Escalating Gas Cost Optimization in Smart Contract.

In the technological globe, blockchain technology is expanding tremendously in every field where ledgers and security plays a role. The smart contract, as a significant part of the blockchain that automatically executes whenever the pre-conditions are satisfied for the business to proceed also ensures trust even among unknown parties and completely eradicates the middleman. In order to deploy or interact with a smart contract, the gas cost is to be paid in teams of ether or wei in the Ethereum blockchain network. The gas cost is mainly charged for the effort or computational power required to process the operations present in the transactions of the smart contract. The gas cost becomes overpriced, due to the increasing demand to process a huge number of transactions in the network and the inflation in the price of the cryptocurrency and the normal users of the network does not know how to determine gas price paid to the miners and ended up paying an overprice for processing their transactions quickly. So, there arises a need to optimize the gas cost and find the right strategy balancing both transaction cost and the wait time. In this paper, various approaches such as merge task, Unit256 vs. Uint8, data type preference, unnecessary libraries, dead code elimination, short circuiting and loop operation are proposed and techniques such as Monte-Carlo approach and M/M/1 queuing are experimented to reduce the gas cost in both the phases of contract generation and contract deployment in the Ethereum network. The proposed techniques can be utilized to reduce the overall gas cost also minimize the extortionate smart contract vulnerabilities thus, providing a way to develop optimized smart contracts and provide direction to contribute to future research. [ABSTRACT FROM AUTHOR]