Innovative ideas about transaction fees on the XRP Ledger
The proposal from Ripple's Chief Technology Officer: Change the fee calculation method
Ripple's Chief Technology Officer, David Schwartz, drew attention by proposing improvements to the fee system on the XRP Ledger. In a series of tweets on the X platform, he questioned whether users are paying too much to ensure their transactions are confirmed. Schwartz suggested two new ideas that could change the way fees are calculated in this blockchain network, aiming to enhance fairness and efficiency. These proposals aim to optimize user experience and minimize the risk of paying excessive fees.
Proposal 1: Refund fees after reaching consensus
Solutions to minimize excessive fee payments
Currently, the XRP Ledger applies dynamic but non-refundable fees. If users pay more than the necessary minimum, the excess will be burned. Schwartz proposed a new fee calculation system, which, once consensus is reached, will accurately determine the necessary fee and refund the excess. This will promote healthy competition and encourage honest pricing from users.
Challenges and implementation possibilities
Determining the minimum fee threshold after consensus requires high coordination among validators to ensure no disruption to the network. Schwartz believes that, with appropriate protocol adjustments, this method is entirely feasible and will contribute to creating a more efficient fee system.
Proposal 2: Refund fees based on the median
Minimizing complexity in execution
The second idea is simpler, based on refunding the excess fees of all accepted transactions according to their median. This method is easier to implement but could still lead to users paying high fees if everyone bids at the maximum. However, Schwartz emphasizes that this is not optimal, and the long-term idea is for users to express their willingness to pay without being penalized.
The future of transaction fees in the Ripple ecosystem
Impact and development trends
Both proposals are not yet officially part of Ripple's development roadmap, but it is clear that their leaders are focusing on improving the fee structure. These ideas aim to create a fairer, more transparent, and more flexible cryptocurrency trading environment. As the blockchain market expands, a reasonable fee design will become a key factor in technology competition.
Impact on investors and network usage
These discussions open the possibility for users to freely express their willingness to pay without fear of losing money unnecessarily. For investors, this means minimizing risks and increasing competition in the fee market on the XRP Ledger network. It is expected that Ripple will continue to refine this model to align with the sustainable development of the cryptocurrency ecosystem.
Source: https://tintucbitcoin.com/ripple-cto-de-xuat-phi-xrp-giam-tai-mang/
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