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HomeCrypto NewsMarketVechain Users Can Vote For Change In Base Gas Price

Vechain Users Can Vote For Change In Base Gas Price

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VeChain (VET) investors can vote on a proposal that could determine the network’s future gas fees. The VeChain Foundation started voting to decide what happens to the primary gas fee of the VeChainThor blockchain. Four proposals are made, and users can choose any of them.

The four proposals are:

  • Leave the base gas price unchanged (1e15 wei).
  • Reduce the base gas price to 2e14 wei (20% of the current gas price).
  • Reduce the base gas price to 5e13 wei (5% of the current gas price).
  • Reduce the base gas price to 1e13 wei (1% of the current gas price).

According to the VeChain Foundation, the network’s future depends hugely on its ability to keep costs feasible and affordable, especially for business use.

Data from the Vechain Foundation shows that a transaction for a particular task on the blockchain cost $0.291 in early January 2021. The same transaction now costs about $7.

The Vechain Foundation commented:

Apart from start-ups, higher transaction costs would affect current and future business and government users. Such increases in transaction costs may significantly slow the large-scale take-up of Vechain products and services.

The VeChain Foundation tightens its measures to limit cost increases for users. Earlier, the initiatives called ‘Delegation Fee as a Service (DaaS)’ and ‘VeChainThor Super Charger’ were started to contain these increases. However, this does not seem to deliver the desired result, making it necessary to tighten up the situation more.

These measures should then ensure that VeChain remains an attractive network for investors. The VeChain Foundation is now making positive statements about the increase in demand for VTHO, the official token used to pay for gas on the network.

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VeChain Foundation Said:

For growth to happen, the VeChain Foundation believes that we need to continue as planned to provide a stable and cost-efficient blockchain environment for governments, businesses, and users.

Voting is happening due to the feedback VeChain Foundation received from its partners, developers, and the community.

After all the votes have been cast, VeChain Foundation will submit the proposal to the steering committee for implementation.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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