Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Vitalik Buterin Proposes Wallet Gas Fee As A Way To Support Developers

Vitalik Buterin Proposes Wallet Gas Fee As A Way To Support Developers

Kelly Cromley by Kelly Cromley
Mar 9, 2019
in Ethereum News, Market News, News
Reading Time: 2 mins read
0

The co-creator and persona of Ethereum blockchain, Vitalik Buterin, lately suggested a hike in network gas fee as a method to support developers’ work. He suggested that the fraternity should back1 gas fees for dealings done through their wallets to assist financing the development, as per his Twitter profile.

For those who are not aware of the term, gas fees are essentially payments which are called in this blockchain to offset for the computational energy needed for validating transactions.

With regards to transactions, the payments would be extremely low as a fee of one gas (also referred to as gwei) translates to is less than one penny. As a matter of fact, U.S. $0.01 is actually equal to 73,000 gwei. Collectively, such a meager amount may not even get noticed, but Buterin wishes this modest fee could accumulate to $2 million a year and enable developers to focus on their efforts.

This would hardly increase gas costs by roughly 7%, and they are quite small even now, according to the Ethereum creator, but it could pile up to a substantial amount of money in a continuous manner. This plan would also cover the grants provided by the Ethereum Foundation on a yearly basis and actually result in no tweaks to how much people are spending.

He affirmed, however, that he chose not to make this fee a compulsory rule, but an unofficial norm that wallet users would accept out of their own interest. According to him, even now, there exists a high degree of confidence among all market participants, so this plan could easily work.

Obviously, the response to the increase in gas charges would be mixed. The fraternity was divided, and although some defended the idea, others seemed to detest it. One user, for example, highlighted that MultiBit, a Bitcoin wallet, attempted a similar plan, but failed to enforce the fee system. The main problem, according to the user, was that crypto users were not passionate about shelling out for a service that was previously free.

It didn’t make a difference that the service fees were not significant, because the users were not willing to pay fees. The company eventually had to withdraw the fees to avoid losing its customers. The wallet development nearly stopped because people disagreed with the fee hike.

However, Buterin disclosed that the response from the crypto fraternity as of now has been immensely encouraging. As per Buterin, many Ethereum wallets might begin charging soon.

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)

— Vitalik Non-giver of Ether (@VitalikButerin) March 8, 2019


Previous Post

German Finance Ministry Publishes Paper on Regulation Of Blockchain Securities

Next Post

Singapore Launches Trial of TradeTrust Blockchain Shipping Initiative

Related Posts

figure’s-$355m-blockchain-securitization-earns-s&p-ratings

Figure’s $355M Blockchain Securitization Earns S&P Ratings

by Kelly Cromley
Jun 15, 2025
0

Figure Technology Solutions has announced the successful securitization of $355 million in mortgage assets through its latest transaction, designated FIGRE...

d3serve-labs-blockchain-plan-for-domain-transfers

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
0

D3Serve Labs, operating independently from D3 Global Inc., has submitted a new patent application to the United States Patent and...

daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
0

Daiko, an Ireland-based technology company, has revealed plans to introduce a blockchain-powered Virtual Pet game that aims to bridge the...

tass-hub-ziggy-zeigler-web3-partnership

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
0

TASS HUB, a decentralized Web3 content marketplace built on the Solana blockchain, has announced an exclusive long-term collaboration with Ziggy...

peaq-partners-abu-dhabi-dubai-for-machine-defi

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025
0

Abu Dhabi and Dubai have revealed an ambitious plan to establish what is being described as the world’s first fully...

altlayer-t-rex-web3-partnership

AltLayer and T-Rex Unite to Simplify Web3 Access for Billions

by Kelly Cromley
Jun 14, 2025
0

AltLayer, a leading provider in the Rollup-as-a-Service domain, has disclosed its strategic collaboration with T-Rex, a distinctive blockchain platform known...

Next Post
Singapore Launches Trial of TradeTrust Blockchain Shipping Initiative

Singapore Launches Trial of TradeTrust Blockchain Shipping Initiative

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

figure’s-$355m-blockchain-securitization-earns-s&p-ratings
Market News

Figure’s $355M Blockchain Securitization Earns S&P Ratings

by Kelly Cromley
Jun 15, 2025
d3serve-labs-blockchain-plan-for-domain-transfers
Market News

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech
Market News

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
tass-hub-ziggy-zeigler-web3-partnership
Market News

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
peaq-partners-abu-dhabi-dubai-for-machine-defi
Market News

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blockchain
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple
  • Ripple News
  • Solana News
  • Tether News
  • XRP

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree