BCIP-10: Introduce minimum gas price of 0.0025 uband

Context

The purpose of this proposal is to introduce network fees on the BandChain mainnet. The team strongly suggest validators to set the minimum gas price to 0.0025 uband to achieve the below objectives:

• Prevent spam events on the BandChain
• Provide incentive for actors to be good actors within the Band community (e.g. validators and data providers to be rewarded for completed work)
• Progress towards a self-sustainable decentralized ecosystem

Gas price

The minimum gas price will be set to 0.0025 uband to achieve the objectives stated above. This number came as a result of experimentation and testing to strike a balance and set the gas price to discourage attacks and network spams, derived from associated costs required to perform such malicious attacks, without creating a hindrance to the services.

Decisions

Yes

1. Foundation nodes will set minimum gas price on each node to 0.0025 uband on the 1st of February 2023
2. All validators are strongly encouraged and recommended to update minimum gas price to 0.0025 uband on the 1st of February 2023
3. The core team will prioritize implementation of minimum gas price at protocol level, which will be detailed in subsequent upgrade proposal

No

A “No” result would signify that the Foundation nodes will not update minimum gas price and would force a reconsideration for the team on security

Effective date

The minimum-gas-price is to be set on the 1st of February 2023

Effects

Builders and developers of the BandChain ecosystem

• Validators must update minimum-gas-prices in $HOME/.band/config/app.tomlto “0.0025uband” and restart your node on the effective date.
• BandChain users must update their gas_prices in transactions before the effective date.