The day has finally come!
The VeChainThor Foundation has finished voting on whether or not to reduce the gas prices per transaction on their blockchain. The final voting comes to a halt with the majority in favor of reducing gas fees by 99% by all stakeholders... and it is now live. This vote outweighed the other proposals by at least 50%.
Here was the proposal from the VeChainThor Foundation:
- Leave the base gas price as is (1e15 wei)
- Reduce base gas price to 2e14 wei (20% of current gas price)
- Reduce base gas price to 5e13 wei (5% of current gas price)
- Reduce base gas price to 1e13 wei (1% of current gas price)
The stakeholders involved in this decision for the blockchain were 40% Authority Masternodes, 40% Economic X Nodes, and 20% Economic Nodes.
This proposal was initially created due to the fact of the rising cost of gas fees per transaction on the blockchain. On January 1, 2021, it costed only $0.291 to initiate an auction on their blockchain, but by the end of March 2021, that same initiation costed $7.009. VeChainThor recognized that this drastic increase in transaction costs will hinder their capabilities for securing partnerships with future business, enterprises, and governments. With the momentum both VET and VTHO have been gaining, this decision only made sense, as they do not want to slow down the growth of the blockchain.
The official Twitter post declaring the reduction is live can be found here. The transaction that executed the param change can be found here.
This is huge news for all stakeholders of VET and VTHO, and other cryptos on the platform. The reduction of gas prices only increases the potential of the blockchain and opens the door for many new opportunities to come. As the VeChainThor blockchain continues to grow, it's only a matter of time before people begin to realize the full potential of their adoption.
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