On Tuesday 8/7/18, ChronoLogic developer Joseph Bagaric hosted a technical Livestream about how TimeNodes determine which gas price they use when executing a transaction, and how this affects the economic model of the TimeNode. During the LiveStream explained what the current issues are with the gas cost for future transactions and how the EAC TimeNodes handle the gas price at execution time. If you want to know how TimeNodes work as you maximize ETH bounties, you do not want to miss this LiveStream recording. You can watch the LiveStream recording at https://youtu.be/jf64HVgrh6I

1. TIMENODE GAS
ECONOMICS
07 AUGUST 2018
Joseph Bagaric and Sean Morgan

2. 2
DEV UPDATES
 New Ethereum Alarm Clock release – 1.0.0-beta.4
 Audit changes + floating gas price
 https://github.com/ethereum-alarm-clock/ethereum-alarm-
clock/releases/tag/1.0.0-beta.4
 timenode-core
 Tracking claimed transactions
 New economic strategy param - maxGasSubsidy

3. 3
ADDITIONAL UPDATES
• DAPPCON Updates
 Logan’s talk available: https://youtu.be/_xs1uF93WRI
• AUDIT Updates
 COMPLETE!
 https://github.com/bokkypoobah/EthereumAlarmClockAudit

4. TIMENODE GAS
ECONOMICS

5. 5
PROBLEM
Gaspricefora transactioninthe future?

6. 6
TRANSACTION FEES

7. 7
EAC TIMENODES
• TimeNodes execute scheduled
transactions for the future
• Priorities
• Protect against malicious
TimeNodes withholding
executions
• Guarantee execution

8. 8
POSSIBLE SOLUTIONS

9. 9
1. FIXED GAS PRICE
Set by the scheduler at the time of scheduling.
• Pros
• Simple
• Protects from TimeNode withholding
• Cons
• Fails on spikes
• Gas price guessing

10. 10
2. RANGE GAS PRICE
Minimum and maximum gas price.
• Pros
• Incentivizes TimeNodes to pick correct
price within bounds
• Protects from TimeNode withholding
• Cons
• Given the front-running, the equilibrium is
max
• Requires a decently high max in order to
cover the spikes

11. 11
3. MINIMUM (FLOATING) GAS PRICE
Minimum gas price is set, higher prices covered
by the TimeNode.
• Pros
• Allows the TimeNode to decide where the
equilibrium is
• Protects from TimeNode withholding
• Cons
• Covers spikes up to minimum
reimbursement + reward

12. 12
CURRENT STATE
• Transition - Fixed Gas Price to Minimum Gas Price
• Changes implemented in
• ✅ The Ethereum Alarm Clock protocol
• ⏹ timenode-core
• Adding a new economic strategy parameter to timenode-
core
• maxGasSubsidy

13. 13
Q&A