Thank you for your insightful post, Blazin604. This is very true.
Which bit?
The fee argument.
It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.
@Daedelus. I have been asking on the NXT forum about this, but didn't get any answers. Can you please tell more about MinFeePerByte? I heard CfB had a plan, is this it?
I really like NXT and it is fun reading old posts that criticize, but one thing he said that stands true is that the fee is 1 NXT.
Can you give information about when it will be lowered and to what?
You must have missed my posts on the 'official' thread
I missed it but...
The standard fee for Nxt will also be lowered in the next release. Wesley said so much in the weekly hang out with Tai Zen.
Something else to look forward too
The standard fee for Nxt will also be lowered in the next release. Wesley said so much in the weekly hang out with Tai Zen.
Something else to look forward too
And
RE: Fee discussion...
Hubs have to announce their terminals to receive transactions to, they'll also announce what fee they charge per byte. This is already implemented.
Source: Come-from-Beyond's posts on Nxtforum.org from June 1st ish.
Edit: For clarity, this means is there will be a minimum fee based on a "Nxt per byte of information", set by the hubs that process the transactions.
Hubs are likely to then compete for transactions, while covering their costs, and a market rate for transaction fees will be found.
This will also act as a spam prevention mechanism as spamming the blockchain will have a linearly increasing cost.
Hubs will set tx fee by using Hub terminal announcement transactions ("minFeePerByte" field).
That is a good idea, I think, how to get this idea (market price) implement in the nxt core?
Hubs have to announce their terminals to receive transactions to, they'll also announce what fee they charge per byte. This is already implemented.
Source: Come-from-Beyond's posts on Nxtforum.org from June 1st ish.
Edit: For clarity, this means is there will be a minimum fee based on a "Nxt per byte of information", set by the hubs that process the transactions.
Hubs are likely to then compete for transactions, while covering their costs, and a market rate for transaction fees will be found.
This will also act as a spam prevention mechanism as spamming the blockchain will have a linearly increasing cost.
https://bitcointalk.org/index.php?topic=587007.msg7150603#msg7150603
and
https://bitcointalk.org/index.php?topic=587007.msg7089079#msg7089079
The discussion was months ago in the megathread, not long after the vote. It solved a technical problem too on spam having a linearly increasing cost. Only now they have got around to implementing.