fip-004

FIPs/fip-004.md

@@ -0,0 +1,33 @@
+---
+fip: 004
+title: Set transaction fees on Mainnet to 2 aFET
+author: Fetch Foundation (developer@fetch.ai)
+description: Raise the current transaction fees on the Fetch-ai Network to 2 aFET
+Discussions-to: https://github.com/fetchai/FIPs/discussions/8
+status: Voting
+type: Ecosystem
+created: 2022-09-09
+requires:
+Withdrawal-reason:
+review-deadline: 2022-09-15
+last-call: 2022-09-14
+author-response-wait-time: 1 hour
+---
+## Abstract
+
+Raise the current transaction fees on the Fetch-ai Network to 2 aFET.
+
+## Motivation
+
+To prevent spam attacks on the Fetch-ai Network, beginning to raise transaction fees would mitigate this. 
+
+## Specification
+This FIP would affect the minimum-gas-prices parameter for validators and aim to have them increase their accepted minimum price to 2 aFET.
+
+## Rationale
+
+At this time, the Fetch-ai Network is susceptible to spam attacks due to there being no minimum fee on the network, which allows 0 fee transactions to be spammed, filling blocks, and potentially taking down validator nodes that get congested if they’re accepting all transactions. This problem recently occurred with the Osmosis Network, which also lead to a draft proposal asking for minimum fees to be set, and setting minimum fees was something discussed by the Cosmos Network back in 2020.  This problem stems from the fact that validators do not have to set a min fee that they want to accept when they set up a node, the default settings automatically accept all transactions, including 0 fees. However, the only validators that should be accepting 0 fees are those with extremely powerful, battle tested infrastructure, in fact most validators should only be accepting transactions with fees.
+
+By raising the minimum fee on the Fetch-ai Network to 2 aFET would obviously not be able to prevent spam attacks immediately since the cost of doing so would be negligible. So this is only the first step to at least have fees turned on at a minimum at all and to allow applications built on the network the ability to build with fees in mind.
+
+The end goal would be to hopefully see the minimum fee be raised by validators over time to truly help protect the network from the aforementioned spam