Vitalik Buterin, co-founder of Ethereumoffer Ethereum’s new improvement protocol “EIP-7706” focuses on a new Gas fee model for call data transactions.
Currently, transactions on Ethereum are subject to two types of Gas fees: the first is for processing transactions; This covers the computational effort required to complete a transaction. and one type for storage This is the cost of storing data in “blobs”.
Buterin’s EIP-7706 will offer a third form of Gas specifically for call data, which is the part of Ethereum transactions that contain sensitive data sent to smart contracts.
This means that the Ethereum blockchain allocates a specific cost to the data transferred during a transaction. By separating it from the cost of executing contract code or storing data.
The new Gas value model adds transaction types that provide max_basefee and priority_fee as vectors, providing values for gas, blob gas, and call data gas operations.
Currently, the base fee adjustment uses a separate mechanism for transaction processing costs and storing data in the form of blobs.
However, Buterin suggested that with the introduction of a third type of Gas fee, the Ethereum network should adopt a common approach for all three types of Gas fees. It aims to reduce transaction costs associated with data-intensive transactions. This does not require much calculation. And if the proposal is accepted, the Ethereum network will be responsible for setting the call data costs independent of other costs.
Buterin also recommends managing all three gas formats through a dynamic model that adjusts fees simultaneously.
“The theoretical maximum call data size of a block will be greatly reduced. While basic economic analysis suggests that on average call data will be significantly cheaper.”
The Ethereum network has struggled with the issue of gas fees for years, despite the move away from the mechanism. Proof-of-Work to Proof-of-Stake This is due to increased scalability and reduced costs.
refer : cointelegraph.com
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