Vitalik Buterin Proposes New Gas Model for Ethereum in Improvement Protocol EIP 7706
Summary:
Ethereum co-founder Vitalik Buterin has proposed a new Ethereum Improvement Protocol (EIP) 7706. It introduces a third type of gas fee for transaction call data on the Ethereum network, alongside the existing costs for contract execution and data storage. This new model could lower transaction costs for data-heavy transactions. If accepted, the proposal will see Ethereum's network setting the call data costs independent of other expenses.
Vitalik Buterin, co-founder of Ethereum, has put forward a new Ethereum Improvement Protocol (EIP) 7706, dedicated to a novel gas model for transaction call data. There are presently two types of gas fees for transactions on Ethereum: an execution fee, which compensates for the computational work to carry out a transaction, and a storage fee for the expense of keeping data on the system. The proposed EIP 7706 from Buterin introduces an exclusive gas type for call data - the data that is passed to smart contracts within an Ethereum transaction. In essence, the Ethereum blockchain would assign a distinct cost to data transmission during transactions, separate from expenses involving contract code execution or data storage. The novel gas model would incorporate a transaction category providing max_basefee and priority_fee as a range, supplying values for execution gas, blob gas, and call data gas. At present, the system carries out base fee adjustment separately for transaction execution expense and blob storage. Yet, Buterin believes that by adding a third gas fee type, Ethereum's network ought to take a unified approach for all three forms of gas fees. The initiative aims to lower transaction expenses linked to transactions heavy on data but not necessarily on computation. If the proposed plan is accepted, the Ethereum network would establish the call data costs independently from other charges. Buterin advises controlling all three gas forms through a dynamic model that adjusts charges together. By introducing a distinct call data gas fee, Buterin hints at a major reduction in the maximum theoretical call block data size, while market dynamics suggest the average cost of call data would significantly drop. Over the years, Ethereum network has been grappling with gas fee challenges, a prevalent driver behind its shift from proof-of-work mining consensus to proof-of-stake (PoS) consensus to gain scalability and cost efficiency. Yet, such pivotal modifications failed to enhance the network's scalability as anticipated. Therefore, these EIPs arrive as a timely support for the network.
Published At
5/14/2024 2:34:08 PM
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