Ethereum
Is the Ethereum gas crisis over? Vitalik Buterin presents a new solution
Gamza Khanzadaev
Ethereum Creator Vitalik Buterin Takes Another Milestone in Solving Ethereum’s Gas Problem
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In an effort to resolve Ethereum’s ongoing high gas issues, Vitalik Buterin unveiled a major new feature proposal aimed at optimizing transaction call data and gas consumption within the network.
The draft proposal, dubbed EIP-7706, introduces a new approach to managing call data transactions by incorporating a new gas type specifically suited to call data transactions. By providing a separate fee market for call data transactions, with separate base fees and gas limits per block, the proposal aims to significantly reduce the theoretical maximum size of call data per block while still making call data more affordable on average.
Buterin’s motivation behind this proposal comes from the need to address the inefficiencies of the current gas model.
Although Ethereum’s gas limit appears appropriate, concerns persist about the network’s ability to handle increased transaction volume without compromising block size, efficiency, and cost. EIP-7706 seeks to alleviate these issues by introducing a simplified call data gas management mechanism, thereby optimizing block space and transaction costs.
Vitalik’s vision
Additionally, the proposal introduces a new transaction type that encompasses base fees and priority fees as a vector, making it easier to process all three gas types through the same code paths. This unified approach ensures consistency across different gas types, improving the overall efficiency and stability of the Ethereum (ETH) network.
This development follows Buterin’s recent discoveries on multidimensional gas and the transition to a more efficient transaction processing model.
The move from a one-dimensional to a multi-dimensional gas model has been widely hailed as a major step forward for Ethereumpromising increased scalability, efficiency and readiness for future demands.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.