Feeless Blockchain Transactions - How does it work?

in #exxp2 months ago (edited)

Are feeless blockchains truly possible?

Hi everyone!

I had a chat with Andrew @andrachy Levine, the CEO of the KOINOS Group about the token distribution of KOIN for the KOINOS Network.

This video is a little longer, but it is such a great journey into how feeless transactions can work on a blockchain. Make no mistake, every transaction on a blockchain costs someone something. Someone is paying for that computing power to confirm the transaction and the disk space to store all the previous transactions.

Here is the chat on Cinnamon.video:

Feeless Blockchain Transactions

Here it is an embedded version if that's easier...

Feeless Blockchain Transactions

Feeless Blockchain Transactions are possible, but difficult. The XRP blockchain does it by having voluntary validators... but are they truly getting the best servers to run their network? Hive has managed to accomplish it by paying the witnesses out of the reward pool. It's pretty expensive to run a decent Hive witness.

I think it's important for both investors in KOIN, developers on the KOINOS network and people looking to be Node Operators to understand the concepts here. You have to understand what's required to run a blockchain network to understand the potential costs involved to understand the unique concepts that the Koinos Group are bringing together to make it all cheap, accessible and ultimately feeless.

Convincing users of your app to pay a fee every time they want to transact with a blockchain is not an easy sell... nor is convincing them to hold stake in a cryptocurrency if all they want to do is use your app.

Personally I really love the idea that I might be able to run a KOINOS node to help secure the network, and also earn KOIN that I can then use to delegate to my gFam.live users so they can tip the content creators they love and want to support.

I'm so super curious to how developers and the community are going to interact with the Koinos Network.

If you're interested in previous chats with Andrew about Koinos, check out these posts:

Token distribution – Mining KOIN and Proof of Work
Integrating with Koinos
Smart Contracts – what are they?
A conversation with Andrew from the KOINOS Group

Here are all the good bits:

Koinos Network Socials


Koinos Group Socials


Thanks so much for watching!

Posted from my blog with Exxp : https://lifebe.com.au/digital/feeless-blockchain-transactions-how-does-it-work/

very interesting, thanks for sharing!

You're very welcome @harpagon!