So we are saying that if we EVER want to adjust the fee for any reason in the future we might break large portions of the internet computer?
No the internet computer wouldn’t break. They’re referring to projects that hard coded the transaction fees which is an easy update unless they blackholed the canister.
Their concern is basically just them thinking devs won’t update the transaction fees if it’s hardcoded when it’s a really simple update.
The only risk is devs not updating it which is a stupid assumption or if the canister is blackholed but blackholed canisters are extremely rare and honestly shouldn’t be a concern.
Great, it sounds like there’s no real concern. Transaction fees should be changeable. The question is, what is the appropriate level at present for transaction fees?
At this price, I propose a transaction fee of .01 ICP. We can of course monitor the results and adjust as necessary. I think $.03 per transaction isn’t outrageous, no?
It’s not outrageous at all. Especially if it’s dynamic fees that can always be adjusted.
The lower the price = more icp burned.
The greater the price = less burned.
Basically the same exact logic they used for node rewards. I don’t see a problem at all for this and not one dev as given a good excuse either it will not impact much for inflation or they do not believe developers can update the hardcoded transaction fees.
I’d like if a developer could clarify if a dynamic transaction fee, linked to a set number of cycles per transaction, is possible.
If not, I think periodically voting to change transaction fees to reflect market needs would be fine.
What do you think about voting to change transaction fees periodically instead of having a dynamic fee? So we could update them now, and if price changes substantially, we can simply revisit the issue and have another vote.
It absolutely is possible since the ICP/Cycles conversion already depends on that same rate. BUT this would mean the ledger now depends on the exchange rate canister, has to make regular calls to it, cache the resulting value, and probably do a few more things I don’t see instantly. With the amount of reviews the ledger receives (since it is one of the most critical canisters on the IC) I think this would be a very significant effort