21inc has released a platform that enables a person to set a fee structure for transactions. Bitcoin users can now reference the prediction services live chart of common fee levels on the network allowing them to optimize their experience.
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21inc Fee Prediction Application to Enhance Transaction Performance?
A developer named Christian Papauschek from cointape.com has created bitcoinfees.21.co, which gives a real-time display of block delay, confirmation times and fee level performance. This gives a user the advantage of sending transactions faster typically by paying a higher fee. Miners will usually confirm higher fee transactions first. 21inc explains:
To send a Bitcoin transaction you typically need to include a transaction fee. In general, the larger the fee, the more quickly the transaction will be written to the Blockchain by the distributed group of transaction processors known as bitcoin miners. However, exactly how large a fee you need to get rapid transaction confirmation can be hard to predict in advance, because everyone else sending a Bitcoin transaction at the same time is effectively competing with you for the speed of inclusion into the Blockchain.
The service is shown in satoshis per byte coupled with the amount of bitcoin sent, and has no absolute guarantees that it will be 100% accurate but very close. “The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top,” 21inc states. “For the median transaction size of 369 bytes, this results in a fee of 11,070 satoshis.” This gives a fairly solid prediction of how to optimize transaction fees and confirmation time.
21inc says predictions are based on 3 hours worth of blockchain data and “a likely future mempool and miner behavior is predicted using Monte Carlo simulation.” This means through 21inc’s simulated fee structures it can predict what fees will move into upcoming blocks without delay. The company says that there is a 90% confidence interval within the platforms predicted delay. The business currently offers an API for developers and is requesting to report any bugs, issues and improvement commentary.
“Please note that including a recommended fee does not guarantee that you will end up in the next block; it just gives a recommendation based on recent past performance,” the company explains. “A huge influx of new transactions can always change these numbers. Nevertheless, this tool works most of the time, and we’ve found it fun to play around with using the onboard bitcoin you can mine with a 21 Bitcoin Computer.”
The announcement comes from Balaji S. Srinivasan, Veerbhan Kheterpal, and Christian Papauschek and they say this and the bitnodes.21.co website was built to support basic Bitcoin infrastructure. 21inc would love for many developers to get involved with these kinds of projects and would like people to join the Slack channel to help collaboration. The node count chart, the Bitcoin computer, and applications being built with 21inc’s innovative concepts have shown the company is in it for the long haul.
What do you think about 21inc’s new fee prediction model? Let us know in the comments below.
Images courtesy of 21inc, and Pixbay