Vitalik Buterin, Ethereum (ETH) co-founder, Proposes That Wallets Charge Gas Fee for Transactions

Vitalik Buterin, Ethereum (ETH) co-founder, Proposes That Wallets Charge Gas Fee for Transactions

Ethereum (ETH) co-founder Vitalik Buterin proposed that wallets charge a gas fee for transactions in order to support developers in a tweet on March 8.

Gas is a unit for measuring the computational work of operating transactions or smart contracts in the Ethereum network, wherein different kinds of transactions require a different volume of gas to execute. Gas price is the price of ETH a user wants to pay for every unit of gas measured in gwei, while gas limit represents the maximum amount of gas a user will pay for a transaction. In the tweet, Buterin stated:

“I propose we take into account supporting a community norm that client/wallet devs can/should charge a one gwei/gas fee for txs sent through their wallet, we don't try to circumvent such fees, and we support protocol changes to form such fees easier (eg. abstraction enabling multisends)”

Buterin gave a broader picture of the proposed change, saying that increasing average user gas costs by around seven percent would raise up to $2 million per year in funding for wallet developers. Buterin further explained his position:

“To be clear, I am NOT advocating a norm *mandating* the 1 gwei fee. I am arguing for a norm discouraging overly complaining about and/or trying to circumvent the fee if/where it exists.”

One commentator on the thread pointed said, “Multibit [Bitcoin (BTC) wallet] tried this. It was an utter failure. Users weren't willing to get hold of one thing that was antecedently free.

No one would upgrade. Eventually, the fee was removed.

Without an honest way to get hold of support and engineering, development on the wallet stopped.”

In March 2018, Buterin stated that he had been trying to solve Bitcoin’s limited functionality with the creation of Ethereum.

Buterin compared Bitcoin to a plot key calculator, telling that it does a single thing and it does it well, while he believes ETH is more like a smartphone, which can run apps capable of doing nearly everything, including acting as a plot key calculator.

 

Last month, Ethereum core devs implemented the Constantinople and St. Petersburg network upgrades, which went live on the main network at block 7,280,000, in accordance with the previously released schedule.

Constantinople is ready to bring multiple potency enhancements to the platform, as well as cheaper dealings fees for a few operations on the Ethereum network.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTubeTwitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now

Comments