August 18, 2019, 11:54:50 pm

Poll

Do you support adding a network fee to Goldcoin?

Yes
4 (57.1%)
No
3 (42.9%)

Total Members Voted: 7

Voting closed: August 06, 2015, 07:12:46 am

Author Topic: Adding a Network Fee to Support Goldcoin Development?  (Read 1734 times)

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Offline MicroGuy

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Adding a Network Fee to Support Goldcoin Development?
« on: May 08, 2015, 07:12:46 am »
The Goldcoin Team would like to get the community's input on the possibility of adding a network fee to the blockchain.

One of the main problems with open-source cryptocurrencies (including bitcoin) is a complete lack of funding. This leaves the communities with no incentive and an inability to cover expenses. There are many costs involved with properly maintaining a coin such as web hosting, marketing, webmastering, administration, core development, etc.

There are several ways that a new fee could be implemented. All of them would involve a multisig address for receiving funds. Then the community would vote on how to allocate such funds.

Ideas being explored:

1. Taking a percentage of the block reward. In the case of the current block reward, one example would see the miner receiving 30 GLD and the community receiving 15 GLD per block.

2. Taking a percentage of the transaction fee. This is less attractive since there are currently very few transactions.

3. Creating a new network fee and adding it as an additional layer. Each time a block is solved there would be a tax or mining fee added to the transaction.

None of this is going to happen without the consent of the community. This is only a random idea at this point and nothing set in stone. We would simply like to get your thoughts and suggestions on the possibility of exploring this idea further.

If you dislike this idea, please say so. If you have an idea or something to add, please share your thoughts below.
"The heart of any cryptocurrency can be found in the spirit of its community."

Offline Stouse49

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Re: Adding a Network Fee to Support Goldcoin Development?
« Reply #1 on: May 09, 2015, 03:38:13 am »
I do support the development of GoldCoin through the blockchain.  However, using my knowledge I will critique each of the ideas that are explored.  Some technical links are included.

1.  Taking a percentage of the Block Reward.  This is possible because DevCoin does it.
example of a DevCoin coinbase transaction: 
http://devcoinblockexplorer.info/tx/ccea196142809866473239041ecbf95946f462d676ded3f2971a00656696c100

DevCoin uses a 10% to the miner rule, 90% to the developer(s) addresses.  How the dev address is chosen, I don't know.  Under this system, when the new block is created, then the coinbase transaction will contain the outputs for the various addresses: 1) Miner's Address 2) Developer Fund Address.  We would have to choose the ratio.

CreateNewBlock method: https://github.com/coinzen/devcoin/blob/6d14e3a8a0a7f434b4d2b43a8d05a1d55fade4d4/src/main.cpp#L4331

2.  Taking a percentage of the transaction Fee.  This is possible using a similar idea as #1.  Getting back to the example of DevCoin, it gives all the transaction fee to the miner.  Of course, MicroGuy correctly pointed out that not many transactions are sent, so this method would not raise much money.  The transaction fee could be increased, however.  It is currently 0.1 GLD, but if it was increased to 2 or 10 GLD, not much would result in the developers fund due to the lack of transactions.  Currently all the transaction fee goes to the miner, but this can be changes to any ratio we like.

3.  Creating a New network Fee - This would not be easy to do.  It would require code modification and testing (though I don't know how the new java wallet handles these things).  It would be easier to do #1 and possibly #2, which would have the same result.

The best way to raise money is through #1.  It will generate the funds and in the maximum way possible.

GLD: E1A6WogjpqU3KjjoRUD63f7kofrFozmyfg

Offline tadspoles

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Re: Adding a Network Fee to Support Goldcoin Development?
« Reply #2 on: May 11, 2015, 04:56:53 am »
I like the idea.  I proposed something similar a while back with the community voting on who would get the coins.  That's probably pretty tough to implement though.
The concern with that is what if someone died or another scenario occurred where the coins stopped going to the developer, etc.  I don't know.  Also, does this lead to any type of centralization--not that a lot of coins currently aren't centralized.

Anyhow, just thoughts.  I definitely think those doing the work need to get rewarded though regardless of the implementation.  I don't think it should be charity either.

Offline MicroGuy

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Re: Adding a Network Fee to Support Goldcoin Development?
« Reply #3 on: May 19, 2015, 11:31:54 am »
Thanks guys for the thoughts and ideas. I'll leave this thread open during the summer and we can see how the voting progresses.

Even if we don't enact this particular change, we are listening, and are determined to allow the community to steer our direction. :)
"The heart of any cryptocurrency can be found in the spirit of its community."