In the recent weeks we have discussed the current fee structure within the Waves network. In order to make the network more decentralized and increase the financial rewards for node operators we want to propose a few solutions.
As of now, there are several obstacles which the ecosystem has to overcome in order to provide sufficient incentives and encourage the creation of new leasing pools/nodes:
First of all, the payout scheme utilized by most node owners does not offer enough financial rewards to maintain the operation of a node. With the distribution of 100% of collected WAVES, most node owners give away the majority of their revenue.
Secondly, we always wanted to educate new community members and show them the magic of the Waves Platform. After the voting to reduce the required amount for mining to 1000, we promised to provide education material to make life for potential node operators as easy as possible. More about this a little later.
Furthermore, there has been a discussion about tokens as transaction fees. We believe that this feature is an important cornerstone of the Waves ecosystem and support the continuation of it. However, as we are in blockchain space, there has to be an adequate compensation. We urge node owners to increase the token fees to a price level of at least the price of a Waves tx fee transaction (0.001 WAVES).
Token as fee
Therefore, we decided to shorten the list of accepted tokens. In the future, WavesGo will accept the following tokens:
We will discuss increasing the token fees with the respective parties. If there are new projects wishing to use their own token as fee, we want to emphasize the following conditions in order to be accepted:
- Willingness to pay at least a fee equal to a regular transaction (0.001 WAVES)
- Business must be somewhat viable/proven, we are not willing to speculate on future value
- Actual usage of the token on a daily basis
As largest node, we also want to take the first step to make smaller nodes more profitable. Starting next week, we will decrease the pay out of Waves from 100% to 90%. We hope other major nodes will follow this approach and help smaller nodes to earn more for themselves.
Half of the 10% we hold back is going to be used to fund a bounty program for educational purposes. We encourage all community members to spread the word, create articles, videos or whatever medium you can think of and educate people on running a node, decentralization, helpful statistics /visualizations and many more things. We are going to publish a follow-up article on Monday. If you would like to help out or have any suggestions please send a DM to @kimbimlim in Slack or Telegram.
As always, if you have any feedback or suggestions feel free to join our Slack Channel #wavesgo or contact us on Twitter, Facebook or Telegram.
The WavesGo Team
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