Agenda and Updates:
Agenda
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Initial MinFeeRefScriptCostPerByte parameter setting
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New Plutus cost model settings
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PCP003 Status
Updates
- Initial MinFeeRefScriptCostPerByte parameter setting
The Committee reviewed MinFeeRefScriptCostPerByte and the associated cost model in the light of recent on-chain events and community feedback. Based on discussions with community members including DApp developers and analysis of on-chain reference script usage, it was agreed to recommend an initial setting of 15 lovelace per byte, rather than the previous recommendation of 40 lovelace per byte.
- Plutus v1/v2/v3 Cost Model Settings
A detailed presentation of the Plutus cost model settings was given by one of the Plutus developers, explaining the rationale for the proposed cost model settings, which are based on careful benchmarking and analysis of individual Plutus primitives on a reference machine. It was agreed to recommend that the proposed settings be adopted. This will result in generally lower costs to DApp developers following the Chang hardfork (approximately 20% reduction in cost is anticipated), reflecting performance improvements in the Plutus interpreter. Plutus v3 settings will be provided in the Conway genesis file. Plutus v1/v2 settings will be provided via on-chain governance actions to be enacted at the hard fork. A meeting will be arranged with DApp developers to discuss the changes and answer questions about the cost model.
- PCP003 Status The Committee will consider benchmarking results for PCP003 at its next meeting.