The extreme fluctuations in Gas Price make it very hard for super users to send multiple transactions from the same account. Accounts get locked up when poor gas estimation causes a transaction’s gas price to be too low, and the transaction’s gas price and therefore transaction hash must change before more transactions can be made with that account (because of the nonce).
Improving gas estimation has been looked towards in the past to solve these issues. This is not going to work and actually exacerbates the issue because what super users do is just multiply the estimated gas price and by some factor (often 1.5) and then post it, paying extra gas unnecessarily. In the past this has caused a runaway reaction and gas price has shot upward unnecessarily.
The fact is using the past to predict the future market on gas is not enough of a solution for the problem. As the use of Ethereum increases more and more often a random some smart contract is going to flood the network with transactions on some random block number and this strategy is in capable at mitigating this event (e.g. ICOs).
This of course is most impactful to exchanges processing withdrawals every second, this is horribly needed for them.
But let’s imagine a normal user, Yalor that sends Kris 1 ETH with a gas price of 4 Gwei. Yalor sends the etherscan transaction link to Kris and then checks back an hour later to find the transaction has been dropped completely from the tx pool because the gas price has gone up!
Right now Yalor needs to replace his transaction which then changes the tx hash, and the etherscan link… Kris in the mean time is confused and doesnt understand why the tx hash is changing, might even think Yalor is scamming.
Bitcoin had a very similar problem, which was solved by: https://nulltx.com/what-is-child-pay-for-parent/
Alexey Akhunov of turbo Geth proposed we do something similar, where we allow clients to understand if an account has multiple transactions in the tx pool and the miners can average their Gwei when sorting transactions to include in the block.
In this solution, miners win, users win, and gas prices should be lower in general because super users can be more efficient in designing a technical solution for gas price fluctuations.
And in this scenario, for the average user, instead of Yalor needing to reach out to Kris and explain the intricate details of gas, gas price and the free market that exists around transaction selection, he can just make a second transaction from the same account with a dramatically higher gas price (In todays market maybe 200 Gwei) and Kris will see the original transaction go through with out issue.
I have no idea how feasible this is and sadly I am only able to be a cheerleader for this initiative. Parity? Geth? Can this be implemented? What is the best way to go?