No cost to send is in ADA. Transfer is in FAM. Alt coins also require ADA as fuel. If not you would pay nothing for accessing the infrastructure of Cardano. This could cause users to massively bog down the system with useless transactions for no cost.
But you’ve already paid that cost when you’ve minted the coins
The cost in ADA is for smart contracts, sending ADA & other ADA related things. If you want to send a token to a friend and ADA is worth 10000 / coin… that ‘flat rate’ is now unpayable
There is no cost to create a token. In the recent book on Plutus programming (Plutus: Reliable smart contracts) you can read about token creation in chapter 11.
There is a cost to do transactions and enable smart contracts. Every fam from dapp from user to dapp of merchant would incur a transaction fee. Yes you could just automate it with centralized code but this would be less safe and the cost is minimal (0.2$).
Hmm perhaps a hybrid model would be optimal. You let the dapp have a ledger that keeps tabs and once a day you send a transaction across the network making the status offical on this network as well and drastically reducing transaction fees across Cardano network. Perhaps this is optimal given the small size of the transaction (small time purchases under 100$)
is there a PDF?
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I see …
Wha wha what?
I use PayPal and Venmo for all things that I cannot use Crypto for yet, but crypto is so much better on so many levels, why would you use something else if you could a crpto?
@Eystein_Hansen I would love to sit down with you over coffee and discuss this thread, your approach to your past experience is interesting, I think you could simplify the subject without using stablecoin options in the future, soon as goguen is live and given time to develop itself I think your transaction losses will dissapear.
Thanks haskell plus. It is great when an idea evolves into something better and if you have a way to cut transaction cost even more thats awesome. Coffee however would be a problem for now as I dont intend to have a vacation in the USA this year attleast. But I have been to USA in the past so maybe in the future who knows.
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I’ll settle for some coffee over a video chat Eystein, I think the issue your centering on is something I would like to be familiar with.
I personally work closely with several people of several nationalities that send money home to their loved ones with hope of improving their families lives and opportunities.
Sounds like a plan. Sent you a pm. I have made a presentation to try to more clearly communicate my idea.
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So i bought this extremely dense and over-my-head book, buuuuuuutttt…
Location 1755 - Looking beyond ADA
“data Tx = Tx
{ txInputs :: Set TxIn
, txOutputs :: [TxOut]
, txForge :: Value
, txFee :: Ada
,txValidRange :: SlotRange
, txSignatures :: Map PubKey Signature
}”
Does this not show that you can change the parameters for the Fee? If plutus can recognize other cryptos you could pay the fee in anything
(Edit - This was a chapter on forging your own currency & trading it for ADA)
@alabrash It’s true that the fee has to be paid in Ada, even though custom currencies are supported by the ledger. If we allowed other currencies for the fee then the core nodes would have to agree on some kind of official exchange rate, which is quite tricky to get right (if not outright impossible).
And even if you keep the majority of your assets in a custom currency, you can always buy the required amount of Ada just before you submit a transaction, and then spend it right away.
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Thats what I tought was how it worked. Thanks for clearing that up Jann_Mueller.
Thanks for the clarification!
Sorry I thought I had heard that on an AMA. I guess I was thinking more about wrapping ADA?