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We have been working on Launching One of the most stable coin on Ethereum Network. And as part of strategy we want to get rid of Transaction fees for every coin transfer between wallets. With Ethereum we can control, make it 0, but then it would lead to dilemma of no transaction validation on Ethereum Network. We are looking doing some research and seeking help from experts in the community.

To have all features of Ethereum Blockchain, shall we customise Ethereum Blockchain Code and launch our public network with no GAS and Miners? Like Quorum did for Private Permission Network. Or any other way we can achieve this? Just to make sure, our system will have some complex Smart Contracts so we cannot choose network like Stellar or similar.

Any hint with some guidance will be appreciated.

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Transaction fees are not only there to incentivise miners to inclide transactions into a block. They're also there to prevent ddos attacks where anyone can spam as many transactions as they want into the network and clog it up.

You should come up with a solution which mitigates both problems.

In a private network, you could just ban the spammer. In a public decentralized network, however, that's not going to work.

  • We thought of some solutions for the same but I think we should have GAS, to get rid of spammer, which is controlled by our network with some reserve. Not by Ethereum. Thanks for great insight. – Krunal Soni Aug 14 '18 at 10:42
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You should look at setting up a Proof of Authority Chain, where Sybil-resistance can be achieved through the authorities rather than fees imposed on the user. It is possible in that situation that your network could have a gas-price of zero, and still function well.

However, using this consensus algorithm, you wouldn't have "miners", and not everyone would be able to participate in validating blocks.

  • Thanks for the great suggestion. We don't need miners to validate the blocks. Can it be leveraged as public Blockchain with our own coin as currency? – Krunal Soni Aug 16 '18 at 8:23
  • Yes it can, and there are a few examples of coins/chains that do this. – Shawn Tabrizi Aug 16 '18 at 17:13

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