Attractive, Sustainable and Stable Transaction Fees

Wilmar Toro

Member
May 30, 2017
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It is not necessary to make an extensive explanation of the snowball that has developed in relation to the network of Bitcoin and the effects that it produces in the way of handling the transactions.

Fees have been increased as a way to "accelerate" a transaction, which ultimately increases the costs of any operation we do. This has made Bitcoin an unattractive currency for day-to-day finances.

Dash tries to position itself as "digital cash", this means that not only must it have ease of use, it must also provide an economical way to make transactions.

We know that transaction fees are a way to make the network operable, while the miners are encouraged by their work.

Given the case of Bitcoin, I consider that Dash should not repeat the story, indeed, it should be used as learning.

I know that Dash's participation in the market will increase, both due to the natural evolution of the currency and the market, as well as to the implementations from the technology and businesses that have been developing. This means that transactions with Dash will increase exponentially.


Will we reach saturation of the Dash network?

Well, while the most experienced analysts are the right people to answer that question, since this moment that question must be considered and the implications it would bring.

Bitcoin is transforming itself: from currency to a way to storage wealth. Who should assume the place that leaves?, Dash represents the currency that can take that place, with advantages over other options: defined maximum supply, ease of management, InstantSend, PrivateSend, a system of governance (DAO), a monthly Budget to be accessed by any user, Evolution is about to be implemented, as well as continuous relationships, partnerships, alliances and businesses related to cryptocurrencies.

Faced with an increasingly likely future in which Dash is the most widely used "digital cash", the community must prepare itself to deal with situations that have already occurred in other cryptocurrencies (Bitcoin), without allowing Dash to cease to be attractive to all. It should be ensured that transaction fees do not increase too much (and therefore make daily use absurd), perhaps at the protocol level a parameter can be established for these commissions, for example by limiting a maximum amount of fee per transaction, to prevent fee falling prey into the supply-demand game, so that if a transaction pays more than "X" to accelerate it, it will be rejected by the network. Let's not forget that InstantSend exists for these procedures.

Dash must continue with its evolution as it has been doing, not only in marketing, but also creating the necessary conditions to make it the cryptocurrency par excellence to be called "digital cash"
 

jimbursch

Well-known Member
Mar 5, 2017
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Rest assured that low transaction fees are part of Dash's DNA. You won't see much discussion around here because it is a non-issue. Dash has already doubled the block size, way before it was needed, so it will continue to be a non-issue for quite some time.
 

TheSingleton

Active Member
Masternode Owner/Operator
Mar 27, 2017
277
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@jimbursch Just a quick clarification we have agreed to double the blocksize when needed. But the actual codes has not been written yet as it is not needed at the moment.

Regarding the Main topic i would assume that Evolution will fix this for good but since we don't know they details of how it will be implemented well just have to wait and see.
 

GrandMasterDash

Grizzled Member
Masternode Owner/Operator
Jul 12, 2015
3,137
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Imo, ALL transactions should be universally forced into InstantSend. And, of course, very cheap.

Also, the 2MB block size was "agreed" a very long time ago. I would say that vote is no longer valid.
 

Wilmar Toro

Member
May 30, 2017
156
45
88
Imo, ALL transactions should be universally forced into InstantSend. And, of course, very cheap.

Also, the 2MB block size was "agreed" a very long time ago. I would say that vote is no longer valid.

Yes, the 2Mb block size was "agreed". Now let´s asume that Dash efectively becomes the digital cash prefered by people, some day the transactions will be larger than Bitcoin (because we will use Dash to everyday payments). how the network is going to perform at that point?.. How avoid the fees start to increase?

I agree with you, the transaction fees "must" be cheap to allow Dash be real digital cash.

btw....what do you mean by "that vote is no loger valid"

Anyway, I am only posting some toughts, this is not a proposal.
 

Instacoins

Member
May 27, 2017
51
5
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Yes low fees are top priority. Also for me. According to a core dev I wrote with:
As soon as network load increases we increase the blocksize. 0.001 Dash per input will always be sufficient according to him.
 

joemoraca

Member
Yes low fees are top priority. Also for me. According to a core dev I wrote with:
As soon as network load increases we increase the blocksize. 0.001 Dash per input will always be sufficient according to him.
It is a top priority but we can't count on .001 always being a small amount in terms of fiat (USD for me). At $1,000 that become $1 - that is pricey especially if there are multiple inputs in a transaction.
 
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