[MIP-015]Transaction Fees

[luozhaohui]

Preamble

MIP: 015
Title: Transaction Fees 
Author: Zhaohui Luo
Type: Standard Track
Category: Core
Status: Draft
Created: 2018-07-15

Simple Summary

Collection and governance of transaction fees. 

Abstract

For sustainable development of MVS ecosystem, transaction fees are collected for each transaction and are distributed to participators of MVS ecosystem as a reward.

Motivation

There are three main reasons why transaction fees are needed for a cryptocurrency like ETP:

To encourage community engage in MVS ecosystem, some fees are collected for each transaction and then later distributed to community as a reward.

The second reason for transaction fees is the prevention of DDoS (Distributed Denial of Service) attacks. In a DDoS attack, an attacker tries to flood the network with dummy transactions, and if he has to pay a sufficiently high fee for each of those dummy transactions, this form of attack will become prohibitively expensive for him.

The third reason for transaction fees is people who run full ETP nodes spend time, money and effort to run the protocol, for which they should be compensated and rewarded. New currency is created with each mined block and distributed to miner. Some portion of transaction fees are another source of income for miner.

Specification

Collection

The minimal fees for a transaction are 0.0001 ETP. If issuer of the transaction specifies more fees, the transaction has the privilege of being validated by miner quickly.

As name of MST and avatar is unique on MVS blockchain, fees for transaction that issues a new MST or avatar is more expensive.

The minimal fees for issuing an avatar are 1 ETP. The minimal fees for issuing a MST are 10 ETP.

Distribution

The fees for a normal transaction(except that issues a MST or avatar) are distributed to miners.

The fees for a transaction that issues a MST or avatar are distributed to MVS developer bounty program and miner. 80% of the fees are distributed to MVS developer bounty program and 20% of the fees are distributed miners.

Rationale

To be written.

Test Cases

To be written.

Implementation

To be written.

[canguruhh]

Why should the fee depend on the number of certs? I can just use a new avatar and then transfer all MST to my original avatar

[luozhaohui]

It would not cost too much for user to issue MSTs with the same domain name.

[canguruhh]

Still. Too easy to avoid. Also I don't see any need for even higher fees. In fact it would be more reasonable to give a discount if an avatar registers multiple domains.