Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Ratnakar Das on December 09, 2022, 04:14:46 AM
-
There are a few "blockchain networks" which don't charge a fee per transaction. This makes them useful for micropayments, when you really want don't want to break the bank. Many DAGs like NANO and IOTA are feeless by design, so this should make them extremely-practical networks for day-to-day payments. But sometimes I wonder how such cryptocurrencies are able to survive in the long run without an incentive mechanism. After all, the network fees are what attracts miners (or stakers/validators) into helping secure the blockchain against double spend attacks.
Without any incentive, validators would be participating in a voluntary manner. This means, coins without a network fee would be less-secure than those with a network fee. You can see how Bitcoin is the most secure cryptocurrency in the world, even though many criticize its high network fees (although they've lowered recently). A high network fee will attract as much miners/stakers/validators into the Blockchain, effectively keeping it extremely secure against double spend attacks. The end user would benefit a lot from zero fees, but those who support the blockchain itself won't. That's why I believe zero-fee chains will ultimately fail in the long run. Or maybe I'm wrong?
What do you think about this? Will feeless blockchains have a future? If not, why? Your input will be greatly appreciated. Thanks.
-
Well, I think you already answered your own question. In terms of stability and longevity, it would be good for a blockchain to be charging reasonable fees for transactions. Now, of course, there can be many ways one can get funds for operation purposes without getting from the users though it would always come down to how sustainable things can be. The model is always Bitcoin though there are some platforms that are trying to come up with what they think can be a lot better...yet they are not as popular as Bitcoin.
-
While it is difficult to talk about it now because of the large limitations of cryptocurrencies around the world, if such a platform appears, it can earn money for its development by attracting investors, the only way it can be done.
-
Honestly any network fee is cheap in the first place, but the fees will increase if there's many transactions using that's network. Also the fees in centralized network is smaller since they don't need to have a lot validators, unlike decentralized one. So any new project that using new network will have cheap fees, it doesn't need a project that aim to offer cheap fees.
I think Bitcoin run in lightning network is already a solution for high fees, while Ethereum is too much drama and there's no progress at all.
-
I think high gas fee is always become the big problems for investors and traders.
The crypto developers should think ahave good solution for this problem.I believe and always have positive think, Blockchain technology will have good future.
-
This is a good question that is very difficult to answer, maybe this project will be a success. What he will use to develop his platform for token sales, if there is no commission, then they will switch to your platform and work on it.
-
If they don't charge fees then they would be unstable and liable to attacks. Now the issue is as time goes on, they may drop in some transaction fees as an option. That way they get to survive the competition from other coins or tokens
-
If they don't charge fees then they would be unstable and liable to attacks. Now the issue is as time goes on, they may drop in some transaction fees as an option. That way they get to survive the competition from other coins or tokens
Transaction fee is always depending on traffic and the price.
When traffic is low and the price is down, transaction fee will down.
That's the fact.
High transaction fee is always being the basic problem