Home » Vitalik Buterin Proposes to Increase Ethereum Wallet Fees

Vitalik Buterin Proposes to Increase Ethereum Wallet Fees

The co-founder of Ethereum Vitalik Buterin has proposed to increase Ethereum wallet fees to provide sustainable funding of developers.
news - Vitalik Buterin Proposes to Increase Ethereum Wallet Fees

The co-founder of Ethereum Vitalik Buterin has proposed to increase Ethereum wallet fees to provide sustainable funding of 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,” he tweeted on Friday.

According Buterin, he came up with the proposal after talking with economists at the Economics and Computation conference at Cornell last year.

The Ethereum fees are aimed to compensate the computational energy required to process and validate transactions on the Ethereum blockchain.

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Suggesting that a flat, “one-off” payment of 1 gwei ($0.01 is about 73,000 gwei) for transactions sent to Ethereum wallets could collectively raise up to $2 million in a year, Buterin wrote:

“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.”

The community feedback to his proposal “has been very encouraging”.

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