full image - Repost: 2 recent proposals by Vitalic: what does it mean? (from Reddit.com, 2 recent proposals by Vitalic: what does it mean?)
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Recently there has been talks in the sub about 2 new proposals, and i was asked to make a post on the subject to share my knowledge to everyone should they not have read the comments i made.1. 33% gas limit increase2. ERC-4337 v0.7 (Initially from EIP-4337) There has been talks and a misunderstanding that the gas limit increase would result in higher fees. What is likely to happen is quite the oposite. A gas limit increase is increasing the space each block can hold. wich means more TPS or througput in the blockchain. (more scaling) now the maximum is 30.000.000 and the proposed increase would set the limit to 40.000.000. This means each block is allowed to squeze in more transactions and the network would be less congested, thereby lowering the cost of using ethereum.But the drop in fees might be "short lived" as lower fees is good for adoption and broader acceptance and usage of ethereum. more users would join in and the allready active users might enjoy the lower fees and transact or mint what they have been waiting to do for a while.So after a while we would see the fees climb up to a more normal state again due to EIP-1559 that is balancing out the fees over time. Another thing is that bigger blocks also opens up for more complex smart contracts. So as the gas fee is lower you might end up seeing smart contracts even more expensive to interact with. (The cost of using a smart contract is partly set by how efficient its coded) So a poorly developed smart contract might be unneccesary expensive to use.Why dont we just increase with 333% instead or 1000%? There is 2 major issues that arise if the scaling is done too quickly. 1. Spam attacks against the network gets much cheaper should the fees drop to much. 2. The Blockchain would grow so quickly that the hardware running it could not keep up and we might end up with either a collapse of the system or a very Centralized blockchain. i personally think its time to increase the gas limit. but not too much and not again for 1-3 years after this one. now is a good time as it lowers the gas fee and is good for adoption in the coming bull run. (do nothing and the fees might spike really high during certain hours, and the adoption of Ethereum(ETH) might be lower and the Gossip of inventing ethereum killers might arrise again) ERC-4337 From my knowledge this is a feature that opens up for someone else to pay your fees for you. you could get started with a empty wallet trough a faucet paying you fee for you, or having a sponsor, your boss or your teacher/tutor paying for the transaction on ethereum.Maybe even some big companies like for example Youtube could pay your transactions if you watch adds or preform some minor tasks that they benifit from. There is various usecases for this and not just people begging for someone to pay their fees. Example 1: You have 1 main wallet(maybe multisig wallet) for the most of your funds and you are using other wallets for everyday tasks, NFT mints, or airdrop farming. Instead of having to send ETH from your main wallet everyday or whenever its needed just to spend it for a transaction these 2 transactions can now be done in 1 instead. You sign a message and your main wallet pays the transaction for your secondary wallet. (a lot of everyday small ETH transactions might now not be neccesary to do and thereby removing some of the load on the blockchain, resulting in a reduced gas fee cost) Example 2: A company who uses ethereum for finances or work force / tasks: wether its a big or a small company. You could have 1 wallet the boss wallet Signing of on the spendings the various transactions without the workers having access to the funds. you could have your employees in charge of moving the funds, or proposing financial descisions / transactions or general work or NFT mints / sales without them having acess to the funds itself. now you as the boss, or if the company is run by a board and you use a multi signature wallet, having full control signing of on the transaction before it happens without having to trust your employees with the funds or security like sharing private keys.(and say you are a really big company, using a multi signature wallet you can descide what ammount of signature would be suitable for your company to sign of and initiate or confirm the work of youre employees. Example 3: Sponsorship or adverticements: (i think i recall a custodial wallet testing something like allowing to pay for your transactions by you watching adds) and it would be possible for various ways to approach this. Take brave browser for example... they have a reward system that you can OPT in if you want. They also developed their own Brave wallet system. They could merge or have these system talking together, allowing you to transact on ethereum using your earned brave rewards from browsing the web. Thank you for reading and hopefully you did find it useful. As allways DYOR, dont trust... Verify!
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