[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]

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