Ethereum gas fee has been one talked about disadvantage of the network community. The team has tried to solve the problem by introducing a layer 2 solution but to no avail.
Ethereum Co-founder Proposes A New Way to Lower Transaction Gas Cost
According to a post on November 26, Ethereum (ETH) co-founder Vitalik Buterin proposed a new limit on the total transaction calldata in the block in order to lower the total gas cost of transaction calldata on the ETH network.
Buterin’s post on Ethereum Magicians Forum EIP-4488 highlighted concerns about high transaction fees on the Layer 1 blockchain and spending time implementing and deploying data sharding.
Although the contractor cited an alternative scheme where the gas cost parameter could be reduced without increasing the block size limit any further, he saw the security issue of reducing Calldata’s gas cost from 16 to 3:
“This will increase the maximum block size to 10 million bytes and bring the Ethereum p2p network layer to an unprecedented level of pressure and risk of network disruption.”
Buterin posted a proposal to reduce costs and caps designed to achieve most of the benefits of the reduction, believing that 1.5MB is enough while preventing most security risks, as a proposal to the Ethereum community
He commented that it pays to rethink the historical opposition to multidimensional resource constraints and see them as a pragmatic way to achieve moderate gains in scalability while maintaining security.
Miners to Adhere to the New Rule
The proposal reads that If adopted, implementation will require planned network upgrades that will result in a re-evaluation of backwards incompatible gas in the Ethereum ecosystem. The upgrade also means miners will have to adhere to a new rule that will prevent new transactions from being added to the block when the total calldata size reaches the maximum. The worst-case scenario is that the theoretical long-term maximum is around 1,262,861 bytes per 12-second slot or around 3.0 TB per year.
However, the community is also discussing other options, such as the introduction of soft limits. Others expressed concern about the congestion in sales of non-fungible tokens (NFT), which may require users to pay a higher overall fee to make up for the lack of execution gas.
The rising gas fee has resulted in users flowing from the Ethereum network to the low-cost network compatible with Ethereum virtual machines.
In addition, the layer 2 solution known as the Protocol to Solve the Cost Problem has been charging high fees due to network congestion while onboarding new users.
