The mind behind Ethereum Vitalik Buterin recently proposed a viable method to keep crypto wallet developers well-funded so that they can keep improving the product without going under. Buterin suggested that each transaction “can/should” cost a very small fee for the wallet developers. Of course, not everyone agrees to every idea brought up in the crypto industry. This proposal, however, saw a more bitter response than Buterin usually gets.
According to Buterin, the next-to-nothing fees will be able to generate up to $2 million a year for crypto wallet developers. The amount is enough to fuel a full-fledged expert development team throughout a whole year. Ethereum’s creator also clearly mentioned that it isn’t necessary to charge fees. He says that cryptocurrency wallet developers should have that option.
At the very low-level Ethereum network doesn’t need to grab any sort of transaction fees to work. However, it can be incorporated on a protocol level. Buterin says that his team can modify protocols to circumvent this fee in a much easier way. An example offered by the creator of Ethereum was abstraction enabling multisends.
If the Ethereum network added support for this feature, it would make it simple for developers to deduct the transaction fee without having to program their own code to do the job. Keeping sensitive things away from crypto wallet developers also adds to the security of crypto assets.
History proves that putting any limit on a crypto network like Blockchain will not be welcomed openly. Take the block size limit of Bitcoin for example. The limitation caused a lot of debate which eventually ended up splitting the BTC community into two sides.
What if the developers one day decided that the fees are too little to fund their projects? Would this change encourage new robust and expert development teams to develop their own crypto wallets? There are many questions that can be fired from either side in the community. Since there are more traders than developers, any sort of mandatory fees will cause the public to resent the idea.
Many people implied that ultimately, this is the start of a chain of events that will eventually lead up to the governments taking their tax. Whether it is the ever-growing urge of accumulating more wealth and not letting even the small amount of it go to anyone else or if it’s the fear of governments taking advantage of yet another pure business, we know that the people are not happy about it.
However, when you think about it, what Buterin suggests isn’t that bad either. Competent and experienced developers voluntarily collaborate to build free applications that move billions of dollars. Do these people not deserve to get paid for their efforts? Vitalik Buterin also argues that the transaction fees will be so small that it won’t bother anyone. But over time, it will the large enough to fund the development teams behind crypto wallets.