Step on the Gas? A Better Approach for Recommending the Ethereum Gas Price

Sam M. Werner (), Paul J. Pritz () and Daniel Perez ()
Additional contact information
Sam M. Werner: Imperial College London
Paul J. Pritz: Imperial College London
Daniel Perez: Imperial College London

A chapter in Mathematical Research for Blockchain Economy, 2020, pp 161-177 from Springer

Abstract: Abstract In the Ethereum network, miners are incentivized to include transactions in a block depending on the gas price specified by the sender. The sender of a transaction therefore faces a trade-off between timely inclusion and cost of his transaction. Existing recommendation mechanisms aggregate recent gas price data on a per-block basis to suggest a gas price. We perform an empirical analysis of historic block data to motivate the use of a predictive model for gas price recommendation. Subsequently, we propose a novel mechanism that combines a deep-learning based price forecasting model as well as an algorithm parameterized by a user-specific urgency value to recommend gas prices. In a comprehensive evaluation on real-world data, we show that our approach results on average in costs savings of more than 50% while only incurring an inclusion delay of 1.3 blocks, when compared to the gas price recommendation mechanism of the most widely used Ethereum client.

Keywords: Smart contracts; Ethereum; Gas price oracle; Gas mechanism; Blockchain (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (4)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-53356-4_10

Ordering information: This item can be ordered from
http://www.springer.com/9783030533564

DOI: 10.1007/978-3-030-53356-4_10

Access Statistics for this chapter

More chapters in Springer Proceedings in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().