LeChatNoir
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June 02, 2014, 07:11:09 AM Last edit: June 02, 2014, 07:26:22 AM by LeChatNoir |
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To decide how much minimum fee should be at any moment i'm wondering if it is possible to implement the following voting system in the NXT protocol:
Current fee is 1 NXT, every 1440 blocks (24 hours) NXT users vote and new fee can only be set to 3 possible values, previous fee - 10% or previous fee or previous fee +10% (0.9 or 1 or 1.1 NXT in this case)
BALANCE FEE NXT account 1: 1,300,000 NXT vote for 1.3 NXT NXT account 2: 3,000,000 NXT vote for 2 NXT NXT account 3: 150,000 NXT vote for 0.5 NXT NXT account 4: 400,000 NXT vote for 0.1 NXT NXT account 5: 1,500,000 NXT vote for 10 NXT
Switch fee at 0.9 NXT option gets 150,000+400,000= 550,000 votes Switch fee at 1.1 NXT option gets 1,300,000+3,000,000+1,500,000= 5,800,000 votes
Now we take 550,000 votes away from each one of the above and add them to the leaving fee unchanged option
Switch fee at 0.9 NXT option gets 0 votes Leave fee unchanged at 1 NXT option gets 1,100,000 votes Switch fee at 1.1 NXT option gets 5,250,000 votes
New fee is 1.1 NXT
1440 blocks afterward:
Fee is 1.1 NXT, possible values for fee are now 1 or 1.1 or 1.2 NXT
BALANCE FEE NXT account 1: 1,000,000 NXT vote for 1.7 NXT NXT account 2: 3,000,000 NXT vote for 2 NXT NXT account 3: 150,000 NXT vote for 0.5 NXT NXT account 4: 700,000 NXT vote for 0.1 NXT NXT account 5: 1,500,000 NXT vote for 0.1 NXT
Switch fee at 1 NXT option gets 150,000+700,000+1,500,000= 2,350,000 votes Switch fee at 1.2 NXT option gets 1,300,000+3,000,000= 4,000,000 votes
Now we take 2,350,000 votes away from each one of the above and add them to the leaving fee unchanged option
Switch fee at 1 NXT option gets 0 votes Leave fee unchanged at 1.1 NXT option gets 4,700,000 votes Switch fee at 1.2 NXT option gets 1,650,000 votes
New fee is unchanged at 1.1 NXT
1440 blocks afterward:
Fee is 1.1 NXT, possible values for fee are now 1 or 1.1 or 1.2 NXT
BALANCE FEE NXT account 1: 1,000,000 NXT vote for 2.3 NXT NXT account 2: 3,000,000 NXT vote for 1 NXT NXT account 3: 150,000 NXT vote for 1.1 NXT NXT account 4: 700,000 NXT vote for 0.1 NXT NXT account 5: 1,500,000 NXT vote for 0.7 NXT
Switch fee at 1 NXT option gets 1,500,000+700,000+3,000,000= 5,200,000 votes Switch fee at 1.2 NXT option gets 1,300,000+3,000,000= 1,000,000 votes
Now we take 1,000,000 votes away from each one of the above and add them to the leaving fee unchanged option
Switch fee at 1 NXT option gets 4,200,000 votes Leave fee unchanged at 1.1 NXT option gets 2,000,000+150,000=2,150,000 votes Switch fee at 1.2 NXT option gets 0 votes
New fee is set at 1 NXT
Every user can change desired fee in any moment. The idea here is to implement a democratic process that simulate a real free market as best as we can. All NXT users have incentive to choose a fee that maximize NXT protocol utility, the above system will hopefully allow the community to converge to the best fee value at any moment.
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