Applying Data Analysis to Ethereum Gas Usage to Develop Blockchain Cost Models

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ConsenSys develops a variety of decentralized applications which operate on the Ethereum cryptocurrency**platform. Cryptocurrency is a digital asset designed to work as a medium of exchange to implement financial**transactions and for purposes such as identity verification, and secure electronic voting. A main weakness of the**Ethereum platform is the lack of accurate estimation of the gas (i.e. unit value for a set of actions to perform an**operation) cost per operator code for Ethereum operations, which result in overspending or underspending of**ether (Ethereum currency) when executing operations. Users require to purchase gas using ether, and offer a**certain amount of gas to miners in order to execute operations. Inaccurate estimation of the gas cost may result**in rejection of the contract by the miners or failure of the operation. Currently, Ethereum community uses simple**estimations of the gas cost, which are proposed through Ethereum Improvement Proposals (EIPs); however,**there is no detailed gas cost per opcode calculation system available. In this project, data associated with public**Ethereum contracts, their execution, their corresponding hardware, and the consumed gas costs will be collected**and analyzed using data analysis algorithms developed to identify the appropriate gas cost for typical Ethereum**operations. The developed models will be compared to find an accurate and updatable model as a reference**framework for calculating gas cost of generic Ethereum operations.