The way I read it, the individual forgers will choose a minimum fee they are willing to accept.
The individual users will select a fee they are willing to pay. As long as the fee of the user is above the fee of the forger, the transaction goes through. The forger will get all of the fee offered up by the user, not just the minimum.
The the users fee is too low, then the transaction will wait for the next block or for any block that will process it.
I am not really sure if this is going to be implemented or not.
Originally, I thought it was strange, but after thinking about it more, it is a really nice system. After a while the free market will sort out an average known price for making sure a transaction goes through.
The problem with choosing a set price like 1 or .01 or .001 is it is so subjective and will constantly have to be changed as the price of NXT goes up and down.
Static fees just don't represent a free market.
The individual users will select a fee they are willing to pay. As long as the fee of the user is above the fee of the forger, the transaction goes through. The forger will get all of the fee offered up by the user, not just the minimum.
The the users fee is too low, then the transaction will wait for the next block or for any block that will process it.
I am not really sure if this is going to be implemented or not.
Originally, I thought it was strange, but after thinking about it more, it is a really nice system. After a while the free market will sort out an average known price for making sure a transaction goes through.
The problem with choosing a set price like 1 or .01 or .001 is it is so subjective and will constantly have to be changed as the price of NXT goes up and down.
Static fees just don't represent a free market.
Yes i strongly support this. I hope that JLP will implement this sometime. However it may be wise not to until the point at which at least even the most marginal demand exceeds supply.
Oh wow. I hadn't heard of this before, but yeah, perfect idea. Let the free market decide on the fee like it should be. I hope this is implemented as well. I don't see any point in waiting though...
The argument against waiting is that uncountably forgers would be willing to process transactions for free. This would mean that most people would submit transactions without paying any fee at all. This would reduce the incentive for people to forge. This would negatively impact the security of the network.
Ah, I think I see what you're saying. So you (or others) think there would be some forgers that that wouldn't bother setting the fee up at all?...
Idk. I mean im just making the argument, that doesnt mean i agree with it. It would be interesting because the only reason you would set it to 0 is out of generosity, but it probably wouldn't actually be good for the network for you to do that, meaning it wouldn't actually be generous at all. So i really dont know if anyone would do that.
It would be one way to get 0 fee transactions accepted. Set your wallet to forge for 0 fee, then anytime you spend your going to confirm you own transactions for free. Or would it not work that way? Would I still have to be the one to forge the block in order for that transaction to go through?
