Ethereum’s co-founder, Vitalik Buterin, recently shared his idea of the Ethereum network charging “rent” to its users. This idea of ethereum renting is an important one because it could show the sorts of economic models that could be built into a decentralized world.
And the concept of ethereum renting is rather simple, it’s exactly what it would one would think of, when they think about the definition of rent.
If the “ethereum renting” mechanism is implemented, the Ethereum network will be able to supplement its operations by charging its users a fee in return for them storing their data on the platform for a certain amount of time.
The fee, in addition to the usual “Gas” that is charged in Ether for using certain functions of the Ethereum platform, is also meant to filter out serious developers who value their work and its safety from those who are just storing information on the public blockchain for nothing, since the increasing number of users and the data that they keep stored on the blockchain has added to Ethereum’s scalability woes.
Buterin’s suggestion of charging this “rent” has sparked further discussions from all over the community, with most of them surprisingly agreeing to the idea since they think it would only help improve the network further.
This has also breathed life into the idea of special projects that are trying to determine whether other network resources could be subject to an additional fee for the betterment of respective platforms, and if yes, then how to determine the calculations for them.
One of those initiatives, Project Chicago terms these resources as “crypto commodities”, and is offering various solutions including a specific “GasToken” that would allow people to store Gas on the network without subjecting themselves to the uncertainty of fluctuation in price.
The discussions are still underway on this renting mechanism, its implementation and the various solutions that are being proposed to enhance it. Therefore, further updates are to be expected in the future.
Thoughts on ethereum renting ?
What are your thoughts on the idea of paying rent on the blockchain? Does it make sense to you from a fundamental level of how it would help to weed out potentially bad actors and invite more people who are serious about contributing and adding value to the ethereum ecosystem?
Do you see any issues with it, any potential causes for concern?