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Draft ZIP for reducing default tx fee
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nighthawk24
Daira Hopwood
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ZIP: XXX
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Title: Reduce default Shielded Transaction fee to 1000 zats
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Owners: Aditya Bharadwaj <nighthawk24@gmail.com>
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Original-Author: Aditya Bharadwaj
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Status: Draft
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Community Status: Request for comments : https://forum.zcashcommunity.com/t/zip-reduce-default-shielded-transaction-fee-to-1000-zats/37566
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Category: Consensus
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Created: 2020-10-11
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License: MIT
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Terminology
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===========
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The key words "MUST", "SHOULD", "SHOULD NOT", "MAY", "RECOMMENDED",
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"OPTIONAL", and "REQUIRED" in this document are to be interpreted as
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described in RFC 2119. [#RFC2119]_
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"Z" refers to shielded address.
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"T" refers to transparent address.
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The term "default transaction fee" in this document is in reference
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to Z to Z transaction fee paid to miners on the Zcash network
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for the work on includning the shielded transaction in a block.
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Abstract
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========
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The goal of this ZIP is to discuss ideas around fee reduction,
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collect feedback from wallet developers, miners & Zcash users
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for consensus on reducing the default transaction fees and
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get the Zcash default transaction fee reduced from 10,000 zats
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to 1000 zats.
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With reduced fees, it will be cheaper to transact on the Zcash network,
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while also inviting novel use cases for privacy
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preserving applications that would benefit from the Privacy,
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Security and Programmable Money aspects of the Zcash chain.
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Out of Scope for this Proposal
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============
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Discussion around transaction fees for T to T, T to Z or Z to T.
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Motivation
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============
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The default transaction fee presently is 0.0001 ZEC or 10,000 zats.
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With ZEC market price of $100, a user can send 10,000 transactions
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for 1 ZEC, that turns out to 1 cent per transaction and it rises
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with the increase in the price of ZEC.
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With increase in light wallet adoptions on mobile clients, many users
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will be new to the Zcash eco-system. And the fact that the
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transaction fees are paid by the sender (not the receiver) is
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new information to users who might use Zcash for e-commerce
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and app interactions that might result in several transactions each day.
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Privacy must not cost a premium. The cost of 10 shielded transactions
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buys 1GB of mobile data `in India today <https://www.cable.co.uk/mobiles/worldwide-data-pricing/>`__
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Zcash users must be able to do more with their ZEC balance
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than worry about paying the premium for shielded transactions.
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Requirements for consensus
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-------------------------
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The change to the default transaction fees must be undertaken sooner
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as it gets difficult to gain consensus with the growth in the network
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of wallets, exchanges, miners and other parties involved.
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The following parties need to be part of the consensus:
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* The technical aspects of a lower default fee need to be evaluated.
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* A guarantee from mining groups is required to include the lowered
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default fee transactions in the next block.
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* Wallet developers need to update the software to use the new fee.
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* Zcash documentation and community outreach must be undertaken to
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make the change known.
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Security and privacy considerations
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-----------
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Unique transaction fees can cause linkability within transactions,
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hence this change must be accepted by majority, if not all popular
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shielded transaction software providers before announcing the change
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ZIP Editors
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-----------
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The current ZIP Editor is Aditya Bharadwaj, representing the Nighthawk Wallet.
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Additional Editors will be selected by consensus among the current Editors.
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ZIP Comments
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============
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Comments from the community on the ZIP should occur on the Zcash
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Community Forum and the comment fields of the pull requests in
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any open ZIPs. Editors will use these sources to judge rough consensus.
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References
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==========
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.. [#RFC2119] `Key words for use in RFCs to Indicate Requirement Levels <https://www.rfc-editor.org/rfc/rfc2119.html>`_
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.. [#zooko-1] `Zooko tweet on reducing tx fees <https://twitter.com/zooko/status/1295032258282156034?s=20>`_
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.. [#zooko-2] `Zooko tweet on sharing tx fee with wallet developer <https://twitter.com/zooko/status/1295032621294956545?s=20>`_
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