May 24, 2024
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Vitalik Buterin Proposes EIP-7706 for Ethereum’s New Gas Model

Ethereum co-founder Vitalik Buterin has unveiled a groundbreaking proposal, EIP-7706, which introduces a new gas model for Ethereum transactions. This initiative aims to revolutionize how transaction costs are managed within the Ethereum network.

The Current Gas Structure

Presently, Ethereum transactions encompass two distinct gas fees: one for transaction execution and another for data storage in the form of “blobs.” However, a crucial component, the call data – essential information transmitted to smart contracts – has been overlooked in this structure.

The Proposal

EIP-7706 introduces a novel concept of a third gas type exclusively for call data. This means that Ethereum transactions will now allocate a specific charge solely for the data transferred during transactions, separate from execution and storage costs.

Implementation Details

The proposed model entails a new transaction type providing max_basefee and priority_fee as a vector, furnishing values for execution gas, blob gas, and call data gas. Buterin advocates for a unified approach in managing all three gas types to streamline transaction processing.

Objective and Impact

The primary goal of this initiative is to mitigate transaction costs for data-heavy transactions. If accepted, Ethereum would independently set call data costs. This could potentially reduce the theoretical max call data size per block, making transactions cheaper on average.

Addressing Long-standing Challenges

Despite Ethereum’s transition from proof-of-work to proof-of-stake for scalability and cost reduction, gas fee issues persist. Buterin’s proposal signifies a continuous effort to address these challenges and enhance the network’s efficiency.

Conclusion

This proposal of EIP-7706 by Vitalik Buterin marks a significant stride towards optimizing Ethereum’s gas model. By introducing a dedicated gas fee for call data, Ethereum aims to bolster scalability and affordability, reaffirming its commitment to innovation and progress in the realm of blockchain technology.

Image from Flickr

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