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Ethereum Co-founder Vitalik Buterin Suggests Gas Fee For ETH Wallet Transactions

Vitalik Buterin co-founder of Ethereum and cryptocurrency industry pillar offers a disputable method. This is for increasing ETH developer fund support, to impose gas fees on wallet transactions.

On 8th March, Buterin tweets that his plan is to include the creation of a “community norm”. This allows users to choose the one to follow which are mandatory. But, the idea of the gas fee standard is to promote the fee paid on wallet transactions. While curbing the current practice of users attempting to bypass fees.

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)— Vitalik Non-giver of Ether (@VitalikButerin) March 8, 2019

Statistical Data

According to the numbers given by Buterin, increasing average user gas costs 7%. This would raise up to at least $2 million per yearsustainable funding for client/wallet developers.

While Buterin was offering his idea to the community opposing to announce an actual development by the Ethereum team, the proposal met with different opinions. One user replied that an imposed gas fee void the ability of wallet devs to set their own transaction prices, thereby limiting free enterprise.

Some users were quick to counter that Buterin’s plan involves creating a “community norm” around wallet transaction gas fees. Rather than making it an absolute part of transactions. Buterin repeated this point in the following tweet, clarifying that he was not advocating a mandatory fee increase. But rather believed to start an ETH community initiative to support devs.

Despite the controversy, what Buterin’s plan may have stirred among Twitter responses. It does provide a community-generated source of funding for Ethereum developers that encourages decentralization over other forms of fee-collection. However, according to some users, it’s hard to make people pay for something which they were previously receiving for free, even if there are good intentions.

While wallet operators are free to tax fees to compete on the market, a blanket gas fee–even one that is forced through community goodwill or Buterin’s “norm”–would be hard to gain broad adoption.

Ethereum has benefited a lot from positive news in the last week. It is all because of its development, despite less response to Buterin’s proposal.

What is your opinion on the ETH wallet transactions? Share your thoughts in our comments section.

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Vitalik Buterin Suggests Gas Fee For Ethereum Wallet Transactions
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Vitalik Buterin Suggests Gas Fee For Ethereum Wallet Transactions
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Ethereum Co-founder Vitalik Buterin Suggest on the Gas Fee for Ethereum Wallet Transactions. Vitalik also shares some statistical data on ETH Wallet.
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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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