Is it possible to create a coin which only offers transaction fees to miners?

adaseb

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Quote from: Hijackedusername on June 10, 2018, 04:44:20 AM

Is it possible to create an ERC coin which only offers miners the ability to earn fees from validating transactions? Thus no chance of a block reward.

Are there any coins that currently do this?

(I am assuming the transaction fees offered to the miners would need to be higher for this type of coin to offset the absence of a block reward).

Thanks in advance for any assistance.

I don't think this is possible with ERC20 coins since they use the ETH network and you cannot remove the ETH block reward from that.

I suppose you can simple just do something like

First 10000 blocks have a 1000 block reward and the blocks following have a block reward of 0. Then you would only get paid with fees.

However this is not smart because if there are no transactions... then there are no fees and most likely no miners and the chain would lead to a halt.

Hence the reason why the block reward exists... so it guarantees that there will be miners.

NeuroticFish

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Quote from: Hijackedusername on June 10, 2018, 04:44:20 AM

Is it possible to create an ERC coin which only offers miners the ability to earn fees from validating transactions? Thus no chance of a block reward.

Are there any coins that currently do this?

(I am assuming the transaction fees offered to the miners would need to be higher for this type of coin to offset the absence of a block reward).

Thanks in advance for any assistance.

ERC tokens "live" on Ethereum networks and they have to pay the fees (gas). They are not proper coins.

If you meant this for a proper coin (not a token on another network) there are a couple of things to keep in mind:
1. The emission rate (block reward scheme) can be easily set up by the developer and 0 is as good as any other number.
2. If there will be no block reward, how will be the coins distributed? Airdrop? ICO?
3. How you convince the miners actually mine your coin? With tx fees? At start there will be probably no transactions at all (excepting the distribution), so they'll have to mine for free (no transactions).
4. "I am assuming the transaction fees offered to the miners would need to be higher" ... Higher than what? At start your coin will probably be worthless. So any number of coins you set as tx fee it's still zero.
5. If your coin start worth something and you have too few miners, you'll easily face a 51% which could kill your coin as a business.

Hijackedusername

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Is it possible to create an ERC coin which only offers miners the ability to earn fees from validating transactions? Thus no chance of a block reward.

Are there any coins that currently do this?

(I am assuming the transaction fees offered to the miners would need to be higher for this type of coin to offset the absence of a block reward).

Thanks in advance for any assistance.

Topic: Is it possible to create a coin which only offers transaction fees to miners? (Read 99 times)