Controversial Australian academic Craig Wright has again entered the press after announcing he’s worth more money than Rwanda – and this time, he’s urging Bitcoin Cash miners to work for 0 sat transaction fees.
As part of a new campaign spearheaded by nChain Group and CoinGeek, the ‘Miner’s Choice’ initiative urges Bitcoin cash miners to eliminate the present Bitcoin Cash dust limit.
Technically speaking, a ‘dust limit’ refers to the minimum transaction size that a participant will mine and include in transaction blocks.
While Bitcoin Cash clients bear a standard dust limit of 546 satoshis, CoinGeek and nChain have announced that their mining operations will reduce their dust fee to just 1 sat.
Further, both firms have confirmed that their mining operations will begin processing an undisclosed amount of zero-fee transactions in blocks.
Transaction fees are typically invoked not only to incentivize or reward miners, but further to reduce transaction spam on cryptocurrency networks. CoinGeek and nChain contend, however, that removing mining fees will instead render Bitcoin Cash more effective for micropayments.
Miners should start thinking about no dust limit and some zero fee txs to spur adoption faster.
Single satoshi tokens.
Plan for the long term
— Dr Craig S Wright (@ProfFaustus) June 4, 2018
In a release, both companies offered that “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.”
Miners would, in the short term, still receive block rewards for their efforts. As termed by CoinGeek founder Calvin Ayre, the move would be designed to foster a “healthy competitive fee marketplace” among Bitcoin Cash miners.
Bitcoin Cash is up by 4.50% day-on-day, and presently trades at $1,130.54 USD.