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They propose fixed mandatory fees. https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Paper#fees https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-Whit

by nullc 13y ago

They propose fixed mandatory fees. https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Paper#fees https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Pa... Nodes can't be compensated for this— only the single miner who chose to burden the chain with the contract. Everyone else has to go along for the ride (or skip verifying it and hope that the anonymous miner wasn't lying). This is one of the reasons Bitcoin has very purposefully eschewed contracts which are computationally expensive to execute. You can almost always perform a computationally expensive contract externally to the system and bind it with a hashlock or multisig, in any case. The inability of the a consensus system to perform IO to outside world usually demands those techniques in any case.

runeks 13y ago
It would be really cool if they could figure out a way to adapt the fees of various operations to match their costs. Fixed fees will almost certainly not do this. Imagine someone develops a chip that can calculate ECDSA operations 10 times faster, consuming 100 times less electricity. In a well-functioning market, the consequence of this would be that the price of ECDSA operations would drop, to reflect the fact that they now cost less to verify. With fixed fees, this isn't possible, and there is no financial incentive to optimize any given operation, without optimizing all operations simultaneously.
- DennisP 13y ago
  In the latest paper, they have a fixed price in "gas" per operation, but the market determines price per unit of gas. http://gavwood.com/Paper.pdf http://gavwood.com/Paper.pdf
  - runeks 13y ago
    Right, it's relative price fixing, which is what my post described a problem with.
    - DennisP 13y ago
      Ah, gotcha. I guess in principle you could use a similar market approach for each type of resource. That might work out better long-term.

by nullc 13y ago

runeks 13y ago

It would be really cool if they could figure out a way to adapt the fees of various operations to match their costs. Fixed fees will almost certainly not do this. Imagine someone develops a chip that can calculate ECDSA operations 10 times faster, consuming 100 times less electricity. In a well-functioning market, the consequence of this would be that the price of ECDSA operations would drop, to reflect the fact that they now cost less to verify. With fixed fees, this isn't possible, and there is no financial incentive to optimize any given operation, without optimizing all operations simultaneously.

DennisP 13y ago
In the latest paper, they have a fixed price in "gas" per operation, but the market determines price per unit of gas. http://gavwood.com/Paper.pdf http://gavwood.com/Paper.pdf
- runeks 13y ago
  Right, it's relative price fixing, which is what my post described a problem with.
  - DennisP 13y ago
    Ah, gotcha. I guess in principle you could use a similar market approach for each type of resource. That might work out better long-term.