Vitalik Buterin Proposes That Wallets Charge Gas Fee for Transactions

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

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.

Vitalik Buterin Proposes That Wallets Charge Gas Fee for TransactionsGas 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 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 (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 were not willing to pay for something that was previously free. No one would upgrade. Eventually, the fee was removed. Without a good way to pay for 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, stating that it does one thing and it does it well, while he believes Ethereum is more like a smartphone, which can run apps capable of doing almost 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 set to bring multiple efficiency improvements to the platform, including cheaper transaction fees for some operations on the Ethereum network.

6 Comments on “Vitalik Buterin Proposes That Wallets Charge Gas Fee for Transactions”

  1. We are no longer favourable the place you increasingly becoming the data, however fantastic theme. I would need to shell out a bit examining additional or even comprehension much more spela utan licens. Thank you for outstanding details I had been looking for this info in my objective.

  2. I’m extremely impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you modify it yourself? Either way keep up the nice quality writing, it’s rare to see a great blog like this one these days..

  3. Hey would you mind letting me know which webhost you’re utilizing? I’ve loaded your blog in 3 completely different browsers and I must say this blog loads a lot quicker then most. Can you recommend a good hosting provider at a reasonable price? Thanks, I appreciate it!

  4. Email Accuracy Validation through a premium industry level software process to determine if the emails are valid and accurate. Accuracy of between 95 and 97 Bring down your bounce rate on your mass email clients and decrease penalty’s.Lower the chance of your domain address being flagged as spam.

  5. TRANScendent MEDITATION: NLP, Hypnosis & Mindfulness method How to quickly stay longer into meditation state, practically use mindfulness and have results with your meditation today

Leave a Reply

Your email address will not be published. Required fields are marked *