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

Abstract

Blockchain is a digital ledger distributed across numerous computers globally, eliminating the need for intermediaries. Platforms such as Ethereum leverage blockchain technology to facilitate not only financial transactions but also Smart Contracts. Running these Smart Contracts incurs gas fees, which are influenced by the complexity of the operations. This research explores various methods to design and organize Smart Contracts to reduce gas usage on the Ethereum network. The study identifies key strategies for optimizing Smart Contract design, resulting in significant reductions in gas costs. These strategies include optimizing data structures, minimizing storage operations, and efficient coding practices. By implementing the proposed methods, developers can create more cost-effective and efficient Smart Contracts, ultimately enhancing the overall usability and sustainability of the Ethereum network.