#0007 Round Transaction Fees Up To 0.001

[backpacker69]

Currently transaction fees are rounded up to nearest 1 hundredth of PPC and any small transaction under 1024 bytes must pay at least 0.01 PPC to be included in the block. Transaction of 1025 bytes must pay at least 0.02 PPC to be considered, etc.

It is proposed to have fee rounding changed in such way that all transactions will pay exact proportional to size fee for the right to be included in the block, at unchanged rate of 0.01 PPC per kilobyte, with 0.001 PPC minimum.

Effectively, transactions up to 102 bytes will pay minimal fee of 0.001 PPC. Transactions of bigger size will pay unrounded fee proportional to their byte size.

[peerchemist]

I fully agree with this proposal, however RFC got me wondering.
For example as a drawback you list the following: Fewer peercoins will be burned as fees.. I do not think that's a drawback.

[saeveritt]

Fewer Peercoins burned as a result of modifying the fee precision is a negligible short term effect in my opinion. In the long term this, coupled with RFC#0008, will result in more Peercoins burned as the network will be more viable to those wishing to utilize the increased op_return size. It is also considerably more fair in terms of paying for the exact amount of data you wish to store on the chain. I agree with this proposal.

[youngpascal]

RFC #0007

[hrobeers]

Rounding should be done by ceiling, not closest value IMO.

Shouldn't we increase the resolution even more? We talked about having a minimum fee relay rule, Which could still effectively make 0.001PPC the minimum without having it hard coded in the protocol?

[peerchemist]

src/rpcblockchain.cpp: nTransactionFee = (nTransactionFee / CENT) * CENT; // round to cent

[d5000]

Full support here, as transaction size - and not transaction number - is the main bottleneck in blockchains. In the future, I would support a lower minimum (or a variable) fee, but as a short-term measure this is reasonable.