Ethereum founder Vitalik Buterin proposes gas fees for users.Scroll Down
On March 8, famed cryptocurrency developer and founder of Ethereum Vitalik Buterin issued a tweet in which he stated that Ethereum wallets should charge users gas fees. The fees would be used to support software developers. The Ethereum network currently uses gas as a means to measure computational work completed either in support of smart contracts or transactions. In the network, each transaction requires a certain amount of gas in order for it to be performed. The price of gas, which is measured in Gwei, is ultimately determined by miners and is the amount of Ethereum required for a unit of gas. There is also a gas limit, which is the most a user is willing to pay for a unit of gas. Buterin is proposing that wallet developers charge 1 Gwei for each transaction made through their wallets. He also would like to see protocol changes that would make such fees easier to collect. Buterin believes that the change would increase user gas costs by about 7%, but that this would allow wallet developers to earn upwards of $2 million every year. At the same time, though, he does not want to mandate this fee. The network simply would not attempt to circumvent the fees if charged. In response to the tweet, one user noted how the Multibit Bitcoin wallet attempted to charge transaction fees but was not successful. This person also noted that the development of the wallet eventually ceased. A year ago, Buterin said that the point of creating Ethereum was to correct the fundamental flaws of Bitcoin. He went on to say that Bitcoin was much like a calculator in that it only does one thing but does it well, where Ethereum was more like a smartphone, in that it can act like a calculator but can do many other things as well. In February, the core developers of Ethereum implemented both the St. Petersburg and the Constantinople upgrades. The latter upgrade brought various improvements to the efficiency of the network. It also lowered transaction fees for certain network operations.