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May 14, 2024

Vitalik Buterin Releases EIP-7706 Proposal To Introduce New Type Of Gas For Ethereum Transaction Calldata

In Brief

Vitalik Buterin introduced EIP-7706 to add a new type of gas for transaction calldata and integrate the three gas types into a system.

Vitalik Buterin Releases EIP-7706 Proposal To Introduce New Type Of Gas For Ethereum Transaction Calldata

Ethereum co-founder Vitalik Buterin has introduced a new Ethereum Improvement Proposal draft, EIP-7706, with the goal of incorporating a new type of gas for transaction calldata and integrating the three gas types into a coordinated system.

The new EIP-7706 utilizes the same method applied for blob data in EIP-4844 by introducing a separate fee market for calldata. This includes a distinct basefee and a separate per-block gas limit. As a result, the theoretical maximum calldata size of a block would be significantly reduced. Furthermore, basic economic analysis indicates that calldata costs would become considerably lower.

EIP-7706 offers a new transaction type that includes the three variations of max-base fees and priority fees as a vector, enabling the same code paths to manage all three types of gas. The proposal aims to make the basefee adjustment, which currently uses separate methods for the execution of gas and blobs. By adopting the same approach for all three gas types, the proposal seeks to simplify the basefee adjustment rules and ensure that the more robust mathematical properties of the EIP-4844 basefee adjustment algorithm apply to all three types of gas.

One significant argument against raising the Ethereum gas limit, reducing the cost of calldata, or increasing the EIP-4844 blob count before technologies like PeerDAS become available, is that the theoretical maximum size of an Ethereum block is already too large, and increasing it further is not feasible.

Previously, Vitalik Buterin proposed the concept of implementing multi-dimensional gas pricing in Ethereum to enhance the efficiency of the network’s resource utilization.

EIP-7702 Introduced To Refine Account Abstraction On Ethereum 

Vitalik Buterin released EIP-7702, which sets an externally owned account (EOA) code for one transaction last week. This proposal aims to enhance the functionality of EOAs, which are user-controlled accounts on Ethereum, as opposed to those managed by smart contract code. 

Presented as an alternative to EIP-3074, this proposal received positive feedback from all stakeholder groups during discussions at the breakout meeting.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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