Vitalik Buterin proposes multidimensional gas to improve the Ethereum network

Source Fxstreet
  • Vitalik Buterin discusses the state of resource management on Ethereum in a new blog post. 
  • Buterin proposes the implementation of multidimensional gas systems, similar to blobs that make transactions cheaper for Layer 2s. 
  • Buterin describes two approaches, one based on resource usage and the other  focused on a more comprehensive EIP-1559. 

Vitalik Buterin, co-founder of Ethereum (ETH), published a blog post on Thursday addressing the need for and approaches that can be taken towards gas, or transaction fees in the blockchain. Buterin explains how multidimensional gas could solve the challenges faced by the Ethereum blockchain. 

Reinventing gas on Ethereum

Traditionally, the Ethereum blockchain approached resource management based on a single unit of gas. Gas measured the effort required to process transactions. However, seeing the limitations of this approach, co-founder Buterin has suggested a multidimensional approach to gas on the Ethereum chain. 

Ethereum has introduced the system of multidimensional gas through the Ethereum Improvement Proposal EIP-4844. The proposal brought “blobs” that allowed separate pricing for data storage and made transactions cheaper for Layer 2 chains. 

Buterin proposes a solution modeled around EIP-7623, where transactions are charged according to their resource usage predominantly. This approach could be beneficial to users. 

The other option is a more multidimensional EIP-1559 one. This one is more complex as it would involve dynamically adjusting fees for different resources to optimize block usage while maintaining safety. 

Buterin’s ideas outline the need to change the way gas is charged for transactions on the Ethereum chain. While still in the ideation phase, these solutions could improve the experience and lower the cost for users. 

There are trade-offs and benefits of each approach, and Buterin says that the answer is finding the right balance between scalability gains and protocol robustness. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold price oscillates in a range below one-week top; bullish potential seems intactGold price (XAU/USD) struggles to capitalize on its gains registered over the past two days and oscillates in a narrow range during the Asian session on Wednesday, just below a one-week high touched the previous day.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) struggles to capitalize on its gains registered over the past two days and oscillates in a narrow range during the Asian session on Wednesday, just below a one-week high touched the previous day.
placeholder
ADP Employment Change projected to show meager US job growth in JuneThe ADP Research Institute is poised to release its June Employment Change report on Wednesday, and it will explore the dynamics of private sector job gains.
Author  FXStreet
19 hours ago
The ADP Research Institute is poised to release its June Employment Change report on Wednesday, and it will explore the dynamics of private sector job gains.
placeholder
Solana (SOL) at Crossroads — Bounce Likely If $142 Remains IntactSOL price is now recovering and might aim for a fresh increase above the $150 zone.
Author  NewsBTC
17 hours ago
SOL price is now recovering and might aim for a fresh increase above the $150 zone.
placeholder
EUR/USD pulls back from highs as investors await further US employment dataThe EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
Author  FXStreet
18 hours ago
The EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
placeholder
Dogecoin Closes June In The Red With 14% Losses, Will July Be Any Better?With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Author  Bitcoinist
17 hours ago
With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Related Instrument
goTop
quote