Ethereum Developer Proposes ‘Oil’ as Second Fuel for Network

Ethereum Developer Proposes ‘Oil’ as Second Fuel for Network
фото показано с : beincrypto.com

2020-5-13 17:10

A proposal to add a second fuel source for the Ethereum network has recently been submitted by a developer to run in parallel to its existing fuel, gas.

The Ethereum network is due to undergo a raft of changes this year. The most eagerly awaited upgrade is the shift to proof-of-stake consensus under the new ETH 2.0 blockchain. Phase 0 on the Serenity roadmap is already operating on a testnet, but there are still other proposals coming down the pipeline.

Ethereum Oils the Gears

A proposal to add a second fuel source to the Ethereum Virtual Machine (EVM) has just been submitted. Independent researcher and software developer, Alexey Akhunov (@realLedgerwatch), who devised the upgrade, tweeted the proposal.

The suggestion has yet to make it as an official EIP (Ethereum Improvement Proposal) but is now being researched and discussed. The motivation arises from a need to prevent repeatedly adjusting gas costs for operations on the network.

Gas is currently used for two different purposes; paying for computation and storage resources, as well as preventing reentrancy by hardwiring the amount of gas a call can use.

Due to the way that smart contracts are written, adjusting the gas schedule to better reflect resource usage causes unintended consequences, the brief added.

‘Oil,’ a name suggested by Ethereum Foundation technical writer Griffin Hotchkiss, has been proposed to run in parallel with gas. The comments that followed appear more concerned with the name than the technicalities of what was trying to be achieved. Akhunov elaborated;

This has materialised as a part of Stateless Ethereum research, as part of recognition that block witness will need to be paid for, but adjusting gas costs could be quite a painful way to do it. Instead, one would adjust oil costs,

A specification and example of how the new fuel would work in tandem with gas were included in the proposal. Oil would primarily take over the main transactional purpose of gas, leaving the secondary purpose to the existing gas, Akhunov added.

Backward Compatibility Issues

The proposal is one of many that will emerge in the coming months to deal with backward compatibility. When the new ETH 2.0 blockchain goes live on the mainnet, there will be issues with smart contracts written for ETH 1.0.

In essence, they will need to be re-written for the new chain and its sidechains (shards), when those stages are rolled out. Using a second fuel may ease some of those issues that will likely arise down the line.

The post Ethereum Developer Proposes ‘Oil’ as Second Fuel for Network appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Etherparty (FUEL) на Currencies.ru

$ 0.0001272 (+1.57%)
Объем 24H $303
Изменеия 24h: 4.16 %, 7d: -3.01 %
Cегодня L: $0.0001272 - H: $0.0001272
Капитализация $0 Rank 6591
Цена в час новости $ 0.002106 (-93.96%)

ethereum network fuel developer second due existing

ethereum network → Результатов: 126


Фото:

Ethereum Network Fees Hit 2023 Lows – Potential Implications for Utility and Market Cap

Ethereum (ETH) has recently experienced a significant drop in network fees, reaching their lowest levels in 2023 at just $1.15 per transaction. This decline in transaction fees is reminiscent of levels last seen in late December 2022, and it carries important implications for both Ethereum’s utility and its potential to recover market capitalization. Lower Network […]

2023-9-26 10:32


Фото:

DApp Distribution: Ethereum Losing New DApps To Polygon, BSC

The second-largest cryptocurrency network Ethereum is beginning to lose the DApp war for relevance and it’s not so hard to see why. Crowded platform Higher gas and processing fees These are the two biggest reasons newly-built Decentralized applications are ditching the busiest blockchain network for newer and cheaper alternatives. Ethereum is Losing The Number Game […]

2021-7-6 19:37


Фото:

Daily Ethereum (ETH) Transactions Outstrip Bitcoin’s (BTC) by Over $3B

Ethereum’s title as the most active blockchain network is becoming increasingly reinforced as network activity on the chain is now fully ahead of Bitcoin. Stablecoin and decentralized finance (DeFi) transactions continue to catapult Ethereum’s economic activity count but often at the expense of high gas costs leading to renewed clamor for Layer-2 (L2) solutions thatRead More

2021-1-20 21:00