Ethereum Co-Founder Vitalik Buterin Proposes New Gas Type for Transaction Calldata: EIP-7706

Ethereum co-founder Vitalik Buterin Proposes New Gas Type for Transaction Calldata

In a groundbreaking move, Ethereum co-founder Vitalik Buterin has put forth a new Ethereum Improvement Proposal, EIP-7706, which suggests the introduction of a new category of gas for transaction calldata.

Currently, Ethereum transactions involve two main types of gas: one for execution, covering the computational effort required to process a transaction, and one for storage, related to storing data with “blobs.” Buterin’s proposal aims to establish a third type of gas specifically for calldata, the data segment of an Ethereum transaction that carries information sent to smart contracts when functions are invoked.

This proposal comes hot on the heels of another recent improvement proposal, EIP-7702, which focused on enhancements to account abstraction.

The introduction of a dedicated gas type for calldata would mean that the Ethereum network assigns specific costs to the data transmitted in transactions, separate from the costs associated with executing contract code or storing data. This move is expected to reduce gas fees for transactions that are data-heavy but not necessarily computationally intensive.

Buterin also suggests managing all three types of gas – execution, blob, and calldata – using a system that adjusts fees simultaneously, streamlining the process. The proposal includes a new transaction type that provides values for execution gas, blob gas, and calldata gas, known as max_basefee and priority_fee.

If accepted, this proposal could revolutionize the way transactions are processed on the Ethereum network, making it more efficient and cost-effective for users. Stay tuned for further developments on this exciting proposal.