Binance CEO Says Vitalik Buterin’s Proposed Wallet Fee Won’t Fly
“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.
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.”
“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