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Base Fee Poll

Mon Nov 16, 2015 8:22 am

Chief developer Jean-Luc started a series of polls about how the base fees for Nxt should be in the future:
We will do a series of polls to allow NXT holders to vote for the base transaction fee. Votes will be weighted by account balance.

Each poll will have two options. We start with a vote for 1 NXT or lower, vs 2 NXT or higher. If 1 NXT option wins, we do a poll for 0.5 NXT vs 1 NXT; if the 2 NXT option wins, we do a poll for 2 NXT vs 3 NXT or higher, and continue until the most preferred value is found. We will not go lower than 0.5 NXT, but on the upper side there will be no limit. For the result to be representative of NXT stakeholders' opinion, it is important that as many NXT holders as possible vote, and that they vote in each of the polls, not just the first one.

The vote is about base fee, which will affect both the fee per 32 bytes, as described in the 1.7 changelog: ... changelog/ (tentatively set to 1 NXT there), and the fees for ordinary payment and all other transaction types, currently set to 1 NXT for most transactions.

If as a result of the vote the base fee is 1 NXT or 0.5 NXT, this value will be used as cost per 32 bytes for all size-based fees, as described in the 1.7 changelog, but fees that do not depend on size will remain unchanged (i.e., ordinary payment fee will remain at 1 NXT).

If the base fee ends up 2 NXT or higher, this value will be used as cost per 32 bytes for size-based fees, but other fees will also be scaled up proportionately, i.e. if base fee is voted to be 5 NXT, ordinary payment and other transactions currently costing 1 NXT will cost 5 NXT.

Some reasoning and discussion about why fees are being set this way, and in particular the dependency between cost per bytes fee and regular transaction fee, can be found in this thread: ... ts-in-1-7/ .

Each poll will last one week, and I will update this post with the poll id's after I create each of them.

First poll created, poll id is 15477729241158166500 , . ... #msg200686
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