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RE: Virtual Smart Contract: Bringing Smart Contracts To Hive

in LeoFinance2 years ago

Interesting concepts but I'm concerned about fees. I see a lot of people saying Hive tx are feeless but is that really true? I seem to recall there being a miniscule fee, something like 0.01%. How much of a fee are we talking?

I do think smart contracts are way overdue though. I'm anxious to see how the land I have in dcrops can be used in splinter lands or likewise the farms I have in dcity...

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In the beginning a small fee will be required per transaction and longer term the goal is to be feeless in a similar way to hive. Regardless, the overall system is designed to be highly scalable, so even if there is a huge amount of network usage, you won't see a massive explosion in transaction costs.

The structure works a bit like this:

  • Base fee 0.01 HBD
  • Adjustable fee depending on execution cost (0.00-0.02HBD)

I intend fees to never go above 0.03HBD for 99.9% of transactions

That being said this is subject to change and a lot of the fee structures are somewhat arbitrary. The important factor in this is the system is scalability. What that fee ends up being will result in a natural balance between user operations & infrastructure backing.