Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM <div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1790.msg26162#msg26162">Quote from: kiba on December 02, 2010, 06:33:27 AM</a></div><div class="quote"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1790.msg26145#msg26145">Quote from: RHorning on December 02, 2010, 05:36:46 AM</a></div><div class="quote">Presumably if the protocol requires a renewal transaction, the identity authentication system (likely a public/private hash key) would allow you to create a new "transaction" on the network submitting the necessary information along with a transaction fee. <br/></div><br/>I see. Then the miners will set the fee for domain renewal.<br/></div><br/>Exactly!&nbsp; It would become a marketplace where those people willing to put resources into building this chain would set the fee they think is most appropriate.&nbsp; I really don't see this happening without fees getting put in at some point.<br/><br/>This is also something where deflation would be dealt with through the marketplace as well, as there would be increased competition if transaction fees started to get a little high where somebody offering to take on perhaps slightly lower transaction fees would push their way into the block making competition.&nbsp; So if 0.01 BTC becomes worth $100, there might even be many "miners" willing to charge perhaps only 0.001 BTC or an even smaller amount.</div> text/html