Vitalik Buterin, co-founder of Ethereum, has proposed a new Ethereum Improvement Protocol (EIP) 7706 that focuses on a new gas model for transaction call data. Currently, there are two types of gas fees for Ethereum-based transactions: one for transaction execution and one for storage. Buterin’s proposal suggests adding a third type of gas fee exclusively for call data, which is the key data transmitted to smart contracts during a transaction.
This new gas model aims to allocate a unique charge to data transferred during transactions, separate from the costs of executing contract code or storing data. It introduces a transaction type that provides values for execution gas, blob gas (storage), and call data gas. The proposal suggests adopting a common approach for all three types of gas fees, reducing transaction costs for data-heavy but computationally less intensive transactions.
If accepted, the Ethereum network would independently set the call data costs. Buterin recommends managing all three forms of gas through a dynamic model that modifies fees simultaneously. By implementing a separate gas fee for call data, the theoretical maximum call data size of a block would decrease, potentially making call data cheaper on average.
The Ethereum network has been grappling with gas fee issues for some time, and the switch from proof-of-work to proof-of-stake was supposed to address scalability and cost concerns. These changes have not delivered as promised. EIPs like 7706 offer a timely solution to help improve the network’s scalability and reduce transaction costs.
Vitalik Buterin strikes again with his innovative thinking! This new gas model could enhance the overall efficiency of Ethereum transactions. 🚀💡
This proposal signals hope for a more efficient Ethereum network. Kudos to Buterin for constantly pushing boundaries and finding better solutions!
I don’t trust Buterin’s recommendations anymore. Time and time again, his proposals have failed to deliver the promised results.
This proposal seems unnecessary and overly complicated. Why add another layer of complexity to an already complex system?
Wow, Vitalik Buterin is always thinking ahead! This new gas model could really revolutionize Ethereum transactions. 👏🏻🚀
It’s frustrating to see Ethereum continuously struggle with scalability and cost issues. This proposal doesn’t inspire much confidence in the network’s future.
Adding a separate gas fee for call data is such a smart idea! It’ll make transactions more efficient and cost-effective. 💸💡
Incredible proposal by Vitalik Buterin! This new gas model could enhance the overall user experience on Ethereum. 👏🏻🌐
Cheers to Buterin for coming up with this proposal! It has the potential to make Ethereum transactions smoother and cheaper. 🎉💸
Buterin’s proposal aligns perfectly with the need for scalability and cost reduction on the Ethereum network. Thank you for thinking ahead!
This new gas model sounds like a quick fix rather than a long-term solution. I doubt it will have any significant impact on transaction costs.
I’m skeptical that this proposal will make any noticeable difference in transaction costs. Ethereum needs a more substantial and sustainable solution.
The Ethereum community is buzzing with excitement over Buterin’s proposal. This could be a significant breakthrough for the network.
Instead of adding more complexities, Ethereum should prioritize finding ways to make the network more user-friendly and cost-effective. This proposal misses the mark.