Okay, the first TBX code bounty isn't very horribly sophisticated, and the reward will be equivalent of 25 BTCs in TBX @ moment of completion (just so that dear programming types don't worry that much about TBX value fluctuations, a concern some candidates have expressed)
What I want is to slightly tweak fee system so that it becomes a mild deflationary influence. This is one of several upcoming tweaks that introduce deflationary influences (perhaps not strong ones, but combined they will amount to something) to TBX without cutting subsidies or involving any form of demurrage, since deflation folks are giving a fascinating ammount of sustained grief (they even found my reg email, somehow
), and after a while I decided that if someone wants "deflashun" so bad, I may as well find ways to give it to him without compromising core commitments of TBX (such as no subsidy decrease and no demurrage)
The gist is as follows:
Basically, currently both mandatory and "speed me up" transaction fees are being sent to the miner.
In a setting where miners will never switch to "feed on fee" model, the fees play only two roles - discourage spam in the chain and "bribe" the miner to process your tx faster (a very "down the line" issue when the net is teeming with them tx'es)
My idea is to basically impose a rule that says that "if currently set fee for a transaction is 2*(minimum mandatory fee for this transaction) or more, BUT no less than X, then it is a TIP.
Tips are sent to the miner and thus normal "miner bribe" stuff applies"
Meanwhile, if fee for a transaction is less than X and/or
less than 2*(minimum mandatory fee for this transaction), then it's a fee and it gets destroyed a-la namecoin coin destruction.
Thus, we still can "tip" the miners (with certain minimum for a tip being X ), but usual "mandatory-antispam" fees are burned, thus creating an additional deflationary effect without "offending" miners or disrupting user's normal coin hoarding inclinations.
In case both a tip and a fee are present (minimum mandatory fee is 0.1, X=0.2, user sets his fee to 0.2), the "minimum transaction fee" is burned and the remaining part is used as "tip" to the miner (if minimum transaction fee is 0.1, X value is 0.2 and user has set his fee to 0.2, 0.1 is burned and the remaining 0.1 is used as fee)
Fee-burning would be best made network-mandatory for mandatory fees (that is, blocks that contain TXes that don not include a burned fee but SHOULD have included a burned "minimum transaction fee" per "minimum fees" rules would be best rejected by well-behaving nodes.
Also, it would be nice for an option that would enable a user to knowingly make a transaction that would burn a specified number of coins
to be added.
The mechanism should be ready for deployment at "block N", and should be implemented in a manner that only requires 51% of miners to upgrade (and not all clients), and generally care should be taken to minimize the disruption those who fail to upgrade in time could cause.
Art Forz has reviewed this proposal for "general sanity" and will review submissions. The implementation that is found to have no flaws as per ArtForz's assesment, and/or the first to correct any flaws found, shall receive the bounty.
More (tiny but distinctly deflationary) tweaks to come.