I believe it’s time to rethink the economics of Peercoin and make it more friendly for mainstream adoption. Goal is to make transactions cheaper. Not dirt cheap like Dogecoin, but cheaper than they are now.
I don’t think we need to change 0.01 Peercoin per kB constant, as it’s great constant which makes transaction fees predictable. Ability to predict the costs of transactions (not having a fee market) is a great Peercoin feature, I would keep it. So this brainstorm is just about making transactions cheaper.
This discussion is inspired by upcoming project which is set to use Peercoin blockchain as public notary for real estate records. This, and mainnet launch of PeerAssets which is around the corner is expected to generate more and more transactions on the Peercoin blockchain. While the hinted project is in pilot stage this will not be a problem, but when it spreads and becomes more widely adopted it will surely become a problem.
As it is now Peercoin is set for bare minimum adoption and is able to survive with such a low daily transaction count.
However things are changing rapidly in crypto and we’re finally seeing some adoption. Ethereum for example is now doing 1.2-1.5M transactions a day.
As it’s set now, Peercoin wont be friendly to even 10k transactions a day as costs of transacting on the Peercoin will deter people from using it. With advent of PeerAssets we can expect a rise in transaction count.
So I am starting this thread to hash out what’s best way to tackle this.
- stop rounding tx fees to 0.01 (already agreed upon and set to be implemented in v0.7)
- reduce minimum tx fee to 0.001 or 0.0001 ppc
- drop tx timestamp to make transactions smaller (agreed upon, to be implemented in v0.7)
- adopt Schnorr signatures which are smaller (reducing size of transactions)
- adopt flexible transactions or segwit
- make clients auto-prune 0 value UTXOs from their UTXO tables (agreed upon, still undecided in which version will it go.)