Maximizing Efficiency in Smart Contract Execution Costs Techniques for Cost Optimization on Blockchain Networks

Tracking #: 805-1785

Authors:
NameORCID
Rahul TharammalORCID logo https://orcid.org/0009-0002-7262-8975


Submission Type: 

Research Paper

Abstract: 

Blockchain is like a digital ledger that is not owned or controlled by any single organization. Instead, it's spread out over many computers all around the world. This decentralization removes the need for middlemen when people communicate with each other. Thanks to platforms like Ethereum, which use blockchain technology, we can now not only do financial transactions but also create and run programs called Smart Contracts on the network. However, using these Smart Contracts comes with a cost. When they run, they consume resources on the Ethereum network, and users have to pay for this consumption with something called gas fees. These fees depend on how complex the operations in the contracts are. So, it's important to design Smart Contracts in a way that minimizes these gas costs. In this paper, we suggest methods for organizing Smart Contract to make them more efficient in terms of gas usage. By carefully planning how these contracts are structured and what they do, we can reduce the amount of gas needed to run them, making it cheaper and more efficient to use Smart Contracts on Ethereum.

Manuscript: 

Tags: 

  • Reviewed

Data repository URLs: 

Date of Submission: 

Monday, March 25, 2024

Date of Decision: 

Tuesday, March 26, 2024


Nanopublication URLs:

Decision: 

Reject (Pre-Screening)