A Proposal to Lower Transaction Fees in Blockchain Transactions
The rate of trade in and out of cryptocurrency has grown tremendously in the last two years. Statista, for example, claims that in May 19, 2021, the trade volume in the entire cryptomarket was worth over 500 billion U.S. dollars, as compared to four billion two weeks prior to that. One aspect making it difficult for people to trade was the cost of trading (the gas fee), which has been previously unpredictable, and has caused some otherwise promising transactions to fail, as the gas fee ran out before the transaction was complete. Ethereum foundation implemented EIP1559 on August 05, 2021 with the aim to make smart contract’s gas fee more predictable so that the imbalance of fairness could be minimized. Based on on-chain analysis it is obvious that the predictability has been improved but it still not become completely predictable to the users, thus this still raises fairness question in the process. This paper analyzes gas consumption predictability in Ethereum smart contract and proposes a more inclusive approach by adding time in the transaction selection.
Authors: Muhammad Rehman, Charlie Obimbo
Published in: International Conference for Internet Technology and Secured Transactions (ICITST-2021)
- Date of Conference: 7-9 December 2021
- DOI: 10.20533/ICITST.2021.0018
- ISBN: 978-1-913572-39-6
- Conference Location: Virtual (London, UK)