The long-awaited ETH improvement proposal, which intends to address the exorbitant network price, is presently being tried on the Filecoin network.
The proposition to modify ETH's price system has been in the plan ever since it was initially mentioned in April last year. A sudden and sharp increase in network price recently has made EIP-1559 come into existence, and it is tested on the digital storage network.
One of the founders of ETH, Buterin posted on his Twitter account, information regarding the planned upgrade.
One of the digital storage network engineers mentioned that the ETH-IP code looks to be functioning well in a trial on the digital storage, which is ongoing.
The proposed system presents a "base-price" tool that strongly edits prices presumed on the present network jam phase.
Presently, ETH prices are measured by a bargain-kind system where customers offer the amount they are ready to give to have their trade selected by miners.
Usually, mining firms rate attractive offers above others, which eventually creates a jam and high network fees.
With this new proposed network, if the blockchain is used up to 50%, it means the base-price will rise immediately.
Source: Cointelegraph
