Vitalik Buterin proposed EIP 7706 to introduce a third kind of gas model with Ethereum’s existing two other models of gas systems.
Vitalik Buterin is a co-founder of the Ethereum (ETH) blockchain, the second-ranked cryptocurrency by market cap. In the present time, Ethereum is not limited to the label of Cryptocurrency, instead, there are huge numbers of use cases in the practical world.
In the present time, two types of gas systems work on the Ethereum network. one for transaction execution, which covers the computational effort required to perform a transaction, and one for storage, which is the cost of storing data in blobs.
Recently Vitalik Buterin proposed a new Ethereum Improvement Protocol (EIP) 7706 to introduce a third kind of gas system in the Ethereum blockchain network. With this new proposal, Vitalik aimed to bring exclusively a new gas system for call data, the portion of an Ethereum transaction containing key data transmitted to smart contracts.
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If this new proposal gets introduced on the Ethereum mainnet, then there will be a special fee just for transferring data during transactions, in addition to the fees for running contract code or saving data.
With this proposal, Vitalik also aimed to lower the fees for transactions that have lots of data but don’t need a lot of computing power.
Ethereum network fees & challenges
In Sep 2022, Ethereum network shifted all of its operations on the Proof-of-stake (PoS) consensus from Proof-of-work (PoW) successfully.
On the PoW consensus, it was highly challenging for ETH community devs to introduce new development works to increase the efficiency of the Ethereum network but now ETH on the PoS has several features & support for devs to introduce new & innovative changes, to make Ethereum more efficient & more useful for people.
A year ago, Vitalik once said that it would take nearly 4 or more years for the Ethereum network to achieve the highest scalability & efficiency on PoS consensus and also said Ethereum layer-2 scaling networks would play an important role in helping efficient transaction execution on the Ethereum network in that time period.
Read also: America bans Chinese Cryptocurrency firm MineOne
Vitalik proposes a new gas model for the Ethereum blockchain network
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