Ethereum

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/vitalik-buterin-introduces-new-gas-fee-category-for-ethereum/" data-wpel-link="internal">Vitalik Buterin Introduces New Gas Fee Category for Ethereum</a><br></p>
<p style="text-align: justify">The altcoin king ETH’s main network <a href="https://en.coin-turk.com/bitcoins-recovery-and-the-potential-upsurge-of-altcoins/" data-wpel-link="internal">Ethereum</a>‘s co-founder Vitalik Buterin introduced Ethereum Improvement Proposal (EIP) 7706, which proposes a new gas fee category specifically for transaction call data. This proposal aims to improve the handling of transaction fees on the Ethereum network by introducing a third type of gas fee in addition to the existing ones for execution and storage.</p> 
<h2 style="text-align: justify" id="strong-the-proposal-includes-two-main-types-of-gas-fees-strong"><strong>The Proposal Includes Two Main Types of Gas Fees</strong></h2> 
<p style="text-align: justify">Currently, Ethereum transactions include two main types of gas fees. The first type is used for execution, covering the computational resources needed to process transactions. The second type is for storage, particularly related to the cost of storing large data sets known as “blobs” on the Blockchain.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-351261" src="https://coin-turk.com/wp-content/uploads/2024/05/Altcoin-Ethereum-ETH-Vitalik-Buterin.png" alt="" width="2700" height="1124"></p> 
<p style="text-align: justify">Buterin’s proposal adds a third type of gas fee specifically for calldata, which refers to the data sent to smart contracts when functions are called. This new gas type will introduce specific costs for transmitting these data. This differentiation allows for more precise cost management, potentially reducing gas fees for data-heavy but computation-light transactions.</p> 
<p style="text-align: justify">If implemented, Buterin’s proposal will allow the Ethereum network to adjust the costs of transmitting transaction call data independently of other transaction fees. This could provide lower gas fees for data-heavy transactions, making the network more efficient and cost-effective for certain types of transactions.</p> 
<h2 style="text-align: justify" id="strong-unified-system-proposal-strong"><strong>Unified System Proposal</strong></h2> 
<p style="text-align: justify">In addition to proposing a new gas type for transaction call data, Ethereum’s co-founder suggested a unified system for adjusting fees across all three gas types: execution, blob, and calldata. This system will simplify the process by managing and adjusting the fees for these different gas types simultaneously, providing a more consistent and predictable fee structure.</p> 
<p style="text-align: justify">The proposal introduces a new transaction type that includes max_basefee and priority_fee as vectors. These vectors provide specific values for execution gas, blob gas, and calldata gas, offering more detailed control over transaction fees.</p> 
<p style="text-align: justify">This latest improvement proposal follows closely after Buterin, along with Sam Wilson, Ansgar Dietrichs, and Matt Garnett, authored EIP-7702, which focuses on improvements related to account abstraction. Both proposals are part of ongoing efforts to enhance the efficiency and functionality of the Ethereum network.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/vitalik-buterin-introduces-new-gas-fee-category-for-ethereum/" data-wpel-link="internal">Vitalik Buterin Introduces New Gas Fee Category for Ethereum</a></h5>

Vitalik Buterin Introduces New Gas Fee Category for Ethereum

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