Vitalik Buterin draws attention to the price of Ethereum blobs: what is it?

Vitalik Buterin draws attention to the price of Ethereum blobs: what is it?

Ethereum Co-Founder Vitalik Buterin He recently drew attention to the expected cost of “blobs” on the Ethereum network, highlighting potential economic ramifications. Blobs, introduced by Ethereum Improvement Proposal (EIP) 4844, are data packets approximately 125 kilobytes in size that can be attached to transactions.

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Ethereum Co-Founder Vitalik Buterin He recently drew attention to the expected cost of “blobs” on the Ethereum network, highlighting potential economic ramifications. Blobs, introduced by Ethereum Improvement Proposal (EIP) 4844, are data packets approximately 125 kilobytes in size that can be attached to transactions.

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Buterin compared current data transmission costs on Ethereum with projections from Polymarket, a prediction market platform. Based on current gas prices, transmitting 125 kB of data (calldata) costs approximately 0.06 ETH.

In contrast, Polymarket predicts that the blob price will be around 0.001 ETH. This significant disparity suggests that EIP-4844, if implemented, could dramatically reduce data storage costs on the Ethereum network.

What is EIP-4844?

EIP-4844 proposes a three-part solution to address blockchain scalability issues. First, it introduces type 3 transactions, which allow users to attach blobs directly to their transactions. This downloads non-critical information from the ETH main chain, freeing up space and potentially reducing transaction fees.

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Second, the proposal introduces blob storage, allowing a limited number of blobs to be temporarily stored on beacon nodes (validators) for a specific period of time. Finally, a blob base fee mechanism is implemented to incentivize validators to include these blobs in blocks. This ensures continuous data availability while avoiding excessive storage that could overload the network.

How to protect yourself by Vitalik Buterin

Beyond cost reductions, Buterin suggests that Polymarket predictions could serve as a valuable tool for stakeholders within the Ethereum ecosystem. By understanding the expected cost of blobs in the market, participants can potentially protect themselves against price fluctuations, contributing to a more stable and predictable environment.

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It is important to note that EIP-4844 is still in development and its implementation schedule is uncertain. However, the potential cost savings and increased scalability that blobs offer highlight ongoing efforts toward a more efficient and cost-effective Ethereum network.

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