Vitalik Buterin Blames Rising Transaction Fees for Web3’s Drift from Decentralization
Vitalik Buterin, the co-founder of Ethereum, recently blamed rising transaction fees for the web3 network drifting from its core decentralized mission. He said that if the fees stay high, users will opt for centralized solutions, which take away the users’ ability to make their own choices. Buterin noted that the higher cost of operations makes it harder for users to experiment with new ideas and to test the boundaries of what is possible in the decentralized web. To remedy this, he suggested several solutions including token-binding and fee estimation tools to make the network cheaper. He also proposed funding institutions to research scalability solutions so that the network can handle more transactions without notably impacting the cost of each transaction. Lastly, he suggested using more layer-one solutions in order to scale the underlying technology of the blockchain.