HomeTodays NewsAndreas Antonopoulos says transaction fees help crypto-market release well-funded, well-developed wallets on time
Andreas Antonopoulos says transaction fees help crypto-market release well-funded, well-developed wallets on time
May 7, 2019
While the market and crypto-users suffer the most following misinformation campaigns on the Internet, Andreas Antonopoulos, Bitcoin advocate and expert, has been clearing clouds of confusion about the subject through various self-published podcasts and videos.
Antonopoulos recently conducted a MOOC [Massive Open Online Course] session, which detailed the alternative uses of the blockchain technology and touched upon popular alternative cryptocurrencies and their functionalities.
In a Q&A session that followed the online seminar, Antonopoulos gave his take on questions posted by one of the viewers (Mario),
“Have you heard about a new proposal to impose ‘gas fees’ on wallet transactions to fund developers? What is this about?”
In response, Antonopoulos highlighted that Vitalik Buterin was the first to propose this fee for the Ethereum community “to have a common practice, not a rule, to impose a slight voluntary fee on every transaction that funds developers”. On similar grounds, some wallets are now giving users the option to “make a donation or add a small fee that goes to the wallet developers”, he explained.
Antonopoulos added that one of the main problems in the crypto ecosystem was ‘underfunded wallets’ which were typically available for free and primarily rely on advertisements and add-on services. Antonopoulos concluded by stating that the transaction fees will help the crypto market release wallets that are well-funded and well-developed.