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Vitalik Proposes Change in ETH Wallets

Crypto-Influencer Tweeted Proposal

2019-03-10 11:10:00 | Jonathan Ganor

Vitalik Buterin, the well-known co-founder of Ethereum tweeted up a storm on March 8th. The known crypto influencer has taken to Twitter to propose changes in Ethereum wallets. He proposed a 1 gwei flat fee on any wallet movement to support Ethereum developers.

"I propose we consider supporting a community norm that client [and] wallet [developers] can [and] should charge a 1 gwei/gas fee for [transactions] sent through their wallet," Buterin posted

Gwei is one on the lowest nominations of Ether. 1 gwei equals roughly 0.000000000000000000001 USD. While this might not really affect users, Ethereum developers might get a nice revenue stream. Vitalik said that this could raise $2M for developers per annum.

"At the cost of only increasing average user gas costs by ~7%, it would raise up to $2m/year in sustainable non-institutionally-biased market-based funding for client/wallet developers."

Vitalik later elaborated as to why it would be a flat fee & not a percentage.

"The reason to make the fee a flat 1 gwei instead of x% is to avoid creating a perverse incentive to not optimize gas fees."

Later Vitalik implied that the fee would assist with user trust.

"Remember that an Ethereum wallet/client is inherently a high trust thing; a bad one could steal all your money. This works against forking wallets to remove the fee, I would predict to a large extent."

These comments received a mixed reaction from his fan-base. Some have pointed out that users don't like to begin paying for things that was once free. While it has yet to be officially confirmed, this fee can do a lot collectively for the Ethereum foundation.

 

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