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Home ยป Vitalik Buterin’s New Proposal Aims to Reduce Ethereum Gas Fees
Ethereum

Vitalik Buterin’s New Proposal Aims to Reduce Ethereum Gas Fees

By adminMay. 9, 20242 Mins Read
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Vitalik Buterin's New Proposal Aims to Reduce Ethereum Gas Fees
Vitalik Buterin's New Proposal Aims to Reduce Ethereum Gas Fees
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Vitalik Buterin, the mastermind behind Ethereum, has joined forces with developers Ansgar Dietrichs, Barnabe Monnot, and Davide Crapis to unveil a groundbreaking proposal that aims to revolutionize the calculation of gas fees on the Ethereum network. Dubbed “multidimensional gas,” this innovative concept seeks to address the shortcomings of the current one-dimensional gas system, which fails to distinguish between different types of computational resources used in transactions.

In the existing model, all operations, regardless of their complexity, are measured using the same gas metric. This often leads to inefficient utilization of resources, with some operations consuming too much gas while others don’t utilize enough. Buterin illustrated this issue with a simple diagram, highlighting that “the gas limit may suggest that a block can handle a certain amount of computation and data safely, but the actual security level may differ significantly.”

To address this challenge, the implementation of multidimensional gas, through the Ethereum Improvement Proposal 4844 (EIP-4844), enables the network to effectively manage the diverse demands imposed by different operations. This update is particularly advantageous for rollups, as it allows them to operate more economically, tripling the transaction volume without the need to increase the block size and compromise network security.

Future enhancements also include support for “stateless clients,” a novel type of Ethereum client that doesn’t require full server storage. By adopting multidimensional gas, the network is expected to process evidence more efficiently, which is crucial for implementing these new clients, ensuring security, and controlling costs for users.

This advancement in blockchain technology not only promises to enhance Ethereum’s scalability and efficiency but also positions the network to handle future demands while preserving its integrity.

As of the time of this publication, the price of ETH stood at $3,012.20, experiencing a 1% increase in the last 24 hours.

Disclaimer: The views and opinions expressed in this article, by the author or anyone mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.

Editor’s Choice: Grayscale Ethereum ETF proposal withdrawn; Details SEC’s Wells Warning to Robinhood Shouldn’t Prevent Possible Approval of ETH ETFs, JPMorgan Believes

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