Hello The Forge Network:
I've read through your material on your web site.
Interesting concepts discussed there, but I have some questions:
1) I was not clear about your decentralized exchange DEX. Would you be able to point me to some document as to how that will function and/or be implemented?
2) When PoS is paying 5% interest, how will you be obtaining this fund?
3) After the initial 10k blocks are mined, how will the blocks be computed?
4) How will the low transaction fee work? Who receives the transaction fee? How decides the transaction fee?
Eager to hear your clarifications.
1) Once we have gone further into development, prior to the DEX implementation, we will come out with detailed documentation on how and what exactly it is that we are planning on doing. So that our community can give us feedback on what they would like for us to implement (feature-wise) along with the standard layout of our DEX.
2) There will be no minimum amount for staking. Just a minimum of 4 hours before coins have matured enough to stake then from those coins that are staked 5% will be awarded once you are picked to process a transaction.
3) After PoW has completed then it will be up to the stakers to process transactions. So in order to receive the hashing power needed to process transactions there will need to be stakers and for those who are staking to receive 5% accrual there need to be transactions. It's a much more energy efficient way to process transactions.
4) The more that are involved the lower the fees will be. The network itself receives the fees and then they are kicked back into overall circulation. The fees are at the protocol level to defend against block bloating attacks.
Thanks for your clarifications.
I have additional questions if you don't mind explaining.
1. DEX, I have not seen any DEX Q&A on this thread. Puzzled though. The DEX is what you claim, so I think you would be the best qualified person to explain what the feature is and how it would work. After the explanation, people would be better informed to ask for further clarification or ask for different features.
2. PoS. I think 2-4 seem to be tied to PoS.
So if I could write down my understanding of your plan:
Assumption: PoW phase has completed.
a. Acquire some FRG coins.
b. let some time elapse (4 hours minimum)
c. stakers can now start processing the transactions. (If this involves processing blocks, isn't this the same as mining?)
d. stakers can earn (accrue) 5%. (of the holding coin? of the transactions processed? From your description, it maybe that miners (or stakers processing the transactions) are supposed to get the fee, but the network itself is getting the fee?
This is why asked how the 5% accrual is funded. Are the stakers earning some kind of interest? or are they earning processing fee? (i.e. miners fee).
Eitherway, how can you guarantee the 5%?
e. the more stakers there are, the lower the transaction fee.
If there are more stakers, the 5% accrual fee decreases? Will that 5% accrual remain constant? Will the network be able to survive with consistently lowering fee?
