creator Vitalik Buterin has proposed a “sustainable” way to fund development: a tiny per-transaction fee that goes to the ’s developers.
Ethereum Creator: Crypto Wallets Should Charge Transaction Fees
In his view, the fee should be the smallest unit of and should be a flat fee, rather than a percentage, so as not to “create a perverse incentive to not optimize gas fees.”
He also thinks there should be a transaction threshold, such as 1 million gas used to send transactions within the .
I propose we consider supporting a community norm that client/ devs can/should charge a 1 gwei/gas fee for txs sent through their , we don’t try to circumvent such fees, and we support protocol changes to make such fees easier (eg. abstraction enabling multisends)
— Vitalik Non-giver of Ether (@VitalikButerin)
$2 Million Per Year to Fund Wallet Development
Buterin argues that the fee “would raise up to $2m/year in sustainable non-institutionally-biased market-based funding for client/ developers.” He’s not talking about mandatory fees, however. Wallet developers would have the option of continuing to charge zero fees.
At a protocol level, has to not circumvent these types of fees for the scheme to work. They would also attempt to make it easier to charge such fees via protocol development. He uses “ abstraction enabling multisends” as an example.
Buterin says a fee this low would not bother most users. He also points out that it would essentially match grants given by the Foundation.
The idea didn’t receive the immediate praise that many of his proposals do.
When are you implementing government taxes hardcoded into the protocol?
— Delete ⚡️ (@bitcoinization)
Today is x% for this, tomorrow for that and sooner or later a whole mechanism is ready to allow gov to collect VAT or cover their irresponsible spending.
— Esteban Dozsa (@EstebanD)
History shows that having any limit on a network will see that limit tested. The in was an issue of great contention. Would developers eventually feel the fees were too low? Would the fee structure encourage the development of new wallets, based on the fee as a funding model?
Not The First Time Additional Crypto Fees Have Been Discussed
Would you pay an additional transaction fee to help fund crypto development? | Source: Shutterstock
Another issue that arose during the discussion was that not all clients are based on the they’re using. Many nice clients use a separate back-end, but under the proposal, clients wouldn’t be eligible for the subsidy.
The question of sustainable crypto software development is a long-standing one. Brilliant developers work on a volunteer basis to create software that enables the movement of billions of dollars. Even the largest development companies have limited resources when it comes to hiring people, while intellectual capital is also scarce.
Not every design promotes “free-riding.” , for example, has a fee associated with establishing an account, just like many bank accounts do. It’s one of several ways that differentiates itself from and other smart contract platforms. , which is built on the same technology as , occasionally has an account creation fee as well.
This isn’t the first time Buterin has talked about additional fees for the network. Previously, he’s discussed implementing an as well as . The current average cost to send a transaction on the network is less than 10 cents, according to .
Published at Fri, 08 Mar 2019 23:18:00 +0000
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