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Ethereum proposes second fuel source for network

Written by  May 13, 2020

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 recently.

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.

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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.

ripple_v_stellar
Also see: Ripple v stellar

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.

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

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

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Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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