> For the complete documentation index, see [llms.txt](https://committees.docs.intersectmbo.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://committees.docs.intersectmbo.org/intersect-parameter-committee/committee-meeting-notes/june-27-2024.md).

# June 27, 2024

The Parameter Committee (interim state) meets on a tri-weekly basis. It discusses all parameters relating to the Cardano protocol including network, technical, economic and governance parameters, providing technical advice and recommendations on updatable parameter settings.

**Updated list of the Members (interim state):**

Chairs:\
Chair: Kevin Hammond\
Vice- chair: Alex Moser\
Vice- chair: Vijay Bhuvangiri

Advisory Group Heads:\
Network group: Neil Davies\
Technical group: Markus Gufler\
Economic group: Samuel Leathers\
Governance group: Adam Rusch

Advisory Group Members:\
Network group: Karl Knutson, Matthias Sieber, Marcin Szamotulski\
Technical group: Ruslan Dudin, Michael Peyton Jones, Ashish Prajapati\
Economic group: Sergio Sanchez, Philip Lazos, Giovanni Gargiulo, Sheng-Nan Li\
Governance group: Oscar West, Riley Kilgore, Nicolas Cerny, Jonathan Kelly

Other:\
Communications: Tommy Kammerer, Matthew Capps\
Domain experts: Martin Lang, Andrew Westberg\
Observers: \
Secretary: Lewis Mayne

**Remit**

The purpose of the Parameter Committee is to provide technical advice and recommendations relating to the updatable protocol parameters, taking into account economic, security, network and other technical considerations, as appropriate to protect the long term sustainability of the Cardano blockchain.

**Agenda and Updates:**

Agenda

* Initial  MinFeeRefScriptCostPerByte parameter setting
* New Plutus cost model settings
* PCP003 Status

Updates

* Initial  MinFeeRefScriptCostPerByte parameter setting<br>

  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.<br>
* Plutus v1/v2/v3 Cost Model Settings<br>

  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.\ <br>
* PCP003 Status\
  \
  The Committee will consider benchmarking results for PCP003 at its next meeting.


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