Celo, a mobile-focused smart contracting platform compatible with Ethereum’s virtual machine, is voting on a proposal to increase the network’s minimum gas threshold. Voting for Celo Governance Proposal 0066 started today, Wednesday, January 18, and ends on Friday, January 27. As of the time of writing, the turnout stands at 2.6% of the total supply, with 6,840,826 CELO locked as votes. Out of this, 6,840,116 CELO supports the proposal, 620 CELO is against the idea, and 90 CELO are voting to abstain. CELO is the native currency of the Celo proof-of-stake smart contracting platform based on the PBFT consensus mechanism. The Celo Governance Proposal 0066 The proposal seeks to increase the minimum gas threshold to $0.001 for simple ERC-20 transactions. Unlike Ethereum, where gas fees must be paid in ETH only, in Celo, users can pay using ERC-20 currencies, not just CELO. Gas fees are paid to prevent Denial-of-Service (DDoS) attacks. Related Reading: Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats Like Ethereum, the gas fee structure in Celo adopts the proposals under EIP-1559. As EIP-1559 stipulates, there must be a gas ..
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