According to the information provided by the Finder platform, the British nation advanced in the adoption of ETH. In this way, the United Kingdom reached third place in the list of countries with the most holdings of the currency. The survey that gathers data from December shows an improved share of almost 1%.
Evolution and ups and downs of the crypto market
The situation that cryptocurrencies faced in the last stage of 2021 was volatile. Although the influence of cryptocurrencies attracted the attention of buyers, the truth is that prices fell back from their highs.
This scenario also occurred in the UK, taking into account the massive crashes of the most influential cryptos. On the other hand, the adoption of ETH would have risen in the British nation, making it the third country with the most currencies in the world.
The data published by Finder.com indicates that the percentages of the market that each cryptocurrency occupied changed. Such is the case of Bitcoin, who after the fall in December (to $42K) fell below 50% in the British popularity ranking.
However, the blow that the market received did not prevent the eyes of the operators from leaving their digital assets aside. Despite dismal returns, a portion of the community continued to purchase holdings of different currencies.
While Bitcoin lost ground, the general direction of the crypto sector was not entirely unfavorable. In the evolution and rise and fall of prices, the general adoption of cryptocurrencies grew in December. This time, the figure shown reflects 0.9% more than the previous 2 months.
In addition to this, and in counterpart to BTC, Ethereum was able to consolidate a slight growth in terms of its acceptance. British buyers tipped the balance in favor of ETH, ranking the UK as the third largest country in the world.
In the latest data collected, it is estimated that about 32.9% of crypto holdings in the UK correspond to said currency.
The recorded figure puts British ETH adoption below only Singapore and Australia. The nation belonging to Oceania not only did not regress in terms of the market shares occupied by cryptocurrencies. On the contrary, it was the only country where BTC holdings went up.
While the global trend was tilted to sell, UK Ethereum investors did not falter on the bearish wave. However, it is still no match for the current leader, Bitcoin, which occupies more than a 42% share of the United Kingdom.
What happens now?
The crypto market is still looking for signs of a price recovery and Ethereum swung positively a few days ago. British investors are anchored in the hope that the currency will boost to the levels of the beginning of October 2021.
Vitalik Buterin proposes a new fee structure for Ethereum, which would be called “EIP-1559 Multidimensional”
Ethereum co-founder Vitalik Buterin has proposed a new multidimensional fee structure for using the Ethereum network, in a bid to improve the old network fee structure.
The new proposal called «EIP-1559 Multidimensional» was presented in a blog post , published on Wednesday. In which, Vitalik Buterin indicated that the different resources in the Ethereum Virtual Machine (EVM) have different demands in terms of gas usage.
«The scheme we have today, where all resources are combined into a single multidimensional resource called ‘gas’, does a poor job.» Buterin noted in the post.
«The problem is that funneling all the different resources into one, results in very poorly optimized gas costs,» Buterin added.
Buterin described his proposed changes in a rather complex way with a lot of technical mathematics. But in short, the proposal offered two possible solutions using a «multidimensional» pricing structure.
The solutions offered by the “multidimensional EIP-1559” proposal for the Ethereum network
The first option would calculate the cost of gas for resources such as call data and storage by dividing the base rate for each resource unit by the total base rate. Moreover, the base fee is a fixed network fee per block included in the EIP-1559 algorithm of the improvement proposal for the Ethereum network.
The second option, even more complex, would establish a base rate for the use of resources, but includes limits on each resource. There would also be «priority rates,» which are set as a percentage and calculated by multiplying the percentage by the base rate.
Also, Buterin stated that the impediment to applying the multidimensional fee structure is that miners on the network would not be able to simply accept transactions in order of highest to lowest. They would have to balance the transactions and solve a «multidimensional combinatorial optimization» math problem . This would create a space for optimized miners, leading to further centralization of the network.
EIP-1559 is one of the biggest updates to the Ethereum network in recent years. It was launched as part of the «London Hard Fork» in August last year. And it introduced a base fee on transactions to make fees more predictable (previously it used a bidding system).
Whether Buterin’s proposal will be approved remains to be seen, as the priority right now is the next big update. The Ethereum network is currently preparing for «the merger,» which will couple the Ethereum Blockchain with the Beacon Chain. Testing is already underway on the Kintsugi testnet with a deployment expected in Q1 2022.