Due to the gas fee issue, Ethereum boss Vitalik Buterin is working hard to overcome the high transaction fees on the ETH network. Buterin submitted a new Ethereum Improvement Proposal (EIP) aimed at addressing the issue.
Ethereum is only able to process 15 transactions per second, gas fees tend to spike when the network is congested. On November 9, the average transaction network fee was USD 62 per transaction. As of now, Ethereum’s transaction fees are around USD 44, according to BitInfoCharts.
After highlighting concerns about transaction fees on the Ethereum network, Buterin suggested the new EIP-4488, saying that it would “reduce the gas cost of calldata transactions, and add a limit to how many total calldata transactions can be in a block. ”
In other words, the EIP-4488 will limit the total calldata transactions, where data from external calls to functions is stored, before reducing the gas fee or gas cost calldata to eliminate the possibility of network outages.
“Only reducing the gas cost calldata from 16 to 3 will increase the maximum block size to 10 million bytes. This will push Ethereum’s p2p [peer-to-peer] network layer to unprecedented levels of tension and risk of network outages; some previous live broadcasts testing ~500 kB blocks a few years ago removed some bootstrap nodes,” said Buterin.
He added that the “cost-and-limits reduction proposal” would increase the maximum block size to 1.5 MB, which “would be sufficient while preventing most security risks.”
BLOCKX is a Digital Settlement and Payment on Blockchain. BLOCKX issue and Settle Digital Assets for Fintech Solutions- CBDC, Digital Security, Payments, Real Estate, Hedge Funds, NFTs, Art with compliance and privacy as needed. BCX Coin is a cryptocurrency Assets that will storm the world in the year 2022, lunched based on Binance Smart Chain Network (Bep-20) that is growing in popularity day by day, with the aim to be used by entrepreneurs, small businesses and start-ups for utility purposes.
BlockX Project (BCX Coin) decentralized system is a global marketplace for all cryptocurrency assets. it is building a robust and fully compliant platform that offers a broad range of peer-to-peer cryptocurrency-specialized solution. These include a high-frequency trading platform capable of real-time spot trading and margin trading and over the counter trading.
BlockX Network Wallet?
BlockX Network Wallet is a new form of digital crypto wallet that simultaneously bridges its users to be able to access the crypto market especially DeFi in one platform, Users can access various Decentralized Banking services that are integrated with their system and simultaneously store their crypto assets in one place. Their platform integrates Web3 technology packaged in a unique platform that is compatible with various operating systems and creates a new form of digitally encrypted security that ensures the security of its users. Through the integration of Blockchain Technology on the platform, ensuring the form of a new distributed and more transparent system. Their platform also makes it easy to access the Decentralized Finance (DeFi) market with just a few steps and ensures a powerful platform.
All across the world, Fintech firms are trying to address one of the world’s most pressing issues — How can a financial community give equal access to a dependable, inexpensive, and efficient global financial system? BlockX is the answer.
BlockX is an established blockchain network
that is built for interoperability between worldwide payment systems. It leads the way in terms of compliance. Essentially, BlockX aims to improve the global financial system by making the process of moving currency worldwide easy and efficient.
Compliant
Our network is built on the principle of transparency. BlockX offers built-in compliance features, such as a public ledger and a network of worldwide anchors that encourage safety and transparency. Financial institutions, payment services organizations, and Financial institutions that provide valuable on and off ramping services are anchors on our network. They frequently use compliance-oriented apps and services developed on BlockX to give borderless access to financial infrastructure.
Decentralized
As a fledgling Fintech firm, the main focus should be developing a product that provides a positive user experience. This is why, as part of our open financial infrastructure, BlockX offers a set of tools and services to assist you in developing and launching novel financial products and services. From freelance developers in Argentina to regulated financial organizations in Germany, anyone can build on the network. You may redefine the global financial system by combining your unique services and products with our open-source and decentralized network.
Proven
Euros, BTC, Mexican pesos, Argentinian pesos, Brazilian reais, Nigerian naira, and other currencies have already been added to the network as tokens. Minting, deposit, and redeeming are handled by their separate issuers, so you can focus on the end-user experience.
With BlockX, Fintech platforms can offer:
Global access to USDC and other stablecoins
Digital wallets are primarily used in emerging markets to access digital versions of major global currencies, also known as “stablecoins”. Customers can get USDC through their wallets in a few simple steps.
Easy Cash in and onboarding
As wallets strive to expand their user base, collaborating with BlockX anchors that can accept fiat currency and onboard customers provides wallets with a new acquisition channel. Standard BlockX protocols, also known as “SEPs”, can be used by wallets to retrieve important anchors either natively or through an interactive web-based flow.
Tokenize real-world assets
With our BlockX resources, Fintech companies can offer real-world asset tokenization with the help of BCX tokens. Digitizing assets can strengthen ownership rights, allow the tracking of resources, and create a tamper-proof record of transactions.
Access to additional financial services for the underbanked
BlockX is the foundation for a variety of companies like Tokenizer. Tokenizer is designed to foster financial inclusion by tokenizing financial services in order to provide access to consumers and small enterprises in emerging areas. Thanks to our specialized integration specifications, wallets are releasing new BCX-based goods and services every month
Stability — Essentially zero downtimes as BlockX is built on a completely decentralized network.
Interoperability — Easily navigate compliance requirements and operate across borders.
Efficiency — Enables users to make low-cost transfers at lightning speeds.
BlockX has recently commenced the Initial Exchange Offering of its BCX token on the Exmarket launchpad platform. You can participate following this link.
For More Information Connect to BlockX
Website: https://www.blockxnetwork.com/
Facebook: https://www.facebook.com/blockxnet
Twitter: https://twitter.com/BlockXnet
Telegram: https://t.me/blockxnetwork
Medium: https://medium.com/blockxnet
AUTHOR : BERTA21
https://bitcointalk.org/index.php?action=profile;u=2837896;sa=summary
ardibet.wordpress.com 