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Author Topic: [FRAC] RFC: Transaction fee changes  (Read 702 times)
Fractalcoin
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June 25, 2014, 11:27:35 PM
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This thread concerns Fractalcoin, the original announcement thread can be found here.

Some users have voiced concerns over the situation that Fractalcoin faces when percentage based transaction fees are activated. We are aware that at this time a significant amount of infrastructure is currently not compatible with percentage fees and this poses two possible scenarios:

1. Transactions are broadcast with improper fees meaning that they are never confirmed.
2. Internal accounting systems cannot take into account the fee and their expected balance is higher than their actual balance.

We are working with services to ensure that the necessary changes are made to make this all work smoothly but it takes time. Understandably some systems may not even have plans to adopt the infrastructure which is something that we must also consider and work around.

In light of these potential difficulties two changes  have been proposed with regards to the transaction fee structure which will take affect around July 10th.

The first would be to set a maximum transaction fee. This would be high enough that miners are properly rewarded for large transactions, but low enough that legacy services are still  usable. The current proposed fee is 2 FRAC which at current prices would be around $1.50. There would be temporary inconvenience for small transactions on legacy infrastructure but this would only be a temporary inconvenience. Services not implementing the new infrastructure and facing the maximum transaction fee will be put at a disadvantage compared to properly implemented services, allowing the free market to encourage them to properly implement percentage based fees.

The second change would be to the unintuitive behaviour surrounding "change" addresses. In simple terms we would remove the 0.1% fee from sending money to yourself. We understand that this may be confusing to non-technical users but this change will help to avoid "mystery fees".

Please leave your comments, questions and ideas below.
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