It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.
We don't really need too much divisibility. Perhaps 1.00000 at max?
Sorry to disagree Eadeqa, we always seem at odds...
We need as much precision as possible. I am already seeing some issues with pricing things in AE. BCNext's vision is to run an entire economy on top of NXT. Assets are the key, that is why it is the only thing that costs more than minimum transaction, eg. 1000 NXT
We will need milliNXT and microNXT and maybe even nanoNXT so people can transact for things without quantization problems
James
P.S. I am trying to make sure that even after NXT goes above $1000 we can still buy a lollipop at a precise price.
I partly agree with you.
Still want to add something: we should be able to increase the precision step by step.
However, higher precision goes with lower fees possible.
If we lower the fees possible too fast, many forgers would certainly stop to forge. This would make the NXT network extremely insecure. We need time until the first services are build on top of NXT.