Ethereum

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/buterin-introduces-new-ethereum-gas-fee">Buterin Introduces New Ethereum Gas Fee</a><br></p>
<p style="text-align: justify">Vitalik Buterin, co-founder of Ethereum, has announced Ethereum Improvement Proposal (EIP) 7706, which aims to introduce a new category of gas fees specifically for transaction call data. This proposal seeks to refine how transaction fees are managed on the Ethereum network by adding a third type of gas fee to the existing categories for execution and storage.</p> 
<h2 id="what-are-the-new-gas-fee-types">What Are the New Gas Fee Types?</h2> 
<p style="text-align: justify">Currently, Ethereum transactions comprise two main gas fee types. The first type covers execution, which involves the computational power required to process transactions. The second type addresses storage, particularly the costs related to maintaining large datasets known as “blobs” on the blockchain.</p> 
<p style="text-align: justify">Buterin’s new proposal aims to introduce a third gas fee category explicitly for calldata, which is the data sent to smart contracts when functions are invoked. This new gas type will assign specific costs for transmitting these data, allowing for more accurate cost management and potentially lowering gas fees for data-heavy but computation-light transactions.</p> 
<h2 id="how-will-this-affect-transaction-costs">How Will This Affect Transaction Costs?</h2> 
<p style="text-align: justify">If adopted, Buterin’s proposal will enable the Ethereum network to adjust the costs of transmitting transaction call data separately from other transaction fees. This could lead to lower gas fees for data-heavy transactions, thereby making the network more efficient and cost-effective for certain operations.</p> 
<h2 id="key-insights-for-users">Key Insights for Users</h2> 
<p style="text-align: justify"> • The new gas fee category for calldata could reduce costs for specific transaction types.<br> • A unified system for managing all gas fee types is proposed, simplifying the fee adjustment process.<br> • This proposal is part of ongoing efforts to enhance the Ethereum network’s efficiency. </p> 
<h2 id="conclusion">Conclusion</h2> 
<p style="text-align: justify">The proposal also suggests a unified system for adjusting fees across all three gas types: execution, blob, and calldata. This unified approach aims to simplify the fee management process, providing a consistent and predictable structure. The introduction of vectors for max_basefee and priority_fee will offer more detailed control over transaction costs, further enhancing the network’s functionality.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/buterin-introduces-new-ethereum-gas-fee">Buterin Introduces New Ethereum Gas Fee</a></h5>

Buterin Introduces New Ethereum Gas Fee

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