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Ethereum Developers Consider New Fee Model as Gas Costs Climb

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The Takeaway:

  • Demand to transact on the Ethereum blockchain has pushed fees to uncomfortable levels.
  • A new technical proposal helps address high fees by implementing a dynamic pricing system.
  • Called EIP 1559, Ethereum users would now pay a set “base fee” to the network plus a tip to miners.
  • One technical observer calls it “the biggest change to any blockchain post-release.”

The cost to use Ethereum has increased some 500% since April. That’s not very helpful for people running programs on it.

And while average gas fees are not at the all-time highs seen in July 2018, the problem ...

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