FluxCrypt – Fee Reduction Service

[FluxCrypt]

FluxCrypt – Fee Reduction Service

https://bitcoinops.org/en/scaling/payment-batching/img/p2wpkh-batching-best-case.png

If you’re making one transaction per month or year it’s not for you.
But those who already tried to use Bitcoin as currency found how much money they additionally spend for small transactions.

TL;NR
Payment batching allows to save up to 80% on Bitcoin transaction fees.
The more often you use, the more you save.

https://bitcoinops.org/en/scaling/payment-batching/img/p2wpkh-batching-after-consolidation.png


FluxCrypt
Our service offers 3 options of usage:
Max economy – transaction will be processed with max possible fee reduction (customer not expecting immediate payment), value dynamically adapts based by daily volume
Scheduled transactions – customer selects time window, and reduction will be based on grouping with other payments matching this time frame
Immediate – if you need immediate payment, reduction not guaranteed, but based on the payments with same type or time frame


As service efficiency depends on transactions amount, we need to ensure transactions flow.
We are not going to launch unless we know demand and can make initial adjustments for batching thresholds, so we’re asking you to register on our website to show your interest.
All register users will receive launch notification as we’ll reach minimal users amount.


For more technical details on payment batching we advise you these two articles:
https://blog.coinbase.com/reflections-on-bitcoin-transaction-batching-b13dad12a12
https://bitcoinops.org/en/scaling/payment-batching/

Any suggestions, improvements are welcome.
Feel free to contact me if you like the idea of our project and you want to support / help with promotion .

[SFR10]

We are not going to launch unless we know demand and can make initial adjustments for batching thresholds,

Honestly, I'm not going to use your platform since I do have basic knowledge when it comes to how fees work in general but for newbies out there, will there be any risks for using your platform?
^{- Would you mind explaining the process in detail?}

[FluxCrypt]

Honestly, I'm not going to use your platform since I do have basic knowledge when it comes to how fees work in general

Could you please explain how that knowledge made you to think in that way? Maybe it will point me what to add to my explanation or even service description

Would you mind explaining the process in detail?

Yes, thank you for first replies and questions. I'll probably add some infographics soon.

[stompix]

We are not going to launch unless we know demand and can make initial adjustments for batching thresholds, so we’re asking you to register on our website to show your interest.
All register users will receive launch notification as we’ll reach minimal users amount.

That is a pretty bad way of starting a service.
A lot of people who might use it are not going to enlist just for a promise while at the same time the users that might do are not all of them going to use a service they have no clue about it.

You have already opened two topics and you are asking people to register but you're not offering anything concrete about the proposal, and there are a few things that everyone wants to know:
- for this to work, do we need to use your wallet so we enter the area of "not your keys not your coins" ?
- if you're using custodial wallets, who are you? How you guarantee user funds and how can they feel safe on your platform?
- there is no service that can run without a fee, what are your fees for that? Fixed monthly fee, fixed fee based on a number of transactions, % out of x ?
- what's this approximate "minimal users" number you're looking for?

[FluxCrypt]

Would you mind explaining the process in detail?

So, we play around 3 things: wallet management, privacy and transaction optimization.
Optimized transaction (best case) = one input + many outputs
Optimized transaction = high economy

For better understanding, let’s imaging you’re going out and taking a hundred bucks for pocket expenses, you know you gonna buy a lot of small thing today
You don’t want to take your nano-ledger out of strongbox for buying an ice-cream and Starbucks coffee
So, our service giving you “a pocket” for regular expenses with discount or cashback as bonus  

1 way of usage:
Batching Box (our internal name)
Batching Box purpose is to consolidate inputs to achieve the best-case efficiency
Batching Box has time window and volume parameters
Parameters and Batch Box’s amount are dynamically adjusted to match current service load (for example, to not let somebody wait for too long till reach best case)
User receive batching box address to put coins on, this amount became user’s balance
When making payment, the transaction is performed from a random matching batching box and the user receives a transaction which he can share with the recipient
This means, there is no link between your account, your initial batching box and transaction.

If customer wants to withdraw, everything is same, he receive coins from random batching box.

High economy, high privacy, but some users may dislike feeling of “not having a wallet”.


2 way of usage:
Personal Wallet (two-steps procedure)
You’re getting a wallet address and a private key that can be imported
When you perform a transaction there are two steps:
1) Wallet -> batching box slow transaction (low-fee rate) to consolidate inputs
2) One-to-many optimized transaction from batching box (another) to recipients

Still high privacy, less economy, but still better (cheaper and/or faster) then single transaction and giving user a control of his wallet  

there is no service that can run without a fee, what are your fees for that?

There is still a market niche for such types of solutions, and the goal is to take the place, so there will be no fee for using a service for beginning. Afterwards, most likely, it will be just small percent of the economy of large transactions.

what's this approximate "minimal users" number you're looking for?

Good savings start from batching ~5-25 payments. Let's say 10% (too optimistic) of users will use service once per day - 250 users and I believe we can launch it.

That is a pretty bad way of starting a service.

I would love to choose a better option.
But imagine, user registers on a service to get lower fees, and can’t get it because there is 2 transactions per day.
I suppose 'coming soon' less dissapointing than impossibility to use, while we gather people together.

[SFR10]

Could you please explain how that knowledge made you to think in that way? Maybe it will point me what to add to my explanation or even service description

Sure, I'll give a simple explanation in order to not steer the focus away from your service...

• I happen to use a wallet that gives the ability to choose which input/inputs I would like to use and that helps when it comes to consolidating everything or just for a certain amount.
• Then with the help of charts that are found in known explorers ^{[e.g. Mempool size and etc...]} or those that are found in third-party sites, I try to make an educated guess ^{[while also factoring the number of inputs/outputs and address types]} with the type of priority that I want.
  
  • There are some third-party sites that estimate fees with different priorities but they're usually inaccurate ^{[with the exception of a few]} in a way that they estimate a lot higher than is needed.

High economy, high privacy, but some users may dislike feeling of “not having a wallet”.

The fact that privacy is one of its features is going to make it popular but you do have a valid point in regards to the latter part being a concern.

Personal Wallet (two-steps procedure)
You’re getting a wallet address and a private key that can be imported

How that private key is going to be stored in your platform?
AFAIK, you're the first one that is offering such services to the public and it'll surely come in handy for newbies out there ^{[probably not for significant amounts]}.
^{- Thank you for the explanation part.}