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Considering a fee increase for the next hard fork

Open duggavo opened this issue 3 months ago • 25 comments

A significant part of Monero's user base is on mobile devices. If Monero wants to remain a currency, wallet synchronization must remain fast for everyone.

monero transaction spam

The Monero network is currently under a flood attack. Someone is generating ~110000 transactions a day - over 80% of the transactions are generated by the attacker.

Generating 110000 transactions with 1 input and 2 outputs currently costs less than 4.5 XMR (643$).

A current monero transaction has a fee of 20µɱ per KB. This is ~30-40µɱ (0.00003-4ɱ) fee for a normal transaction. With current price of 143$, it's 0.0043-0.0057$.

With 2x base fee, reference transaction fee would be around ~0.01$. That's very acceptable for the average user, considering that the median Bitcoin transaction fee is currently 3.35$. This small fee increase for users would greatly increase the cost of an attack, and reduce the cost of node operators.

duggavo avatar Mar 11 '24 15:03 duggavo