CoinGeek and nChain’s Partnership: BCH Miner's Choice To Lift Dust Limit and Transaction Fees
According to an announcement made by both nChain and CoinGeek, Bitcoin Cash (BCH) Miners are being convinced to lift the existing “dust limit” of 546 Satoshis to a minimum of one Satoshi. Furthermore, they are working towards giving users the option of nominating “zero transaction fee”. This is supposedly an attempt to increase user participation on the BCH platform.
The initiative, which the two firms involved have titled as the “Miner’s Choice” is an effort to provide BCH miners with choices that can help to create more options for users. Their belief is that by incentivizing both miners and users, not only will BCH become more recognized, but this can potentially lead to increased user adoption.
As for the changes that nChain and CoinGeek will be making in their mining software, two specific aspects will be targeted. First, the current minimum dust limit will be replaced by a new one that allows users to make transactions of as little as 1 Satoshi.
The second area of interest, is that of the transaction fees. Users will now be able to choose from a list that best suits their needs. For those who are not in a particular rush for transactions to be added onto a block, the fees attached might be small or even nothing. Hence, this aspect will vary depending on the speed one chooses.
According to the claims made, providing varying transaction fees’ options can induce better integration of colored coin tokens onto the BCH platform, as opposed to using Ethereum’s ERC20 procedure. For the time being, an assertion has not been made in regard to the number of “zero transaction fees” that will be available.
The two firms seem to share the same views when it comes to reinventing options within the mining software, as both believe that the changes made can result in efficient microtransactions, while generating a “healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth.”
Chief Scientist and Author at nChain, Craig Wright seems to encourage miners altogether to eliminate dust limits and transaction fees via a tweet he made. Based on his tweet, it appears that the steps that will be taken is solely to better the entirety of blockchain for both miners and users over the long run.
A clear trend: Bitcoin Core (BTC) – Bitcoin Cash (BCH) Ratio Is Dropping.
In other words: Since BCH's inception, BCH becomes more valuable 📈 via @BCHcain
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— Egon ⚡️Bitcoin (BCH)⚡️ (@Egon_01) June 5, 2018