recall that about six weeks ago, the Ethereum co-founder spoke against the proposal of increasing the Gas price from 10 million to 12.5 million, but he has likely changed his mind, considering his latest stance regarding the move.

Vitalik Buterin wrote:

“Not against it. I objected 6 weeks ago, and now gasprice has been so high, which is also very bad for users. The long-term solution is definitely to first move all applications that can be moved to rollup, and then wait for sharding, but short-term gas limit increase is the only method of capacity expansion, so the benefits may outweigh the disadvantages… I don’t know”

Millions Are Lost A week To Excessive Transaction Fees

In another thread of tweets, the Ethereum co-founder pointed out that it’s irrational to worry about a few dollars in broken contracts when millions are lost to excessive transaction fees.

He shared this opinion in response to a conversation related to increase in gas limit and its possible impact.

“Honestly we’ve been signaling for years that the gas costs of those opcodes will go up,” Vitalik Buterin tweeted.

He further stated that “I would even go further and make the philosophical point that worrying about even a few dollars in broken contracts when millions a week are being lost to excess txfees is not rational.”

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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