Sello vote to raise minimum gas limit

Cello is a mobile-focused smart contracting platform compatible with Ethereum’s virtual machine. Voting On the proposal to increase the minimum gas limit of the network.

Voting for Sello Governance Proposal 0066 began today, Wednesday, January 18, and will end on Friday, January 27. As of the time of writing, the turnout is 2.6% of the total supply, with 6,840,826 CELOs locked as votes.

Of this, 6,840,116 CELOs support the proposal, 620 CELOs are against the idea, and 90 CELOs are voting to abstain. CELO is the native currency of the Cello Proof-of-Stake smart contracting platform based on the PBFT consensus mechanism.

Cell Governance Proposal 0066

The proposal seeks to increase the minimum gas threshold for simple ERC-20 transactions to $0.001. Unlike Ethereum, where gas fees must be paid in ETH only, in Celo, users can pay using ERC-20 currencies, not just CELO. Gas fees are paid to prevent Denial of Service (DDoS) attacks.

Like Ethereum, Celo’s gas fee structure follows these suggestions. EIP-1559. As stipulated in EIP-1559, there must be a minimum gas price that applies to all Celo transactions. This minimum fee applies regardless of whether the authenticator is processing the transaction. It also fluctuates depending on the demand. Celo has clarified that if the proposal is passed, only the base fee will be affected.

Under SALO Governance Proposal 0066, certifier rewards will not be affected by gas fees. Cello added that while base fees may increase slightly, network activity will remain the same because “gas prices are so low, transactions are virtually free.”

Cello will benefit.

The proponent explained the rationale for the proposal, stating that transaction costs for the broader silo ecosystem have additional dimensions compared to gas being spent. As with other chains, all transactions posted on the network must be processed and stored immutably in the blockchain.

The proposer stated that the existing gas structure does not affect processing or the general condition of the network. However, it can have serious effects in the long run. A change in gas fees would have increased the benefits to the ecosystem, making the marginal benefit higher. Consequently, they argue that this will guarantee the long-term cost of the overall ecosystem.

In addition to increasing minimum benefits, the proposal will protect the network from spam attacks. By increasing the minimum gas fee threshold, any spamming activity will become more expensive.

The proposal reads:

“Network Stability and Security 1 The low cost of gas allows actors to spam the network at no cost. Currently, to prevent this attack, as long as the minimum gas limit is increased substantially “No, it will take time. Increasing the minimum gas limit ensures that such an attack is more costly than it actually is, even if it’s only for a short period of time.”

CELO is trading at $0.682 at the time of writing on January 25, 2023.

Also prices on 25th January

CELO Prices on January 25 | Source: CELOUSDT on TradingView

Feature image from Canva, chart from TradingView

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