So interesting and enlightening that you say "fee by another name". As i read your reply I'm thinking "wait a minute IOTA say's it is fee free" . Then I had the realization that they are just using different labels. If there is PoW then there is a fee, its just being paid via your PoW instead of the native token. That is so sly of them.
Sly, except that no one benefits from it aside from as spam prevention for the network. It's an artificial cost to compensate for the artificial subsidy of "fee free" transactions, resulting in unnecessary economic friction. EOS and Steem instead pay for transaction costs directly through dilution of their native tokens, resulting in profit if those transactions create value, and loss if they do not. Since transactions are rate limited based on stake, those with nothing at stake can't spam the network and waste its resource without the consent of those who are invested in its success.
But your IOTA wallet does the payment by processing 2 transactions? I don't see this as a "real" fee. Just the cost of keeping your wallet online for 60 seconds or so? Can this really be clarified as a fee?
So interesting and enlightening that you say "fee by another name". As i read your reply I'm thinking "wait a minute IOTA say's it is fee free" . Then I had the realization that they are just using different labels. If there is PoW then there is a fee, its just being paid via your PoW instead of the native token. That is so sly of them.
Thank you for the clarification.
Sly, except that no one benefits from it aside from as spam prevention for the network. It's an artificial cost to compensate for the artificial subsidy of "fee free" transactions, resulting in unnecessary economic friction. EOS and Steem instead pay for transaction costs directly through dilution of their native tokens, resulting in profit if those transactions create value, and loss if they do not. Since transactions are rate limited based on stake, those with nothing at stake can't spam the network and waste its resource without the consent of those who are invested in its success.
Who pays matters. Iota makes user pay. Steem and eos do not.
But your IOTA wallet does the payment by processing 2 transactions? I don't see this as a "real" fee. Just the cost of keeping your wallet online for 60 seconds or so? Can this really be clarified as a fee?
With that being said, I am an EOS investor... But I like IOTA as well.
Bruh you just gave me some crazy insight. ThANK YOU SO FREAKING MUCH!
Loved this Convo. I'm invested in IOTA and this is a valid point as to why EOS looks better when compared to IOTA when it comes to fees..
hum... Interesting, it did not appear that way to me either... Time to revisit their papers