Ethereum Foundation Announces Major Overhaul to Reduce Gas Consumption on Layer-2 Networks
Summary:
The Ethereum Foundation is planning major changes to the Ethereum account abstraction standard to curb gas consumption, particularly on layer-2 networks. The changes are to the ERC-4337 standard specification, known for handling account abstraction or smart accounts. Major modifications involve the architecture of account abstraction transactions where transactions would now need to specify five gas values instead of a single one. The goal is to make gas estimation more accurate, reducing costs especially on layer-2 networks, and employs strategies to use transaction data more efficiently, hence lower the gas charges. The Foundation is yet to reveal the deployment date for version v0.7 but a security audit is underway.
The Ethereum Foundation is preparing to implement significant modifications to the Ethereum account abstraction standard with the aim of mitigating gas usage, especially on the layer-2 networks. On January 10th, the entity unveiled a preview of the profound alterations to the ERC-4337 standard provision, responsible for account abstraction or smart accounts. The application of version 0.7 integrates insights gathered from nine months of ERC-4337 utilization, said John Rising, a developer, in an update extended to Cointelegraph.
The most salient modifications lie in the architecture of account abstraction transactions, which are more intricate than conventional Ethereum transactions. These now necessitate the definition of five gas values instead of a single one. Rising elaborated that an updated interpretation of gas is required as with smart accounts, and users can exhibit various signature kinds and fund gas in multiple ways. This indicates that the amount of gas necessitated is variable, so the transaction must quantify its spending limits for said validation.
This enhances gas approximation accuracy and lessens gas expenses, predominantly on layer-2 networks, as these modifications reduce the volume of data that requires publication. The principal advantage of v0.7 for users will be the diminished gas charges, stated Rising. Since it employs strategies to utilize transaction data more efficiently, it is specifically advantageous on layer 2 blockchains. Moreover, the updated specification will impose a penalty of 10% on all unutilized gas during execution to deter applications from setting needlessly high gas limits.
Account abstraction or "smart accounts" enhances basic Ethereum accounts by enabling them to embody programmable logic and rules, hence facilitating numerous novel usage possibilities that are currently unfeasible. Ethereum accounts as they stand are fairly passive and static, but account abstraction allows them to be proactive and programmable. This concept was initially proposed in September 2021 by Vitalik Buterin and other coders in EIP-4337.
The Ethereum Foundation has not revealed a projected date for v0.7 deployment but has declared that a security audit is currently underway. According to Rising, it's plausible that the finalization will occur by Ethereum's Denver event towards the end of February.
Published At
1/12/2024 7:32:10 AM
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