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Discussion: Adjust account permission update and multi-sign execution cost #850
Description
Summary
Since the Multi-sign feature was implemented on TRON (2019-03-21) no fees adjustments has been done to cope with increasing TRX price appreciation, I'd like to initiate a discussion on the matter and if approved by consensus adjust both:
getUpdateAccountPermissionFee from 100 TRX to 8 TRX
getMultiSignFee from 1 TRX to 0.1 TRX
(fees can be adjusted depending on discussion and feedback from community)
Motivation
Encourage TRON users to use the multi-sign feature to increase their accounts flexibility without compromising security.
Additionally, agentic commerce users might choose TRON over other blockchains if we provide their agents with cost effective solutions to enhance their EOA security, unlocked applications include the following:
- Configure multi-sign threshold > 1 for high value / semi-automated wallet transactions flows
- Limit agents automated actions to specific application like staking / delegation / vote
- Prevent agents to execute non-desired operations like TRX transfer or Triggering Smart Contracts depending on use case.
Background
Considering initial dollar cost of multisign update was $2.2 USD (100 TRX * $0.022 USD = $2.2) and based on current TRX price now its $31 USD ( 100 TRX * $0.31 USD = $31 USD)
TRX growth factor = 14
I'd recommend to adjust multi-sign parameters so it is economically viable for users to enhance their TRON EOAs security.
TRON EOA Multi-sign feature is proven as an effective way to keep TRON accounts safe and flexible to use across different use cases like:
- Institutional grade accounting security
- TRON resources marketplaces (Delegation / Un-delegation / Vote automation)
- Wallet as a Service
- Large holders & Exchanges
- Retail users willing to harden their accounts security
However, due to TRX price increases over time, the inherited cost of executing multisign transactions ($0.3 USD) as well as updating account permissions ($28.3 USD) is now considerably high, pushing users away from enhancing their accounts security and / or deterring their user experience while interacting with the TRON blockchain.
Analysis
While the current proposal improves user and dev experience there's also some potential security considerations we have to review.
Positive Impacts
- Lower the economic barrier to strengthen TRON users accounts
- Encourage users and developers to use multi-sign feature, enhancing security and security
Negative Impacts
Malicious actors can target unexperienced users to approve Ownership Account Permission , by reducing the cost the chances of users "blindly" signing a txn can increase.
Mitigations
- Improve UI warning mechanisms on wallets like recently adopted by Tronlink and others.
- Release education content amongst the community to increase awareness
- Currently, most scammers automatically fund victim accounts with 100 TRX to execute an ownership permission attack, thus, reducing the fee most likely won't make a difference on it.
I thereby invite anyone to discuss on this matter. Thanks!