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Author Topic: Transaction fee for my currency  (Read 187 times)

NELE

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Transaction fee for my currency
September 24, 2017, 06:45:47 am

When users start to sell my currency (tokens developed on MS) on external exchnges do they need to pay 1 NXT for each trasaction?
What would happen if they do not have NXT?
Example: transfer of my currency from MyNxt is not possible if you do not have at least 1NXT.
PLEASE, EXPLAIN. THANKS

Peter2516

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Re: Transaction fee for my currency
September 24, 2017, 08:58:22 am

MS currencies are tokens on the Nxt blockchain. A transaction of a MS currency is a transaction on the Nxt blockchain, so blockchain fees need to be paid. On the Nxt blockchain all fees are paid in NXT.
That's one of the limitations of Nxt that's addressed with the Ardor design: https://www.jelurida.com/ardor-blockchain-platform-design

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One limitation is the need for all platform features to use the same token, i.e. the "NXT" coin, not only for the payment of transaction fees to the network, but also for most transactions that need to use some token to measure value, e.g. pricing of asset exchange ask/bid orders, prices of digital goods listed on the marketplace, exchange rates of monetary system currencies. For many business needs, a custom blockchain is desired, with its own payment token, which can currently be provided by the Nxt platform only by means of offering a "clone" - i.e., a completely separate blockchain
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Each Ardor child chain has its own native transactional token, which will have independent market value, or could be pegged by the child chain creator to an external unit of value (e.g. BTC, a fiat currency, or some other asset). In a transparent way, this makes it possible to conduct transactions denominated in the transaction sender's token of choice, by just designating the transaction to belong to the specific child chain available for that token. For example, assets can be traded not only for IGNIS (the token of the first and default child chain on the public Ardor platform), but for BTC or EUR, as long as such a child chain with a token pegged to that currency exists. Digital goods listed on a specific child chain automatically have their prices denominated in that chain token, and so on. As transactions on each child chain pay fees in their native token, users of a specific child chain do not need to acquire and deal with Ardor coins only to pay fees.

NELE

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Re: Transaction fee for my currency
September 25, 2017, 07:17:08 am

Peter, thank you very much for your answer.

Can we go on? :)

As we have already launched "our" tokens/future currency on NXT, what would be process to take it on ARDOR and to build our own child blockchain? What would be the price of that (creation of child block chain) and what would be transaction fee?

What does it me 10% of forging to be brought to ARDOR? 10% from our existing NCT account?

As new tokens/currency would be based on NXT, trough Ardor blockchain child system, does it mean that we would have approved blockchain from same exchanges where Ardor is already listed, so we want have a problem to be listed on the same exchanges?

Is it simple to launch new child block chain, like it was to launch new tokens/currency on NXT platform or we need technology knowledge?

Peter2516

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Re: Transaction fee for my currency
September 27, 2017, 11:44:09 am

Peter, thank you very much for your answer.

Can we go on? :)

As we have already launched "our" tokens/future currency on NXT, what would be process to take it on ARDOR and to build our own child blockchain? What would be the price of that (creation of child block chain) and what would be transaction fee?

What does it me 10% of forging to be brought to ARDOR? 10% from our existing NCT account?

As new tokens/currency would be based on NXT, trough Ardor blockchain child system, does it mean that we would have approved blockchain from same exchanges where Ardor is already listed, so we want have a problem to be listed on the same exchanges?

Is it simple to launch new child block chain, like it was to launch new tokens/currency on NXT platform or we need technology knowledge?

Check https://www.jelurida.com/ardor-roadmap. User issued childchains won't be possible from the start. Jelurida will create those manually at first. So you should contact Jelurida if you are interested in creating a child chain. Like Bitswift, which is now on the Nxt blockchain, but will move to the Ardor platform.

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