Press Releases 5 June 2018Press Releases
CoinGeek & nChain announce “Miner’s Choice” initiative for Bitcoin Cash transaction fees and values
CoinGeek and nChain Group announce a “Miner’s Choice” initiative for Bitcoin Cash (BCH) miners to have choice to individually lower their own minimums for mining fees and transaction values that can be sent on the blockchain. More choices for miners creates more options for users, and will spark faster adoption of Bitcoin Cash. (CoinGeek is the Calvin Ayre-owned media site and bitcoin mining firm, and nChain is the global leader in research and development of blockchain technologies. nChain’s mining business is BMG Operations).
CoinGeek and nChain’s mining firms plan to adjust settings in the software running on their BCH mining units to make two changes:
(1) Remove the current minimum “dust limit” of 546 Satoshi. This will makes it is possible for users to send as little as 1 Satoshi (one hundred millionth of a single Bitcoin Cash coin) via a BCH transaction. Any miner can accept a 1 Satoshi transaction amount, and it should be included in a valid block that all other miners will accept.
(2) Accept some free (zero mining fee) transactions in each block they mine. CoinGeek and nChain believe that miners should be able to accept free transactions, rather than requiring users to pay a minimum of 1 Satoshi per byte. Their mining firms will each designate a number of free transactions they will accept in each mined block.
Removing the “dust limit” will ignite growth of Bitcoin Cash usage. If as little as 1 Satoshi can be sent in a transaction, the BCH blockchain can be used for many more purposes and create more options for users. Micro-payments can become even more micro, down to a 1 Satoshi payment amount, with a zero (or very tiny) fee. In addition, it becomes easier to quickly implement colored coin solutions and tokens on Bitcoin Cash. In fact, the Color Kernel concept (EPOBC) from 2013 foresaw use of 1 Satoshi amounts as a way of encoding colored coin transfers within Bitcoin transactions. If miners choose to remove the dust limit, the existing Color Kernel code can be easily used and tokens can be quickly done on Bitcoin Cash (rather than using the ERC-20 protocol on Ethereum). As more token solutions are designed for BCH, the number of token transactions and other use cases on the Bitcoin Cash network should explode.
In addition, if miners choose to accept some transactions with zero mining fee, this further encourages more Bitcoin Cash transaction usage. If free transactions are possible, miners will have freedom to set more fee level ranges, from zero to small amounts. Users will have more choice about how much (if anything) they wish to pay for sending a BCH transaction, depending on the speed they want. If a user wants an instant transaction, the user can choose from a range of small fees made offered by miners. But if a user is willing to wait perhaps 30-40 minutes for a transaction to be added to a block, the user can elect zero fee. This fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support Bitcoin Cash growth.
CoinGeek and nChain believe in miner choice, and a healthy competitive marketplace for miners. They invite other miners to join them in this “Miner’s Choice” initiative to ignite growth of Bitcoin Cash usage. CoinGeek will announce more plans for “Miner’s Choice” in the coming weeks and months.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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