A software upgrade for the Ethereum blockchain network, Berlin, has gone live and is poised to reduce high gas costs. Already, developers have incorporated four Ethereum Improvement Proposals (EIPs) into the Berlin hard fork. These include EIP-2565, which minimizes some gas costs algorithmically, and EIP-2718, enabling multiple transaction types on the Ethereum blockchain. The other EIPs are EIP-2929 and EIP-2930. Both EIPs come from Ethereum creator Vitalik Buterin and Martin Sweden. The Berlin hard fork occurred when the Ethereum network reached block 12,244,000.
In recent times, the Ethereum network has seen increased demand as more people are joining the bandwagon. As a result of this, the blockchain reached an average gas fee record as users paid premium amounts to facilitate transactions.
Now, the Berlin hard fork is positioned to reduce transaction fees. People who run Ethereum nodes or mine ETH tokens need to update their software client.
Ethereum core developer Tim Beiko commented on EIP-2565. He told Decrypt:
“It means that the specific precompile which is affected by 2565 will be relatively cheaper gas-wise to execute, but if that’s not the main source of demand for [transaction] fees (it’s not), then it won’t affect the overall gas prices.”
Image Credits: Pixabay
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