Gas Discounts

One of the major issues with public blockchains is the “one size fits all” pricing scheme for transaction costs (gas fees). It makes the blockchain service too expensive for many use cases, since the gas price is determined by the use cases that are willing to pay the most.

Application specific blockchains, such as the CyberMiles blockchain for e-commerce applications, can alleviate this problem. Yet still, within the e-commerce space, financial applications are probably much less sensitive to infrastructure costs than dispute resolution applications.

To resolve this problem, the blockchain should provide a governance strategy to set different gas prices for different smart contracts. On CyberMiles, the governance transactions allow smart contract creators to apply for discounted gas prices, and the discounts could be approved by a vote by CyberMiles validators. Once approved, the CyberMiles Virtual Machine will apply the discount to gas computations for the contract. That allows validators to promote certain types of applications on the CyberMiles blockchain and forester a healthy ecosystem.