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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 thi
by 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 agoIn 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