On Tuesday the blockchain firms Nchain and Coingeek announced a ‘Miners Choice’ initiative that aims to promote lowering minimums for mining fees and transaction values. The company’s mining operations plan to lead the effort by adjusting their pool’s settings in order to remove the minimum ‘dust limit’ as well as accept some zero mining fee transactions in their blocks.
Also Read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money
The ‘Miners Choice’ Initiative Proposed by Coingeek and Nchain
The two BCH-centric blockchain companies Coingeek and Nchain have started an initiative called ‘Miners Choice’ which aims to lower the mining fee for some transactions to zero while also removing the current minimum dust limit of 546 satoshis. Both of these ideas could make on-chain platforms like Memo, Blockpress and many others even more suited to performing a plethora of actions. Removing the dust limit would allow people to send as little as 1 Satoshi (one hundred millionth of a single BCH coin) via a transaction.
Secondly, the companies believe BCH mining pools could designate a certain amount of space per block for free transactions that don’t require a network fee. Again, similarly to the aforementioned instance above, free transactions would allow BCH applications, especially ones focused on micropayments, to become even more robust. The two pools (Coingeek and Nchain’s BMG Operations) plan to publish a technical article on the benefits of removing the dust limit and accepting a fraction of zero-fee transactions.
Nchain’s Chief Scientist: “Miners Choose What is Profitable”
Some people within the BCH community are skeptical with this plan. The CEO of Cointext, Vin Armani, asked Nchain’s Chief Scientist Dr. Craig Wright whether mining nodes accepting 1 satoshi outputs could be “a recipe for instant spam attack?” Dr. Wright responded to the question by stating:
Funny how people see some free and start to jump on MUST be all — Well, mine and not accept it if this is what you dislike, but, we mine for profit and this means more.
News.Bitcoin.com briefly spoke with Nchain’s Dr. Wright and asked him why he thinks miners should opt in on this initiative to remove the dust limit and accept some free transactions.
“I proposed it to Calvin [CEO of Coingeek] and convinced him,” Dr. Wright explains.
The [‘Miners Choice’] initiative stops this centrally planned BS — Miners choose what is profitable. Tokens are easy — Back to Bitcoin circa 2013.
Fostering BCH Adoption and Creating More Use Cases
The two companies believe that these initiatives could spark more BCH usage while also giving miners choice to “set more fee level ranges, from zero to small amounts.” Further, the firms believe the initiative also bolsters BCH users’ freedom to decide how much they want to pay and how fast they want the transaction to arrive.
[The ‘Miners Choice’ initiative] fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth,” Coingeek and Nchain emphasize.
What do you think about the ‘Miners Choice’ initiative? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Twitter, and Pixabay.
Prove ownership on the Bitcoin Cash Blockchain for only 0.0005 BCH. Using the Bitcoin.com Notary.
The post Nchain & Coingeek Reveal ‘Miners Choice’ Initiative for BCH Dust Limit and Fees appeared first on Bitcoin News.
Bitcoin.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
