Author Topic: Fees Report  (Read 2185 times)

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Offline Taconator

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Fees Report
« on: April 20, 2017, 12:54:37 pm »
Greetings everyone,

Ten days ago, [member=39182]tbone[/member] put out a call for information about the total fees collected on the network. I compiled this information for the time period from the blockchain's start, in October  2015, through March 2017. The report is available  here.

Please note several things about what the report is and is not:

  • the fees in the report are merely the fees collected by the blockchain network and which are later distributed to various accounts. These fees are a superset of the fees that are ultimately distributed to the network’s fee pool;
  • the document does not report on the volume of activities on the blockchain; rather it is focused on the fees collected as a result of the activities;
  • the document does not report on the subsequent distribution of the collected fees to entities such as the network, witnesses, worker proposals, asset issuers, referrers, nor lifetime member accounts;
  • the quantities that are reported in the document are all in terms of the asset units that were specified for fee payment (e.g. BTS, bitGold, etc.) and are not expressed in terms of any common asset unit.

In summary, fees were collected in terms of 349 assets. The total fees collected in the core asset, BTS, are 47,106,798 BTS. The leading types of operations that generated the fees in BTS are listed below.

Operation Type% of Total BTS
Asset Create48%
Account Upgrades26%
Account Create17%
Limit Order Create3%
Transfer Operation2%
Asset Publish Feed1%
Vesting Balance Withdrawal1%


The details of the data are presented in different ways to help with analyzing them in different ways. Appendix A categorizes the collected fees in percentage terms for every operation type. Appendix B contains the nominal fees for every type of operation which is helpful especially when a particular operation might have a relatively low quantity of fees which would be hidden when expressed solely in percentage terms.

If you do encounter any errors in the report, please let me know and I will correct the report as soon as possible.

Offline DestBest

Re: Fees Report
« Reply #1 on: April 20, 2017, 01:35:14 pm »
Very good work !!!
Thank you !   +5%
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Offline Thom

Re: Fees Report
« Reply #2 on: April 20, 2017, 01:54:19 pm »
That is some top notch Sherlock Holmes work there Taconator, excellent! That data will inform the committee of all the details, and help them in making adjustments.
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Offline abit

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Re: Fees Report
« Reply #3 on: April 20, 2017, 09:20:06 pm »
Good work.
Best if we have charts. Or have raw data (if not available now) so other people can help make charts.
If it hasn't been posted to https://steemit.com/, please do.
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Online Chris4210

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Re: Fees Report
« Reply #4 on: April 20, 2017, 09:24:46 pm »
This report is great for us. This will help us to make better decisions and update the fee accordingly. Thank you very much.

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Offline Geneko

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Re: Fees Report
« Reply #5 on: April 23, 2017, 07:53:41 pm »
Great stuff!! Thank you.

This is very important document. It would be very good if we could get those reports on regular ( monthly,  quarterly, yearly) bases.

I like its findings so far. Although generally informative, I don't understand scope of its interest. I suppose it is meant for Bitshares share holders.
Without:
 - subsequent distribution of the collected fees to entities such as the network, witnesses, worker proposals, asset issuers, referrers, nor lifetime member accounts;
 - the quantities that are reported in the document are all in terms of the asset units that were specified for fee payment
, it lacks basics for valuable conclusions such as ( I'll put my opinion in parentheses):

- how well it performs in terms of a company aka Distributed Autonomous Companies (no clue w/o expenses)
- where is possible space for improvement in terms of income (it partially provided clue)
- does current fee structure supports mentioned above (no clue)
- how does it distribute value that it creates (no clue)
- is this distribution in compliance with its short term and long term goals (no clue)

As a basics for future improvement I would suggest minor changes:
Income side
- all fees denominated in BTS, structured by descending value (gross network fees)
- basic gross fee structure in terms of percentage of the whole (core token, MPAs, UIAs)
- all fees after deductions, that goes to network (neto network fees)
expenditure side:
- witnesses
- workers
- other if exists

Offline Taconator

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Re: Fees Report
« Reply #6 on: April 24, 2017, 01:04:41 pm »
Best if we have charts. Or have raw data (if not available now) so other people can help make charts.
If it hasn't been posted to https://steemit.com/, please do.

Good suggestion. Charts will be coming ...

