Empirically Analyzing Ethereum's Gas Mechanism

Yang, Renlord; Murray, Toby; Rimba, Paul; Parampalli, Udaya

doi:10.48550/arxiv.1905.00553

Cited by 1 publication

(2 citation statements)

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Section: Gas Mechanism and Resource Usage In Evmmentioning

confidence: 99%

“…There are recent studies about irregularity of EVM gas mechanisms [37,54]. Yang et al [54] vastly analyzed time-per-gas ratio of EVM instruction set on both commodity and dedicated server hardware. It presented that the ratio is not uniform among different instructions and some instructions have high variance in their own ratio due to state trie access.…”

Section: Gas Mechanism and Resource Usage In Evmmentioning

confidence: 99%

See 1 more Smart Citation

The Economics of Smart Contracts

Baird¹,

Jeong²,

Kim³

et al. 2019

Preprint

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Ethereum is a distributed blockchain that can execute smart contracts, which inter-communicate and perform transactions automatically. The execution of smart contracts is paid in the form of gas, which is a monetary unit used in the Ethereum blockchain. The Ethereum Virtual Machine (EVM) provides the metering capability for smart contract execution. Instruction costs vary depending on the instruction type and the approximate computational resources required to execute the instruction on the network. The cost of gas is adjusted using transaction fees to ensure adequate payment of the network.In this work, we highlight the "real" economics of smart contracts. We show that the actual costs of executing smart contracts are disproportionate to the computational costs and that this gap is continuously widening. We show that the gas cost-model of the underlying EVM instruction-set is wrongly modeled. Specifically, the computational cost for the SLOAD instruction increases with the length of the blockchain. Our proposed performance model estimates gas usage and execution time of a smart contract at a given block-height. The new gas-cost model incorporates the blockheight to eliminate irregularities in the Ethereum gas calculations. Our findings are based on extensive experiments over the entire history of the EVM blockchain.

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Section: Gas Mechanism and Resource Usage In Evmmentioning

confidence: 99%