Currently, each Regen Network validator can set it’s own gas price.
Gas is a unit used to charge for operations related to transaction processing.
Gas price is a price in Regen for a gas unit.
Validators can set any gas price they want. In particular: it can be zero (or negligible small) or very high.
I think zero fees is a bad solution. It’s same as quantitative easing the banks are doing now:
- banks is printing money to companies until people will generate enough cash flow (spending)
- blockchain is printing tokens to block producers until people will generate enough transactions
Fee must be present in the system to protect against:
- spam (once we have it we will need to deal with it forever unless we break some of the blockchain principles)
- economy stability
Non responsible validators, setting too small gas price can expose whole network to easy spamming. This happened in Q1 for Terra blockchain - it encountered sever spam attack.
Validator, setting a very high, abnormal gas price, doesn’t contribute to the system. He will not process many transactions, and only take
Note: this is not that dangerous as an irresponsible validator setting negligible gas price.
Fees problems were largely discussed and enumerated in the Cosmos community. Here is a meta issue collecting related threads.
Set sane minimum gas price #284
We can set a governance controlled min-gas price and optionally max gas price:
chain_min_gas_pricewill be a lower bound for the validator gas price (
minimum-gas-pricesin the node config). It should be really small - to really a spam transaction attacks.
chain_max_min_gas_price- an upper bound for the
minimum-gas-pricesin the node config).
This will be protected by the protocol. So each validator will be rejected by consensus if he will apply gas price out of the range set by the governance.
- Changing min gas price (and max gas price if we decide to apply it) will require a proposal and voting. This is slow process and requires stakeholders engagement.
- Min gas price should be rather small to hedge against Regen token value fluctuations. We really want to exclude negligible small gas prices which would cause network spamming.
- There are better solutions (eg eip-1559) to be implemented by the Cosmos community, however it will take time (most likely we won’t see them in 2021).