- Vitalik Buterin discusses the state of resource management on Ethereum in a new blog post.
- Buterin proposes the implementation of multidimensional gas systems, similar to blobs that make transactions cheaper for Layer 2s.
- Buterin describes two approaches, one based on resource usage and the other focused on a more comprehensive EIP-1559.
Vitalik Buterin, co-founder of Ethereum (ETH), published a blog post on Thursday addressing the need for and approaches that can be taken towards gas, or transaction fees in the blockchain. Buterin explains how multidimensional gas could solve the challenges faced by the Ethereum blockchain.
Reinventing gas on Ethereum
Traditionally, the Ethereum blockchain approached resource management based on a single unit of gas. Gas measured the effort required to process transactions. However, seeing the limitations of this approach, co-founder Buterin has suggested a multidimensional approach to gas on the Ethereum chain.
Multidimensional gas pricing:https://t.co/ArZb8oEzCd
— vitalik.eth (@VitalikButerin) May 9, 2024
Ethereum has introduced the system of multidimensional gas through the Ethereum Improvement Proposal EIP-4844. The proposal brought “blobs” that allowed separate pricing for data storage and made transactions cheaper for Layer 2 chains.
Buterin proposes a solution modeled around EIP-7623, where transactions are charged according to their resource usage predominantly. This approach could be beneficial to users.
The other option is a more multidimensional EIP-1559 one. This one is more complex as it would involve dynamically adjusting fees for different resources to optimize block usage while maintaining safety.
Buterin’s ideas outline the need to change the way gas is charged for transactions on the Ethereum chain. While still in the ideation phase, these solutions could improve the experience and lower the cost for users.
There are trade-offs and benefits of each approach, and Buterin says that the answer is finding the right balance between scalability gains and protocol robustness.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Ethereum's comeback real?
Ethereum price hovers above $2,500 on Friday after soaring nearly 100% since early April's bottom. The ETH Pectra upgrade has boosted over 11,000 EIP-7702 authorizations in a week, indicating healthy uptake by wallets and dApps. The growing stablecoin usage and tokenization, Layer 2 institutionalization and ETH short unwind support the price rally.
Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin price stabilizes around $103,000 on Friday after facing multiple rejections at the key $105,000 resistance level throughout the week. Risk-on sentiment prevails, driven by global trade deals, strong corporate accumulation, and spot ETF inflows.
EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial
EOS price rebounds from short-term support at $0.75, boosting bullish sentiment amid broader market consolidation. President Donald Trump's World Liberty Financial purchases $3 million worth of EOS at an average price of $0.82.
FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo
Defunct crypto exchange FTX will distribute $5 billion to holders of allowed claims starting May 30. Creditors with completed pre-distribution requirements will receive between 54% and 120% of their original claims.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.