[Discussion] Proposal Think big, start small

The Plaza
#21

Receiver pays the fee

Benefits:

  • makes NBT feel like cash and credit cards where the total you send = what is on the register
  • could enable NBT to charge higher transaction fees on a nominal basis (peer-to-peer), but provide a “discount” to merchants who elect for their addresses to support the “receiver pays the fee” model

Potential implementation:

  • merchant registers an address as “receiver pays”; this is held in the blockchain. This may require annual renewals or something.
  • a different type of transaction denotes the ‘fee’ has not been paid, and that the receiver must do so
  • minimum transaction amount for anti-dust
  • maximum transaction size (in bytes) so a receiver doesn’t get burdened rolling up dust transactions
5 Likes
#22

“Instant payment, guaranteed”

  • merchant establishes relationship with insurer, who will guarantee a transaction and provide compensation if there is a double-spend / Nu network crash, etc.
  • Insurer and merchant can be the same entity, if merchant is willing to pay for a guarantee (i.e.: to speed up checkout or reduce financial risk on big ticket items)
  • insurer funds a “guarantee account” on the Nu network that is deducted at a per-transaction rate
  • insurer, who has a relationship with merchant, is made aware of the transaction and issues a “guarantee” transaction (a ‘lightweight transaction’ that is cryptographically signed to the “guarantee account”):
  • once a node sees a “guarantee” transaction, it will:
    • not permit a different transaction on the original output, because it wants the guarantee fee
    • sign the guarantee by a way of an NSR address that has outputs that can mint, and broadcast it across the network as an “Ack”
  • For a minter, first valid “guarantee” transaction received wins, permitting multiple insurers for a given merchant, and incentivizing insurers to be well-connected
  • an insurer can provide a “green light” to the merchant after:
    • it determines a sufficient number of legitimate signatures from minters have been received for that transaction (regardless of which insurer the minter received the guarantee from)
    • it determines the output is not being used in any other transaction, and has not been seen in any other “guarantee” transactions or minter “acks”
    • the presence of multiple insurers, and the cross-checking can provide additional confidence to the merchant, since it is still a bit of a lottery as to who makes it in the blockchain
  • By way of special blockchain protocol, Nu will settle with the insurer daily:
    • the settling node will earn a fee
    • half the “guarantee” fee will go to the NBT side of the NSR address for whomever minted the block with the guaranteed transaction
    • half will be burned
    • the “settling” minter will also receive a fee of $0.05 NBT, also deducted from the insurer’s account
2 Likes
#23

Shared content subscriptions

Enable subscriptions and microtransactions across multiple content providers

  • Cross-community content passes are established i.e.: “$2.95 for 500 article views this month”
  • User funds the subscription – and this could be done automatically by their wallet
    - this transaction is recorded in the blockchain, but not yet settled
  • To access content, user is presented with a challenge to “use a view”
    • User’s wallet signs the challenge
    • Content provider issues a transaction that places a claim against that user’s subscription for that month
      • this transaction is recorded in the blockchain, but not yet settled
  • At the end of the month, Nu distributes funds:
    • For content creators, best case: 1 view = they get the full $2.95 of that users’ subscription. Worst-case is bounded at (example) $0.0059
  • Nu Network takes a 1% cut by way of burning some NBT
  • The node that does the distribution takes a cut of the lesser of $1.00 or 1% of the total subscriptions it is settling.
3 Likes
#24

In-chain Crowdfunding / Escrow

  • Fundraiser creates a special transaction and address of how much to raise and by when, with a transaction fee
  • Funders commit their NBT, and the transaction is recorded but not settled
  • If the funding threshold is reached:
    • A node settles the transactions, and splits the transaction fee between itself and as a burn to the Nu network
  • If the funding threshold is not reached:
    • A node indicates the transactions as canceled, thereby reverting the funds. The transaction fee is split between the Nu network and the node that settles
3 Likes