Ripple CTO proposed two innovative upgrades to the XRP Ledger transaction fee.

Gate News bot message, Ripple’s Chief Technology Officer David Schwartz proposed an innovative upgrade regarding XRP Ledger transaction fees. He stated: “I support this idea: to charge the same fee for every transaction in the ledger as much as possible, but prioritize based on the highest fee the transaction is willing to pay.”

It is worth noting that Schwartz proposed two main schemes to improve the efficiency and fairness of XRPL, with the primary goal of eliminating unnecessary overpayments. He pointed out, “Everyone is overpaying. This is not ideal.”

Schwartz’s first proposal focuses on dynamically calculating the minimum fees required for transaction processing after reaching consensus. Users who overpay will receive a rebate on the excess amount, thereby promoting a fair incentive mechanism and rewarding honest fee bidding. Schwartz wrote, “One idea is to calculate the fee level needed to include another transaction in the ledger after determining the consensus transaction set, and refund any fees that a transaction attempts to pay above that level. You may need to tweak it slightly to ensure it does not undermine consensus.”

Secondly, he suggested calculating the median fee of all accepted transactions in each ledger and refunding the difference between the fees paid by the users and the median fee, thus effectively reducing overpayment. Although this method is more practical, if users submit their acceptable maximum bid, it may lead to overpayment. Both proposals prioritize enhancing user experience while maintaining performance standards.

These discussions come as the community anticipates the upgrade of the blockchain version 2.5.0 in June. Recently, the XRPL integrated major features including batch processing (XLS-56), sparking optimism.

Source: CoinGape