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by cies 3094 days ago
The nodes are paid from "created coins", at the expense of everyone diluting. Could call it artificial inflation.

> This seems like a glorified eventually consistent database synchronization algorithm.

To some extend that is what a blockchain is. Also: immutable, no-need-to-trust-every-node, KV, and sometimes with the ability to perform smart contracts.

> In a fee based blockchain, I can pay more to get my transactions through before someone else.

Yes. Either way, as long as you tx comes through "quick enough"... :)
2 comments
joeblau 3094 days ago
Ah okay thanks for helping. I guess in the case of RaiBlocks, since you're only transacting currency (not Turing complete smart contracts) there isn't really a need for fees to prevent the halting problem like you have with Ethereum.

I've made a list of tokens that I'm trying to categorize[1] so I think I've got RaiBlocks in the right place.

Is Bitcoin slightly over designed in how the fee structure is implemented for the problem it's solving?

[1] - https://cryptostream.com/token-utility/

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sova 3094 days ago
In BTC land PoW = fee. In RaiBlocks they use it more like a Captcha before sending a transaction, effectively getting rid of Fees because it's just as useful anti-spam. (However, I think that fee transactions are actually quite important in a blockchain because you don't want nodes wasting resource adding and checking nonsense even if the captcha was computed.)
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XR0CSWV3h3kZWg 3094 days ago
Where is it specified how much people get paid in created coins?
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