Vitalik Buterin, one of the co-founders of Ethereum, has introduced Ethereum Improvement Proposal (EIP) 7706, aimed at refining the gas model for transaction call data within the Ethereum network.
Currently, Ethereum transactions involve two types of gas fees: one for executing transactions, covering computational effort, and another for storage, representing the cost of storing data in “blobs.”
EIP 7706 proposes the inclusion of a third type of gas fee, specifically for call data, the crucial information transmitted to smart contracts during transactions.
This means that Ethereum transactions will now be charged based on the data they transfer, separate from the costs of executing contract code or storing data.
The proposed gas model will introduce a new transaction type, providing values for execution gas, blob gas, and call data gas through max_basefee and priority_fee parameters.
Currently, Ethereum uses different mechanisms for adjusting base fees for transaction execution and data storage. Buterin suggests unifying these mechanisms to apply a common approach to all three types of gas fees within the Ethereum network.
The introduction of EIP 7706 by Vitalik Buterin aims to lower transaction costs for data-heavy transactions on the Ethereum network, separate from computational costs. If accepted, Ethereum will independently set call data costs. Buterin proposes a dynamic model to adjust all gas fees simultaneously, including call data fees.
By implementing a separate fee for call data, Buterin suggests a reduction in the theoretical max call data size per block, making call data cheaper on average. Ethereum has long struggled with high gas fees, despite transitioning to proof-of-stake (PoS) for scalability and cost reduction. However, these changes haven’t met expectations, prompting timely EIPs to address scalability issues.
Also Read: Vitalik Buterin Proposes ‘Multidimensional Gas Pricing’ For Ethereum
