@ThroneOfCrypto @__Javs_ @TheADAApe I disagree with that you could just "remove fees for end users on Cardano".
The fees are not only rewards for staking (nobody would stake if there would be no fees, so you need a completely different anti-sybil mechanism) but they are also a vital part of the spam-protection ...
The fees are not only rewards for staking (nobody would stake if there would be no fees, so you need a completely different anti-sybil mechanism) but they are also a vital part of the spam-protection ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... mechanism. Going feeless is ORDERS OF MAGNITUDE more complex than just "not paying the validators".
Regarding you other points, I can however understand where you are coming from and your concerns would be completely justified if IOTA would be like any other DLT. It is ...
Regarding you other points, I can however understand where you are coming from and your concerns would be completely justified if IOTA would be like any other DLT. It is ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... however very important to understand the vision and purpose of IOTA. IOTA is not just trying to build a "better DLT" but a protocol that can serve as a foundation for the upcoming "Internet of Things".
The vision of this "4th industrial revolution" is that machines will ...
The vision of this "4th industrial revolution" is that machines will ...
@ThroneOfCrypto @__Javs_ @TheADAApe become autonomous economic actors that need to facilitate payments between each other. You will i.e. have self-driving cars, driving around people in the city and earning money during the day and driving to a charging station and paying to get their batterys refilled, at night.
@ThroneOfCrypto @__Javs_ @TheADAApe This vision only works if we can agree on a payment standard between all of these machines. Using a centralized payment provider for this is not going to work - not just because of "political" reasons but also because it introduces a single point of failure where technical ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... downtimes would ultimately trickle down into all aspects of human life.
You need a system that is resilient and a DLT seems to be the best solution.
The machines that are going to use such a DLT are not going to send their transactions to some "semi-centralized node ...
You need a system that is resilient and a DLT seems to be the best solution.
The machines that are going to use such a DLT are not going to send their transactions to some "semi-centralized node ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... providers" that need to be incentivized and payed to run the nodes but the machines themselves will be the nodes. The incentive for these machines to take part in the network will simply be the fact that they need to transact with other machines in the same network - or ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... in other words: "The users of the network will be the network".
In that context it makes no sense to ask these machines to pay fees when they want to interact with each other. They are already providing hardware and processing capabilities to the network simply by taking ...
In that context it makes no sense to ask these machines to pay fees when they want to interact with each other. They are already providing hardware and processing capabilities to the network simply by taking ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... part and it would be absurd to ask them to pay a fee on top of that. Not only would it hinder the free flow of funds between all of these devices but it would also prevent a lot of "micro-transaction" and "pay-per-use" based use cases.
Of course this is a grand vision ...
Of course this is a grand vision ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... and it will take some time to get there but we are already working together with some of the biggest companies in the space (Bosch, Dell, Intel, OMG and so on) to make this vision become a reality.
In the mean time there are several use cases that already now benefit ...
In the mean time there are several use cases that already now benefit ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... from a feeless base layer and we are already seeing major adoption happening in several area i.e. the covid tracking in germany, supply chains in africa, and many many others where the cost efficiancy to run a node, outweighs the potential fees payed in other protocols by ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... orders of magnitude.
I hope that I could clarify some of your concerns regarding IOTA and it is maybe now easier to understand why and how IOTA aims to be self-incentivized for its participants.
Btw.: The fact that the base layer itself is feeless does not mean that ...
I hope that I could clarify some of your concerns regarding IOTA and it is maybe now easier to understand why and how IOTA aims to be self-incentivized for its participants.
Btw.: The fact that the base layer itself is feeless does not mean that ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... node operators can not rent out access to their nodes to others and ask for fees for doing that. We are already seeing similar service providers in other eco systems (i.e. Infura for Ethereum) and a user that wants to use the network without having to either rely on ...
@ThroneOfCrypto @__Javs_ @TheADAApe ... their own or one of the several public nodes might of course need to pay a fee to get access to the system.
Oof! I am done - sorry for the wall of text :P
Oof! I am done - sorry for the wall of text :P
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