[GIP] Increase minimum gas price to 100,000 gwei

[treeder]

Simple Summary

Increase minimum gas price.

Overview

This is a proposal to increase the minimum gas price that nodes will accept by 50x.

Motivation

Transaction fees on the GoChain network are very low. The following are the current transactions costs, USD equivalent based on $0.003 per GO:

The problems with the cost being too low:

• Even at full capacity of 1300 transactions per second, the fees will not generate enough to even cover the bare minimum cost of running the network.
• It would be very cheap for someone to saturate the network and degrade service for everyone else.
• The extremely low cost of a transaction, means the value of GO is also very low
• Without more fees, the cost of running the network relies on block rewards which means there will always need to be inflation
• Enterprise partners understand that they should pay a reasonable amount for their infrastructure. The current price is so low that it is nearly free for enterprises. Fees can be increased 100x without exceeding the threshold of what a reasonable fee is for enterprises.

Benefits of increasing the transaction fees

Increase the fees would:

• Increase the value of the entire network
• Set a fair price for using the network (it shouldn’t be free)
• Reduce the chance of network saturation (one bad actor could saturate the network right now)
• Reduce or reverse inflation - all transaction fees are burned so it would only take 2-3 transactions per second to eliminate inflation and anything more than that would be deflationary.

Specification

Nodes would reject transactions below 100,000 gwei. Currently 2000 gwei.

eth_gasPrice would return a minimum of 100,000 gwei.

[SAClough]

It's a great idea, no one values a service that's free or cheap.
It's time Gochain was given the respect and reward it deserves.
Properly funding Gochain Network will reassure users that it will have a long term future by paying it the money to maintain and invest in the tech and infrastructure that makes the blockchain work.

[RuS5669]

The cost of transactions is really very low, you can easily raise it to 0.01-0.05$

[kmsoo2122]

good idea. I always thought the fees were cheap. go 100x

[zaiu1776]

Gas fees are still too low even with this change!

[treeder]

Vote Details

start_time:2024-10-25T10:00:00Z
end_time:2024-10-26T10:00:00Z
contract_address:0x0d9f7e0b21A35cdAd2eeC04ea67826089d8c0522
choice_1:yes:0x95cc874e5C1a753e4b92fA37Ae90b3b480BEbBe9
choice_2:no:0xeb0cCEF336D6BBF93256FA7aAe6e2C8Ce7d3c9be

[treeder]

Please register to vote at: https://my.gochain.foundation/

[treeder]

Implementation idea:

We could implement the price in a smart contract instead of directly in the protocol. This would make it easier to update and easier to make a voting mechanism.

When checking the price before accepting a transaction or in estimateGas, it would call a price() function in the particular contract to get the current price.

[SAClough]

Could the transaction price be set in US dollars/cents and the fee in Go fluctuate automatically based on say the Coinmarket price exchange rate? I think that would let businesses budget with confidence and be more likely to adopt Gotrace. Sent via BT Email App From: Travis Reeder ***@***.***> Sent: 21 December 2024 00:45:37 GMT To: gochain/gips ***@***.***> Cc: SAClough ***@***.***>, Comment ***@***.***> Subject: Re: [gochain/gips] [GIP] Increase minimum gas price to 100,000 gwei (Issue #38) Implementation idea: We could implement the price in a smart contract instead of directly in the protocol. This would make it easier to update and easier to make a voting mechanism. When checking the price, it would call a price() function in the particular contract to get the current price. — Reply to this email directly, view it on GitHub <#38 (comment)> , or unsubscribe <https://github.com/notifications/unsubscribe-auth/ARQLPFKCTJR7VKRRODWXYC32GS23DAVCNFSM6AAAAABQKLQHGCVHI2DSMVQWIX3LMV43OSLTON2WKQ3PNVWWK3TUHMZDKNJXHEZDCNBZGU> . You are receiving this because you commented.Message ID: ***@***.***>

[treeder]

That would be very difficult and I don't think a fluctuating price would be very good. For instance, you could find out the price of a particular type of transaction and be pretty confident it will almost always be that same price. If it fluctuated, you would never know what the price is. In GO that is.