• Celo is voting on a proposal to increase the network’s minimum gas threshold.
• The proposal seeks to increase the minimum gas threshold to $0.001 for simple ERC-20 transactions.
• If the proposal is passed, only the base fee will be impacted while the validator rewards from the gas fee will remain unchanged.
The blockchain-based smart contracting platform Celo is currently voting on a Governance Proposal 0066 that aims to increase the network’s minimum gas threshold in order to prevent Denial-of-Service (DDoS) attacks. As of the time of writing, the turnout stands at 2.6% of the total supply, with 6,840,826 CELO locked as votes and 6,840,116 CELO supports the proposal. The proposed base fee increase applies to all Celo transactions and fluctuates depending on demand.
Celo is a mobile-focused smart contracting platform that is compatible with Ethereum’s virtual machine, and uses the PBFT consensus mechanism. CELO is the native currency of the platform, and users can pay for gas fees using ERC-20 currencies, not just CELO. The proposed increase in the minimum gas threshold follows the EIP-1559 standard, which specifies that there must be a minimum fee that applies to all Celo transactions regardless of the validator processing the transaction.
If the Governance Proposal 0066 is approved, only the base fee will be impacted. The validator rewards from the gas fee will remain unchanged. This will help to ensure that the network stays secure and that DDoS attacks are prevented. Additionally, Celo has stated that even though the base fee might increase slightly, network activity will not be significantly impacted.
The voting for the proposal started on Wednesday 18th January and will end on Friday 27th January. Those who wish to participate in the vote should lock their CELO in order to have their say in the decision-making process. The outcome of the vote will be determined by the validators, and the results will be announced on 27th January.
Overall, the Celo Governance Proposal 0066 seeks to increase the minimum gas threshold to $0.001 for simple ERC-20 transactions, which would help to protect the network and keep it secure. The proposal has received strong support, and the voting process is currently ongoing. The results of the vote will be announced on 27th January.