Implementation outline suggestion for mastercoin fee-voting system
Each mastercoin service have one or more unique addresses that sets/defines the initial fee(s) and where fee-addjustment-votes are cast to. The initial fee of a mastercoin-service is the amount of MSC in that particular address to begin with.
People who want to vote transfers one willet (0.00000001 MSC) to the addresse with a message up or down. The system then looks at the amount of MSC each of the sending addresses have and adds up the voting power. X MSC = X votes. Addresses with less then 1 whole MSC has no voting power.
If 100% of the votes are up. The fee is doubled.
If 100% of the votes are down. The fee is halved.
anything in between is adjusted according to the ratio of up and down voting power.
Every vote cast are alive untill the next fee adjustment milestone. You can cast your vote at any time (or change it). The system then looks at the number of living votes at any given voting milestone to calculate the minimum fee required to use that particular service. based on the previous calculated fee size and the voting ratio. The new fees are calculated each week (or month).
Please let me know what you think.
mughat
you'd have to convince the benevolent holders of MSC to vote somehow or else it'd be a bother and participation would drop off
perhaps have a quorum function as well
The voters would all hold mastercoins and therefore have an incentive to vote to addjust the fees in the overall interest of the mastercoin network to keep all the services competitive,spam free and profitable (create demand for mastercoins). Only rational self interest is required from the voters.