Offline Taconator

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Re: Fees Report
« Reply #7 on: April 24, 2017, 01:14:30 pm »
This is very important document. It would be very good if we could get those reports on regular ( monthly,  quarterly, yearly) bases.
Yes, I am considering doing that.


I like its findings so far. Although generally informative, I don't understand scope of its interest. I suppose it is meant for Bitshares share holders.
That is correct.  For now, the report is intended for shareholders.


Without:
 - subsequent distribution of the collected fees to entities such as the network, witnesses, worker proposals, asset issuers, referrers, nor lifetime member accounts;
 - the quantities that are reported in the document are all in terms of the asset units that were specified for fee payment
, it lacks basics for valuable conclusions such as ( I'll put my opinion in parentheses):

- how well it performs in terms of a company aka Distributed Autonomous Companies (no clue w/o expenses)
- where is possible space for improvement in terms of income (it partially provided clue)
- does current fee structure supports mentioned above (no clue)
- how does it distribute value that it creates (no clue)
- is this distribution in compliance with its short term and long term goals (no clue)

As a basics for future improvement I would suggest minor changes:
Income side
- all fees denominated in BTS, structured by descending value (gross network fees)
- basic gross fee structure in terms of percentage of the whole (core token, MPAs, UIAs)
- all fees after deductions, that goes to network (neto network fees)
expenditure side:
- witnesses
- workers
- other if exists
Excellent suggestions, thank you. At the moment, I am thinking that this is the first version of a report that will continue to evolve and be updated.

Offline fav

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Re: Fees Report
« Reply #8 on: April 24, 2017, 08:10:52 pm »
is there a chance to get a report every month? how much work is it?
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Offline renkcub

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Re: Fees Report
« Reply #9 on: April 27, 2017, 02:02:44 pm »
Interested in charts by month.

Offline Taconator

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Re: Fees Report
« Reply #10 on: May 14, 2017, 02:14:14 pm »
A report on the fees collected on the BitShares blockchain through April 2017 can be found here.

During the month, 2.97 million BTS were collected for 2.87 million operations (within 1.01 million transactions) on the blockchain.

During the month, the leading distribution of BTS feed collected for operations were as follows:

Operation Type% of Total BTS
Asset Create67%
Account Upgrades14%
Limit Order Create7%
Account Create6%

Two charts are available within the document: one for fees versus time, another for operations versus time.

Offline Permie

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Re: Fees Report
« Reply #11 on: May 14, 2017, 03:57:42 pm »
A report on the fees collected on the BitShares blockchain through April 2017 can be found here.

During the month, 2.97 million BTS were collected for 2.87 million operations (within 1.01 million transactions) on the blockchain.

During the month, the leading distribution of BTS feed collected for operations were as follows:

Operation Type% of Total BTS
Asset Create67%
Account Upgrades14%
Limit Order Create7%
Account Create6%

Two charts are available within the document: one for fees versus time, another for operations versus time.

Thank you so much for this data!

I've just read it quickly, and I can see that in Table 2
Quote
Table 2. Fees collected by the blockchain from 2015-10 through 2017-04 for the different operation types.
That the 'Quantity' of fees(?) for USD since October 2015 (18 whole months) is only $113.6

Does this really mean that BitShares has only collected £113 worth of fees by enabling the use of bitUSD for nearly 2 years??
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Offline fluxer555

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Re: Fees Report
« Reply #12 on: May 14, 2017, 05:49:07 pm »
I'm pretty sure most of the fees collected as a result of BitUSD are in BTS. It's possible to pay fees with another asset, but it usually doesn't happen.

Offline Permie

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Re: Fees Report
« Reply #13 on: May 14, 2017, 06:32:20 pm »
I'm pretty sure most of the fees collected as a result of BitUSD are in BTS. It's possible to pay fees with another asset, but it usually doesn't happen.
Makes sense, cheers.

So the vital statistic that shareholders should be looking at to see the overall profitability of the network is the 'fees collected in bts'?
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Offline Thom

Re: Fees Report
« Reply #14 on: May 15, 2017, 01:57:46 am »
In case you missed it the summary says fees collected between October of 2017 to April of 2017. Should be October of 2015.

Other than that minor item the report looks great, very informative. Should help the committee to adjust fees
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