Fees in FairCoin2
There has been some interesting discussion today on the Telegram group of the CVN operators (copied here, anonymized). We are in the middle of the testing phase for the FairCoin2 blockchain, which is facilitating a co-operative validation mechanism.
Just spotted that my CVN received 0.0226 Faircoin a couple of days ago!? What's that about?
This is the fee your CVN collected for creating a block that included a transaction. :blush:
I see, thanks.
The wallet categorises it as "mined", which was confusing as I understood that we don't do mining, but I guess that's just an interface issue.
we could change the wording to fees, right?
That would work
The CVN's are mining (creating blocks and making the network safe and decentralized) but in a cooperative way sharing the cpu job instead compiting between them. The mining has two rewards: the block creation reward and the fee transactions (i'm trying electrumfair these days and making some transactions to test, the fees comes from me) . The block creation reward in FC2 it's zero, the block creator only collects the transactions fees inside the block. When bitcoin will reach 21 millions the block reward will be zero as well. "mining" is a standard word in the cryptocurrency world, perhaps changin it can be more confusing.
The wallet is configured with 5 transaction 'types':
I'd say that it is important that Faircoin is clearly differentiated, and this cooperative vs competitive aproach is a central aspect of that differentiation, and a key manifestation of the principled difference between Faircoin and e.g. Bitcoin.
Perhaps a new word like "minting" for the Proof Of Stake protocol? cooping? cooperating? checking? securing?
Yes, it is clearly a UI issue. There has only been some basic re-branding work done yet. e.g. you'll find the word Bitcoin all over the app. This will follow the next weeks ahead.
I agree that we should eliminate 'mining' of cause. The terms 'mining' and 'minting' are clearly related to coin creation (or discovery if you will) and not to block creation.
The first transaction in the block will collect the transaction fees (if any) for the CVN that created the block. Block creation in FairCoin2 is effortless.
I figure it should state 'Collected fees'.
I would prefer: "Validation Fee" / long version: "validation node operating costs compensation".
Looking forward for a suitable proposal.
Further discussion on fees has been taking place in the fair.coop network. We made a first decision at the 10th Global FairCoop Assembly for 0,1 Fair per 1000 bytes in the blockchain, which is around 0,2 Euro Cent per transaction. As the value is rising and we always can adapt it, we hade decided on June 22nd 2017 to launch with a fee of 0,01 Fair, which is 0,02 Euro ¢ per transaction.