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CIP: 15
Title: RWFDS-enabled FEE_QUANT introspection and adjustment
Author: CrazyMind aka FrankTheTankk 72, edits by rico666
Comments-Summary: No comments yet.
Comments-URI: https://www.reddit.com/r/burstcoin/comments/a2bj3e/cip0015_rwfdsenabled_fee_quant_introspection_and/
Status: Draft
Type: Consensus (hard fork)
Created: 2018-09-30

Dependencies

CIP10

Abstract

BURST shall provide a favourable transaction fee irrespective of its performance. A favourable price here is less than one USD-cent per payment/multi-out.

Motivation

With implementation of the CIP10 it will be possible for the chain to determine the value of BURST in USD and to set the cheapest slot Tx fee to one USD-cent.

This guarantees that BURST payments will be unrivalled in terms of price, regardless of the value development of BURST payments, which will enable BURST to establish itself as a global payment network.

Specification

With introduction of CIP10 we could automated calculate the current maximal min-fee in relation to the BURST USD value.

So at the moment we have a fee of 0.00735 BURST (FEE_QUANT) which is less than one USD-cent.

The chain would calculate from the last 360 blocks (= 1 day), the average exchange-rate BURST/USD.

If 0.00735 BURST would be more value than one USD-cent we should adjust the min fee to the equivalent of max one USD-cent. With a RWFDS, the wallet could do so automatically.

if (trade-rate * 0.01 < 0.00735 BURST)
then FEE_QUANT = round(trade-rate * 0.01)

FEE_QUANT can be rounded to a 8 decimal places precision

Copyright

This document is placed in the public domain.

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