The altcoin king Ethereum’s main network, introduced by co-founder Vitalik Buterin, has proposed Ethereum Improvement Proposal (EIP) 7706, which aims to enhance transaction fee handling on the network. This proposal suggests the creation of a new gas fee category specifically for transaction call data, introducing a third type of gas fee alongside the existing ones for execution and storage.
Currently, Ethereum transactions involve two main types of gas fees. The first covers the computational resources required for transaction processing, while the second is related to the cost of storing large data sets on the Blockchain. Buterin’s proposal introduces a third type of gas fee specifically for calldata, allowing for more precise cost management and potentially reducing fees for data-heavy transactions that require less computational resources.
If implemented, this proposal will enable the Ethereum network to independently adjust the costs of transmitting transaction call data, resulting in lower fees for data-heavy transactions and improving the efficiency and cost-effectiveness of the network for certain types of transactions.
In addition to the new gas fee category, Buterin also suggests a unified system for adjusting fees across all three gas types. This system simplifies the fee management process and provides a more consistent and predictable fee structure. The proposal introduces a new transaction type that includes specific values for execution gas, blob gas, and calldata gas, offering more detailed control over transaction fees.
This proposal follows closely after Buterin, along with other authors, authored EIP-7702, which focuses on improvements related to account abstraction. Both proposals contribute to ongoing efforts to enhance the efficiency and functionality of the Ethereum network.
Please note that the information in this article does not constitute investment advice, and investors should conduct their own research and be aware of the risks associated with cryptocurrencies’ high volatility.
