hippo

Prop 11: [HIP4] Increase Tx Memo Size

Simple Summary

This proposal recommends increasing the maximum transaction memo size on the Hippo Protocol mainnet from 256 to 512 characters. The primary objective is to enhance the utility of the memo field for on-chain communication and integration with decentralized applications without a major impact on network resources.

Abstract

The x/auth module MaxMemoCharacters parameter currently limits the size of the memo field in transactions to 256 characters. This can be restrictive for users and dApps that need to embed descriptive or necessary data. This proposal aims to increase this limit to 512 characters, a modest increase that allows for more flexible on-chain interactions while maintaining network performance and security.

Motivation

  • Enable Richer On-Chain Data: A larger memo size allows for more comprehensive and descriptive transaction metadata, such as a more detailed reference to an Inter-Blockchain Communication (IBC) transfer or a longer note regarding a payment.
  • Improve DApp Integration: Decentralized applications often use the memo field to pass custom data or instructions. A slightly larger limit provides more flexibility for DApp developers.
  • Enhance User Experience: Users can provide more context for their transactions, making it easier to track and understand transaction history both for themselves and for block explorers.

Documentation

  • None

Specification

The proposal specifies a change to the x/auth module parameters.

  • Current Parameter (Memo Size): MaxMemoCharacters: 256
  • Proposed Parameter (Memo Size): MaxMemoCharacters: 512 This change will increase the maximum size of the memo field from 256 to 512 characters.

Rationale

  • Technical Feasibility: The Cosmos SDK's transaction processing and block handling are robust and can easily accommodate a larger memo field. Increasing the size to 512 characters is a modest and well-tested increment that is unlikely to cause any performance degradation.
  • Improved Utility: A 512-character memo field provides more space for data and strikes a good balance between increased utility and network resource consumption. It is large enough to support a wider range of use cases while being small enough to keep transaction sizes manageable without needing to adjust gas costs.

Drawbacks

  • Potential for Increased State Bloat: A larger memo size could lead to slightly larger transactions. However, the increase from 256 to 512 characters is minimal and the impact on the overall chain state size is negligible.

Unresolved Questions

  • None

Security Considerations

  • No New Attack Vectors: Increasing the memo size to 512 characters does not introduce new vulnerabilities to the consensus mechanism, the x/auth module, or the network. The small increase does not significantly impact transaction size, so the existing fee structure is sufficient to prevent any potential abuse.

Prior Art

  • Cosmos Hub

Backwards Compatibility

  • This is a parameter change and does not require a binary upgrade. This change is fully backward compatible with existing clients and tooling.

Test Cases

  • None

Reference Implementation

  • None

Future Possibilities

  • None