Topic: [Talk with Vitalik] Does ETH need transaction fee? (Read 293 times)

I always think it's unreasonable to have high transaction fee per transactions, and is researching about EOS's model: Account Registration fee + 0 transaction fee. I recently met Vitalik in a conference at HK, and tried to ask him about his POV.


Me: When we want to make large number of transactions, it is almost free of charge. For example, if I make transaction with 1000 RMB on Alipay, nothing will be charged. But on Ethereum network, we need to pay gas for each transaction and contract execution

Vitalik Buterin: Yes, you are right. And this is why we think scalability is quite important. No matter we take shading or off-chain technology to improve the scalability, it will reduce the gas to some point when the transaction fee is low enough.

Me: However, there will be some cost?

Vitalik Buterin：If the transaction fee is as low as 0.00043 USD, does anybody care?

Me：Regarding to this question, EOS takes the mode of “deposit membership fee”, how do you think about it?

Vitalik Buterin： I have to criticize EOS about this! It will actually cause large number of nasty problems if you only need to deposit money at the very beginning, but don’t pay for any transaction later.

Me：What kind of problem? Can you make an example?

Vitalik Buterin：First of all, you actually pay even with the mode of “deposit membership fee”. Before i saw the statistics, if you compare Ethereum with EOS, the result is that you need to pay 15,000 USD on Ethereum, but 100,000 USD membership fee on EOS, which is much higher.

Secondly, users don’t know how many transactions they will make in the future. For example, it is impossible to know you will make 3 or 30 transactions per month. On Ethereum network, users pay gas when they make transaction, which is under their control. But for EOS, people need to pay “membership fee”, and also can’t pay with the frequency as they like.Don’t you think this is kind of taxation?

Thirdly, because blockchain resources are limited, if we choose to bid for that, undoubtedly it will be the best distribution method.




Frankly I like EOS's model more, what is your point of views towards ETH transaction fee?

I think the transaction fee on the ethereum blockchain is fair and very cheap so yes ethereum does not need to review the transaction fee
Withdrawal fee, trading fee on exchanges are way more expensive than the gas fee on ethereum blockchain

So let Vitalik focus on the integration of ethereum 2.0
Nothing is wrong with etherum transaction fee

I really support Ethereum's model. He's actually completely right about the gas fee. Like it is not really a big deal for me since it is really cheap and everyone can deal with that very little amount.

I always think it's unreasonable to have high transaction fee per transactions, and is researching about EOS's model: Account Registration fee + 0 transaction fee.

Me: However, there will be some cost?

Vitalik Buterin：If the transaction fee is as low as 0.00043 USD, does anybody care?

Did you publish this interview somewhere? Personally, I like the Ethereum model, but maybe that's just because it's what I'm used to and I don't send THAT MANY transactions to want to pay a big upfront cost.

I always think it's unreasonable to have high transaction fee per transactions, and is researching about EOS's model: Account Registration fee + 0 transaction fee. I recently met Vitalik in a conference at HK, and tried to ask him about his POV.


Me: When we want to make large number of transactions, it is almost free of charge. For example, if I make transaction with 1000 RMB on Alipay, nothing will be charged. But on Ethereum network, we need to pay gas for each transaction and contract execution

Vitalik Buterin: Yes, you are right. And this is why we think scalability is quite important. No matter we take shading or off-chain technology to improve the scalability, it will reduce the gas to some point when the transaction fee is low enough.

Me: However, there will be some cost?

Vitalik Buterin：If the transaction fee is as low as 0.00043 USD, does anybody care?

Me：Regarding to this question, EOS takes the mode of “deposit membership fee”, how do you think about it?

Vitalik Buterin： I have to criticize EOS about this! It will actually cause large number of nasty problems if you only need to deposit money at the very beginning, but don’t pay for any transaction later.

Me：What kind of problem? Can you make an example?

Vitalik Buterin：First of all, you actually pay even with the mode of “deposit membership fee”. Before i saw the statistics, if you compare Ethereum with EOS, the result is that you need to pay 15,000 USD on Ethereum, but 100,000 USD membership fee on EOS, which is much higher.

Secondly, users don’t know how many transactions they will make in the future. For example, it is impossible to know you will make 3 or 30 transactions per month. On Ethereum network, users pay gas when they make transaction, which is under their control. But for EOS, people need to pay “membership fee”, and also can’t pay with the frequency as they like.Don’t you think this is kind of taxation?

Thirdly, because blockchain resources are limited, if we choose to bid for that, undoubtedly it will be the best distribution method.




Frankly I like EOS's model more, what is your point of views towards ETH transaction fee?

I'm an ethereum supporter and investor and I'm not on EOS.

I'm not sure with that "deposit membership fee" model with EOS but what's good with its innovation. I see a lot of projects that are building their own resource through EOS' network. About the transaction fee, he's correct about the low fee that's under one dollar.

Well, I am with Vitalik that Ethereum uses cost for allocating the limited resources. But that actually caused barrier for many Dapps, say whenever I am playing a game, I need to pay money everytime I take an action. People will never want it.