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Economic Abstraction and Network Fees
pc:
You can pay the network fee for any operation using any (unrelated) asset if it has BTS in its fee pool and a "core exchange rate" defined.
For example, Alice can transfer bitBTC to Bob and pay the fee in bitUSD. What happens then is that the blockchain takes the bitUSD from Alice's account, exchanges them for BTS (using the bitUSD fee pool), and pays the network fee in these BTS. That's what xeroc meant with "implicit exchange".
spark:
--- Quote from: xeroc on September 28, 2018, 08:37:50 am ---that unfortunately only works in "liquid" markets - as such, a reason for having the issuer provide the BTS in the fee pool for an implicite exchange
--- End quote ---
Please help me understand why there are BTS in the fee pool? I thought it was to pay network fees, but it sounds like the BTS can be taken by any coin holder whatsoever by 'implicit exchange' so I am unsure about my understanding.
xeroc:
--- Quote from: bench on September 27, 2018, 02:16:46 am ---At the end of the day the fees, which are collected in bitFiat or open.BTC should be used to buy back BTS. Therefore is a demand for BTS independent of the currency fees are paid.
--- End quote ---
that unfortunately only works in "liquid" markets - as such, a reason for having the issuer provide the BTS in the fee pool for an implicite exchange
bench:
At the end of the day the fees, which are collected in bitFiat or open.BTC should be used to buy back BTS. Therefore is a demand for BTS independent of the currency fees are paid.
armin:
ya that's exactly what we are saying @johnr
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