Author: Giuseppe B 2023-03-01 20:18:22
Published on: 2023-03-01T20:18:22+00:00
A proposal has been made to introduce a new protocol rule, min_fees, in the situation where block rewards are almost zero and the base layer is used mainly as a settlement layer for large transactions. In this case, transaction fees could end up being very small despite consistent transaction amounts, as there would be enough space for everyone in a block. However, users wouldn't mind paying higher fees to increase network security, but nobody wants to be the only one doing so, and miners would like to be paid more. Therefore, the min_fees rule would require the miner who mines a block to append a min_fee field to the block, specifying the minimum fees that need to be contained in the following block for it to be valid. It could represent either the total fees of the following block or the minimal fee for each single transaction as a percentage of the value transacted. Min_fees=0 would correspond to the current situation. The proposal aims to bring the equilibrium closer to a socially optimal state and benefit network security in the long term.
Updated on: 2023-06-16T16:00:04.614366+00:00