Ethereum News

Vitalik Buterin proposes wallet fee to fund developers

The creator of the Ethereum platform, Vitalik Buterin has proposed an increase in user wallet fees to support developers by offering them sustainable funding. In a tweet made yesterday Buterin suggested that the Ethereum community should consider supporting a community norm that will see client and wallet developers charge a 1 gwei/gas fee for any transactions that are sent through their wallet.

On the Ethereum network, gas fees are usually denoted in gwei and represent payments that are made by the user so that they can compensate for the computational energy that is needed to process and validate transactions.

The proposed “one-off” flat payment of 1 gwei (0.01 is around 73,000 gwei) for any transaction that is sent to Ethereum wallets. If embraced by the community it could raise up to $2 million within a year.

Buterin added:

“At the cost of only increasing average user gas costs by [roughly] 7 percent, it would raise up to [$2 million per year] in sustainable, non-institutionally biased, market-based funding for client/wallet developers. For reference, that would cover all [Ethereum Foundation] grants to date … with room to spare.”

He added that he wanted to encourage the fee as a norm and not as a mandate within the Ethereum ecosystem. According to him already there is a high degree of trust that exists between users and their Ethereum wallets since “a bad wallet can steal all your money.”

However, community responses to the proposed wallet fee have so far been mixed with one user pointing out that MultiBit a bitcoin wallet had tried the same thing and failed with the implementation.

Another Twitter user by the name Ken Holder added:

“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.”

What’s your take on Vitalik Buterin proposing an increase in wallet fee to help fund developers? Share your thoughts in the comment section below.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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