Cost Benefit – After Hours http://after-hours.org/ Sat, 27 Nov 2021 08:09:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://after-hours.org/wp-content/uploads/2021/07/icon-1-150x150.png Cost Benefit – After Hours http://after-hours.org/ 32 32 Vitalik Buterin offers per block calldata limit to reduce ETH gas costs https://after-hours.org/vitalik-buterin-offers-per-block-calldata-limit-to-reduce-eth-gas-costs/ Sat, 27 Nov 2021 07:58:32 +0000 https://after-hours.org/vitalik-buterin-offers-per-block-calldata-limit-to-reduce-eth-gas-costs/ Ethereum (ETH) co-founder Vitalik Buterin has proposed a new limit on total transaction call data in a block to reduce the overall cost of transaction call data gas on the network ETH. Buterin’s Publish on the Ethereum Magicians forum, EIP-4488, highlights concerns about high transaction fees on Layer 1 blockchains for rollups and the considerable […]]]>

Ethereum (ETH) co-founder Vitalik Buterin has proposed a new limit on total transaction call data in a block to reduce the overall cost of transaction call data gas on the network ETH.

Buterin’s Publish on the Ethereum Magicians forum, EIP-4488, highlights concerns about high transaction fees on Layer 1 blockchains for rollups and the considerable time to implement and deploy data sharing:

“Therefore, a short-term solution to further reduce rollup costs and incentivize an ecosystem-wide transition to a rollup-centric Ethereum is desired. “

While the contractor cited an alternative in which the gas cost parameters could be lowered without adding an additional limit to the block size, he foresees a safety concern by reducing the cost of gas call data by 16. to 3:

“[This] would increase the maximum block size to 10 million bytes and push the Ethereum p2p network layer to unprecedented voltage levels and risk breaking the network.

Buterin has released a cost and cap reduction proposal, which aims to achieve most of the benefits of the reduction, and estimates that “1.5MB will be sufficient while avoiding most security risks.” As a tip to the Ethereum community, he wrote:

“It is worth rethinking the historical opposition to multidimensional resource limits and seeing them as a pragmatic way to simultaneously achieve moderate scalability gains while preserving security. “

If accepted, the implementation of the proposal will require a scheduled network upgrade, which will result in a re-pricing of backward compatible gas for the Ethereum ecosystem. This upgrade also means that miners will have to comply with a new rule that prevents new transactions from being added to a block when the total call data size reaches the maximum. “The worst-case scenario would be a theoretical long-term maximum of about 1,262,861 bytes per 12-second slot, or about 3.0 TB per year,” the proposal states.

However, the community is discussing other options such as implementing a soft limit. Others have raised concerns about congestion in non-fungible token (NFT) sales, which may force users to compensate for lack of execution gas by paying higher total fees.

Related: Layer Two, Multichannel DeFi Platforms Record Record Inflows As Ethereum Fees Soar

The increase in gas charges has led to an exodus of Ethereum network users to networks compatible with Ethereum virtual machines at a lower cost.

As Cointelegraph reported on November 4, Etherscan data shows that approving a token to process on the Uniswap decentralized funding protocol can cost up to $ 50 in ETH.

Average cost of Ethereum gas. Source: Etherscan

Additionally, layer two solutions, which were touted as the protocols that would help solve the fee problem, charged high fees due to network congestion when onboarding new users.