Buterin Suggests Fee for Every Use of an Ethereum Wallet

[wry]

I thought this was an interesting idea to fund alt coin development.  As we all know too many alt coins are sabotaged by a large premine or other such shenanigan to fund further development of the coin.  Now we can all appreciate the need for development around a coin's ecosystem, that is a key aspect of building up a following, but so far few coins have found a way.

Recently Buterin (I pronounce this butter-in how do you say it?) of Ethereum fame suggested a very tiny fee, 1 gwei (it takes 78,000 gwei to make 1 US cent) for each transaction that uses an Ethereum wallet would generate 2 million USD a year and fund plenty of coin activity development.  I thought this was an interesting approach but am wondering if transaction costs would kill this over time, maybe there is something about Ethereum that mitigates that.

Anyway, at the end of the linked article Buterin says he got the idea from visiting with some Cornell economists, so I guess it has some logic behind it.

So anyway, of all the alt coins you know about, which ones seems to do the best job of financing its development activities, it is just volunteer effort like Bitcoin uses or has there actually been a premine that worked?  What are you seeing out there?

Link: https://www.coindesk.com/ethereum-creator-vitalik-buterin-proposes-wallet-fee-to-fund-developers

[williamshennie9]

I think if this fee was to be implemented, people would not use it anymore. I know the fee is extremely tiny, but if you transact a lot, then it might dissuade people from using their service, and probably invest in other coins. I don't know what the solution is to be honest, and this doesn't seem too bad on the face of it, since the fee is extremely cheap.

[Kate]

That is a great idea to be honest. If a platform has a 1000 users and they make 100000 transactions a day thats like 100k etoshis.

[skillex]

So far as I've been using eth smart contract platform, its really the best and convenient for me, in terms of its simplicity and speed in every transaction and mostly its feeless transactons. Now that Buterin proposes this fees maybe it will affect the eth's price. But for me I think its just okay since it helps to fund developers also since the devs are sometimes really wretched also.