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parallelchain-io / parallelchain-protocol

Specification for the ParallelChain (and ParallelChain Mainnet) blockchain protocols.
https://parallelchain.io
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Introduce a smaller "native unit" for XPLL (e.g., deciGray, microGray) so gas costs can fall lower in times of low demand #29

Open chilligerchief opened 8 months ago

chilligerchief commented 8 months ago

Hello, i noticed, that compared to other protocols, instructions are much more expensive. This might have to do with the fact that one GREY is only 10^-8 XPLL instead of 10^-18 as other protocols do and therefore grey / gas can not be reduced. Even at the current market capitalization the cost for transferring PRFC1 tokens is slightly higher than transferring comparable tokens on other chains with a higher market cap.

Staking is also much more expensive (CREATE DEPOSIT is quite cheap, but STAKE DEPOSIT is very expensive). Some users already complained about the high staking cost and for me as a developer the deployment and call cost is too high which makes the decision to deploy on parallelchain very hard.

Rising prices will make transactions even more expensive! Are there plans to lower the fees to enable a smooth growth of the ecosystem? Best regards

lyulka commented 8 months ago

Hi @chilligerchief,

You are quite right that 1 Gray (the "native unit" of our token) being equal to 10^-8 XPLL is limiting the price flexibility of transaction gas costs, making commands like Deploy, as well as the Staking commands, more expensive than they really should be given the level of demand.

We are indeed planning on replacing Gray as the native unit of our token with a smaller denomination of XPLL. However, what exactly this smaller denomination should be (e.g., deciGray, microGray, etc.) is still being discussed. As such, I unfortunately cannot give you a concrete timeframe in which we are going to make this change.

(Also, I hope that you won't mind me changing the title of this issue to be more descriptive).

chilligerchief commented 7 months ago

Thanks for the answer. Maybe think about using nanoGray at minimum, giving a similar denomination to other ecosystems.

IMHO this update should be made as soon as possible (as long as there are no community nodes) to make it easier to push through the consensus.

Additionally this makes it much easier for devs and teams to plan when to develop for which chain!

I think the technology is so promising and I can't wait to dive deep into the tech, but unfortunately the high cost plus unclear roadmap makes parallelchain quite unattractive at the moment.