Binance CEO Says Vitalik Buterin’s Proposed Wallet Fee Won’t Fly
Ethereum creator, Vitalik Buterin recently proposed increasing the user fees on the network in order to support developers with sustainable funding.
“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,” tweeted Buterin Friday.
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)
However, the Chief Executive Officer of the largest cryptocurrency exchange Binance, Changpeng Zhao says this won’t fly.
“Don’t think this will fly,”
tweeted Zhao Saturday.
Denominated in gwei, gas fees are payments that are made by the user to compensate for the computation energy required to process and further validate the transactions in the second-largest Ethereum blockchain.
Suggesting for a flat one-off payment of 1 gwei where $1 USD equals 7,436,340.8997 gwei, Buterin says it could collectively raise up to 2 million in a year.
“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.”
Zhao further said that Trust Wallet, a cryptocurrency wallet that also includes Ethereum acquired by Binance:
“will remain free.”
However, Buterin had stressed he wants this to be a norm and not a mandate in the Ethereum ecosystem as he says given the fact that a high level of trust has been formed between the users and Ethereum wallets and that a bad wallet could “steal all your money.”
Crypto community is divided in respect of this as one Twitter user @Cryptoartyst said,
“Sounding just like the institutions we are trying to step away from.”
While another one said,
I love all this people trashing vitalik for asking a very small percentage that no one will probably feel. The future of the blockchain is more important than “when lambo ” All of you should be thankful that all the developers work with no future guaranteed.
— bk101 (@BlazingKong101) March 9, 2019
Another user Tweeted,
I would prefer if that was made optional so we could choose to allow the 1 gwei charge or not. Would also like to be able to choose who gets that payment. Personally I wouldn’t mind @myetherwallet getting 1 gwei out of my transactions really love the app.
— Adekunle Lawal (@thecroesus) March 9, 2019
Despite the mixed reactions, Buterin is hopeful and expecting the proposal to be
Meanwhile, the second-largest cryptocurrency is trading at $136.62 with 24-hours loss of 1.33 percent while being in the red by 1.25 percent in the BTC market as well.
- Source: First Appeared Here
- Published Time:
The views and opinions expressed in the article Binance CEO Says Vitalik Buterin’s Proposed Wallet Fee Won’t Fly do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.
In rounding off this piece: Binance CEO Says Vitalik Buterin’s Proposed Wallet Fee Won’t Fly. Here is the list of top prominent words found in this article: 1 gwei, 1 gwei/gas, 1 gwei/gas fee, 9 2019, buterin, charge a 1, charge a 1 gwei/gas, charge a 1 gwei/gas fee, community norm, consider supporting, consider supporting a community, consider supporting a community norm, ethereum, gwei/gas fee, march 9, march 9 2019, sent through their wallet, supporting a community, supporting a community norm, wallet
Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today on October 25, 2020?
Check out 48coins price analysis category on 48coins. Explore price predictions from all industry experts. Select your favorite cryptocurrency for more data, such as crypto exchanges, historical data, charts, FIAT converter, social hype and much more!