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Vitalik Buterin Bust Looking at an Ethereum Wallet

Vitalik Buterin Tweets Spark Discussion on Ethereum’s Gas Fees

Reading Time: 2 minutes by on March 11, 2019 Altcoins, Blockchain, Commentary, Development, Ethereum, News
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Vitalik Buterin has started a discussion about gas fees in the Ethereum ecosystem with a March 8, 2019 tweet that suggested charging such fees to support developers.

More Fees?

It has only been a few weeks since Ethereum initiated their Constantinople hard fork along with their Foundation grants and while this has, in itself, led to some changes in the ecosystem, it seems Ethereum co-founder Vitalik Buterin feels that a few more can be made.

On March 8, 2019, he ignited some controversy when he tweeted that gas fees should be charged for wallet transactions. These fees, he says, will be used to support developers.

“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 (e.g., abstraction enabling multisends),” he said.

All About the Gas

Gas, in this case, refers to the unit of computation work that is needed to execute wallet transactions or smart contracts in Ethereum ecosystem.

Gas fees vary based on transaction volume and other factors and gas price would be the amount of ether that each user would be willing to pay for gas, which is measured in the gwei unit. There is also a concept called gas limit which is the maximum amount that a user would be required to pay for a transaction.

Buterin went on to explain that an increase of seven percent in gas costs could potentially raise $2 million each year for the support of developers. He further clarified that he is not calling for a one gwei fee to become the norm but instead wanted to justify its existence.

This did not go over well with a number of users and Buterin has received a lot of pushback from social media users who feel that it would be unnecessary.

“Free markets, free minds. You go ahead and implement a toll for using your wallet and whoever wants to join you can. And customers can walk to another provider if they choose,” one User tweed.

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