Author: Giuseppe B 2023-03-03 05:07:29
Published on: 2023-03-03T05:07:29+00:00
A proposal has been made for a new protocol rule called min_fees, which would require a minimum fee field to be appended to each block specifying the minimum fees that need to be contained in the following block in order for it to be valid. This would potentially bring the equilibrium closer to a socially optimal one and benefit network security in the long term. Currently, even if transaction amounts are consistent, transaction fees can end up being very small as there is enough space for everyone in a block. Users wouldn't mind paying higher fees to increase network security, but nobody wants to be the only one doing so. Miners, on the other hand, would like to be paid more. The proposal aims to change this by introducing a suitable framework. However, there is skepticism about whether this would actually change much or lead to increased reorgs/orphan rates and chain instability. Moreover, the idea of "if it's optimal for society to do X then they'll do X" is disagreed upon, as there are examples where people fail to coordinate in the absence of a suitable framework, such as the free rider problem with public goods or the prisoner's dilemma.
Updated on: 2023-06-16T15:58:26.036728+00:00