Vitalik Buterin Proposes Overhaul of Ethereum Gas Model

Ethereum co-founder Vitalik Buterin has introduced Ethereum Improvement Proposal (EIP) 7706, aimed at revamping the gas model for transaction call data.

Currently, Ethereum transactions incur two types of gas fees: one for transaction execution, covering computational efforts, and another for storage, accounting for data stored in "blobs."

Buterin’s EIP 7706 proposes adding a third type of gas fee specifically for call data, which includes the essential information transmitted to smart contracts during transactions.

This new model will separate charges for data transfer from those for executing contract code and storing data.

The proposal introduces a new transaction type that provides max_basefee and priority_fee as vectors, which will include values for execution gas, blob gas, and call data gas.

Presently, base fee adjustments use different mechanisms for transaction execution and data storage costs. Buterin suggests that the introduction of a third gas fee type calls for a unified approach to managing all three gas fees within the Ethereum network.

Meta Title: Vitalik Buterin Proposes Overhaul of Ethereum Gas Model

Meta Description: Ethereum co-founder Vitalik Buterin's EIP 7706 aims to revamp the gas model by introducing a third type of gas fee specifically for call data, optimizing transaction costs and efficiency.

Meta Keywords: Ethereum, Vitalik Buterin, EIP 7706, gas model, transaction call data, smart contracts, blockchain, crypto, gas fees, Ethereum Improvement Proposal

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