‘Miners Choice’ Initiative Revealed by Nchain and Coingeek

Miners Choice’ Initiative

Last Tuesday, Blockchain firms NChain and Coingeek announced a ‘Miners Choice’ initiative. This was aimed to promote lowering minimums for mining fees and transaction values. The companies’ mining operations plan to lead the way by removing the minimum ‘dust limit’ as well as by accepting some zero ming fee transactions in their blocks.

These proposals could start making on-chain platforms like Memo, Blockpress and many others even more suitable for a variety of actions. The removal of the dust limit would also allow users to spend as little as 1 Satoshi (one hundred millionths of a single BCH coin) in a transaction.

Additionally, both companies believe BCH mining pools could designate a certain amount of space per block for free transactions that do not require a network fee. Similar to the abovementioned instance, free transactions would allow micropayment focused apps to become more robust. Both pools plan to publish a technical article describing the benefits of their proposals.

There are skeptics in the BCH community, with a common point of contention being that accepting very small outputs could leave the network open to a spam attack.

The two companies believe, however, that this initiative will spark more BCH usage, while giving miners the choice to set more fee level ranges, from zero to small amounts. They also think that this will improve BCH users’ freedom to decide how much they pay and how fast they want the transaction to complete.

Coingeek and Nchain emphasize in their statement that:

“[The ‘Miners Choice’ initiative] fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth.”

Related Cryptocurrency News