Noob in BTS 2.0, have few questions about micropayments

[Come-from-Beyond]

Yep but if the 3rd party deal with the micro payment, you don't need to have a lot a funds there

You do need to have a lot of funds, every payment is very small but you need a lot of such payments.

[Ander]

A third party could support micropayments by keeping track of them on their own IOU system, and then only transferring once the total reaches a certain limit.  This would be similar to how most bitcoin faucets and faucet wallets work, like microwallet, faucetbox, etc.

This requires trust in that 3rd party.

Yep but if the 3rd party deal with the micro payment, you don't need to have a lot a funds there

Very true.

Right now I'm "trusting" a couple of btc faucet wallets with a couple bucks of btc, and if they betray me and steal it, I dont really care.

[EstefanTT]

A third party could support micropayments by keeping track of them on their own IOU system, and then only transferring once the total reaches a certain limit.  This would be similar to how most bitcoin faucets and faucet wallets work, like microwallet, faucetbox, etc.

This requires trust in that 3rd party.

Yep but if the 3rd party deal with the micro payment, you don't need to have a lot a funds there

[Ander]

A third party could support micropayments by keeping track of them on their own IOU system, and then only transferring once the total reaches a certain limit.  This would be similar to how most bitcoin faucets and faucet wallets work, like microwallet, faucetbox, etc.

This requires trust in that 3rd party.

Yes it does.  BTS really isnt targetting micropayments.

[Come-from-Beyond]

A third party could support micropayments by keeping track of them on their own IOU system, and then only transferring once the total reaches a certain limit.  This would be similar to how most bitcoin faucets and faucet wallets work, like microwallet, faucetbox, etc.

This requires trust in that 3rd party.

[Ander]

A third party could support micropayments by keeping track of them on their own IOU system, and then only transferring once the total reaches a certain limit.  This would be similar to how most bitcoin faucets and faucet wallets work, like microwallet, faucetbox, etc.

[Ander]

Is BTS 2.0 aiming to support micropayments (fractions of US cents)?
What is the limit on the lowest transfered amount?
What is used to prevent spam?
Can these micropayments be used for Internet-of-Things industry?

I'm interested in the answers to prepare comparison table.

Micropayments: Not really, this is one of the only things BTS 2.0 is not planning to support, since transaction fees will be too high really to support them.

Lowest transfer limit:  .00001 BTS I think, but the transfer fee would be a lot more than that so it would be silly.

Spam:  Reasonably sized transactions fees prevent spam, and spammer would be paying a lot to the network.  In fact, i would love to see someone spam the BTS network, since the network will be able to handle a decent TPS, and the spammer will burn lots of BTS doing it.

[ElMato]

I think CFB is working on "a crypto without blocks" similar in concept to Sergio's DagCoin that it's well suited for micropayments.

https://bitslog.wordpress.com/2015/09/11/dagcoin/

PS: micropayments channels are doable in BTS 2.0 similar to what streamiun/Faraday is doing.

(I'm working on a proof of concept)

https://bitsharestalk.org/index.php?topic=16675.0

[liondani]

TX Fee is 20 BTS for any amount

edit: for basic accounts

for life members
it is -80% aka.  4 bts/transaction....

In current bts market cap I think we are qualified for micro-payments for life members.... not?

and a suggestion:
Would it be not better (only for life-members) to have a  % fee? For example  1% with a 4 bts maximum cap?

[jsidhu]

guess you got your answer CfB!

[Methodise]

I really wish Bitshares was supporting micropayments somehow gracefully.

I'd like to see Bitshares-powered paywalls, in this Adblocker era.

[Come-from-Beyond]

guess CFB is creating a new comparsion chart for major 2.0 chains!
If so, it would be great u would post it here before publishing for reviewing ..

Not chart, just cheatsheet for internal use.

[cass]

guess CFB is creating a new comparsion chart for major 2.0 chains!
If so, it would be great u would post it here before publishing for reviewing ..

[EstefanTT]

BM explain in an hangout how to proceed to have micro Tx. If I remember well it was through some sort of channel. You charge a third party wallet for micro Tx with BitShares, then the third party manage the micro Tx with no fees in its internal ledger. Maybe we could add it as a worker proposal. I think there is a market there

(I'm not 100% to have it understood well, this need confirmation)

[Come-from-Beyond]

Thank you, guys. I'll exclude BTS 2.0 from the table.