Vitalik Buterin Proposes Ethereum Gas Model Overhaul: Introducing a New Paradigm for Transaction Call Data

Vitalik Buterin, co-founder of Ethereum, has proposed a significant overhaul to the Ethereum gas model through Ethereum Improvement Proposal 7706 (EIP-7706). Currently, Ethereum transactions incur two types of gas fees: one for transaction execution and another for data storage. Buterin's proposal introduces a third type of gas fee specifically for transaction call data, distinct from execution and storage fees. This new model aims to address the issue of high transaction costs associated with data-heavy transactions that may not require extensive computational resources. By implementing separate gas fees for call data, the proposal seeks to reduce costs and potentially increase efficiency on the Ethereum network. If accepted, this change could have significant implications for Ethereum's transaction processing and overall ecosystem.