Draft EIP-7776 by Vitalik Buterin suggests a new calldata gas type for Ethereum

  • EIP-7706, which Vitalik Buterin proposed, is a new kind of gas price intended just for calldata.
  • Buterin also presented a method that unifies the charge adjustments for the three categories of gas: calldata, blob, and execution.

In a new Ethereum Improvement Proposal (EIP-7706), co-founder of Ethereum ETH -0.29% Vitalik Buterin suggests creating a new gas category for transaction calldata.

Currently, there are two primary forms of gas used in Ethereum transactions: execution gas, which pays for the processing time needed to complete a transaction, and storage gas, which covers the expense of using “blobs” to store data.

In Buterin’s proposal, a third kind of gas is suggested, reserved for calldata—the portion of an Ethereum transaction that contains information transmitted to smart contracts upon function invocation.

Only a few days had passed since Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, the other co-authors, suggested enhancing the account abstraction in EIP-7702.

The Ethereum network will now impose particular charges on the data transferred in transactions, separate and apart from the expenses related to executing contract code or storing data, thanks to the introduction of a dedicated gas type for calldata.

In order to lower gas fees for transactions that are data-heavy but not necessarily computationally hard, the network will modify rates for sending this data independently of other expenses if the proposal is approved.

In order to streamline the process, Buterin also suggested managing the three forms of gas—execution, blob, and calldata—using a system that modifies fees concurrently.

Buterin claims that the proposal calls for a new transaction type that offers values for calldata gas, blob gas, and execution gas as a vector, including max_basefee and priority_fee.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

Leave a Reply