March 11, 2019

Vitalik Buterin Tweets Spark Discussion on Ethereum’s Gas Fees

Vitalik Buterin has started a discussion about gas fees in the Ethereum ecosystem with a March 8, 2019 tweet that suggested charging such fees to support developers.

More Fees?

It has only been a few weeks since Ethereum initiated their Constantinople hard fork along with their Foundation grants and while this has, in itself, led to some changes in the ecosystem, it seems Ethereum co-founder Vitalik Buterin feels that a few more can be made.

On March 8, 2019, he ignited some controversy when he tweeted that gas fees should be charged for wallet transactions. These fees, he says, will be used to support developers.

“I propose we consider supporting a community norm that client/wallet devs can/should charge a 1 gwei/gas fee for txs sent through their wallet, we don’t try to circumvent such fees, and we support protocol changes to make such fees easier (e.g., abstraction enabling multisends),” he said.

All About the Gas

Gas, in this case, refers to the unit of computation work that is needed to execute wallet transactions or smart contracts in Ethereum ecosystem.

Gas fees vary based on transaction volume and other factors and gas price would be the amount of ether that each user would be willing to pay for gas, which is measured in the gwei unit. There is also a concept called gas limit which is the maximum amount that a user would be required to pay for a transaction.

Buterin went on to explain that an increase of seven percent in gas costs could potentially raise $2 million each year for the support of developers. He further clarified that he is not calling for a one gwei fee to become the norm but instead wanted to justify its existence.

This did not go over well with a number of users and Buterin has received a lot of pushback from social media users who feel that it would be unnecessary.

“Free markets, free minds. You go ahead and implement a toll for using your wallet and whoever wants to join you can. And customers can walk to another provider if they choose,” one User tweed.

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Published at Mon, 11 Mar 2019 21:00:53 +0000

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South African Reserve Bank Planning to Test Cryptocurrrency Regulations

The South African Reserve Bank(SARB), has officially announced its plans to experiment with cryptocurrency and bitcoin regulations.

Adopting Digital Currencies

Back in February 2017, the South African Reserve Bank discussed the possibility of issuing a digital currency based on the blockchain technology. The SARB was actively observing countries that had issued their own digital currency. To date, Tunisia was the only country that had officially launched a digital currency based on blockchain technology, the eDinar.

The SARB believes that a national cryptocurrency could greatly benefit South Africa, as its usage would strongly speed up transactions and lower fees. Tim Masela, head of the National Payments System at the SARB, stated:

If we go the route of issuing a digital currency, the objective would be to take advantage of emerging technologies so that we reap the benefits,[…]We foresee that these benefits could be realised, which would be good for the transacting public. But of course, the risks have to be borne in mind as well and that’s what we want to balance.

Experimenting With Regulation

According to a recent report, the central bank decided to plan an initial trial for regulations tests for blockchain and cryptocurrency services. On July 19, Bankymoon, a blockchain solutions provider, announced that it was in talks with the South African Reserve Bank for a regulation test. Loerien Gamaroff, CEO of Bankkymoon noted following regarding the sandbox trial:

All we are doing at this point is seeing how far this relationship will go on within this sandbox,

He also added:

This is because the Reserve Bank is very hesitant to give a stamp of approval on anything that comes out. The sandbox will only be bitcoin-focused during this initial phase, but is focused on applying broad regulations to all cryptocurrencies,

Playing the Blockchain Game

The SARB might not be the only bank that is currently experimenting with blockchain technology. In a recent report, the state bank of Belarus announced that it deployed an information network that is based on blockchain technology. The network was deployed in order to make registration of bank guarantees and their issuance easier and faster for banks.

What are your thoughts on this blockchain regulation trial by the SARB? Do you think that it will benefit the South African cryptocurrency market? Let us know in the comments below!

Images courtesy of Pixabay, Mail & Guardian

The post South African Reserve Bank Planning to Test Cryptocurrrency Regulations appeared first on Bitcoinist.com.

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