Is the Ethereum gas crisis over? Vitalik Buterin presents a new solution

In a bid to address Ethereum’s current high gas issues, Vitalik Buterin has unveiled a major new proposal intended to optimize transaction call data and gas usage within the network.

The draft proposal, called EIP-7706, introduces a novel approach to managing transactional call data by incorporating a new type of gas designed specifically for transactional call data. By providing a separate rate market for call data transactions, complete with distinct base rates and gas limits per block, the proposal aims to significantly reduce the theoretical maximum call data size per block while, at the same time, make calling data more affordable on average.

Buterin’s motivation behind the proposal arises from the need to address the inefficiencies of the current gas model.

Even though Ethereum’s gas limit appears adequate, concerns remain regarding the network’s ability to handle increased transaction volume without compromising block size, efficiency, and cost. EIP-7706 seeks to mitigate these concerns by introducing a simplified mechanism for managing call data gas, thereby optimizing block space and transaction costs.

Vitalik’s vision.

In addition, the proposal introduces a new transaction type that encompasses the base rate and the priority rate as a vector, facilitating the handling of the three types of gas through the same code paths. This unified approach ensures consistency between different gas types, thereby improving the overall efficiency and stability of the Ethereum (ETH) network.

This development comes on the heels of Buterin’s recent insights into multidimensional gas and the transition to a more efficient transaction processing model.

The shift from a one-dimensional to a multi-dimensional gas model has been widely heralded as a major leap forward for Ethereum, promising greater scalability, efficiency, and preparedness for future demands.