I’ve been following the topic on transaction fees for a while and I thought of sharing an idea I’ve had that could tackle the problem. I’m not particularly knowledgeable with coding so, forgive me for any wrong assumptions, I only wish to give my two cent in the hopes that any of it helps.
Storj Live Wallet
An integrated online account managed by STORJ where our payments would accumulate. Using a virtual Storj token, there would be no actual transaction fees until we (SNOs) decide to withdraw it to our ETH wallet.
This could achieve two things:
1. Save a ton on transaction fees.
If I read last update right, you’re paying $17~ for each payment which is a staggering amount. Although it’s a fantastic gesture on STORJ Team’s part to keep paying that, I personally think it’s a waste of money that could be put to better use.
2. Smart automation of payments.
Plenty of options that could be set and forgotten and thus, achieving the current result and much more:
- Transfer % to wallet when balance reaches X,
- Transfer % to wallet when gas is below Y,
- Transfer % to wallet when STORJ price reaches Z.
A further step: Storj Stake
If the above-mentioned idea were to work, part of the savings could be reinvested in a PoS (Proof of Stake) style where keeping a balance on the online account pays a small % back overtime.
And to save further fees, the % of interest could build up and reset at every withdrawal.
What this could mean:
- Proving beneficial for long-term hold, very much like an online savings account.
- It could potentially lower STORJ supply and thus increase its demand on exchanges (please investors, do correct me if my reasoning is wrong here).
- It would attract more investors to buy and hold without the commitment of becoming SNOs (Buy Storj on exchange and send it onto official account for interest).
I hope my general brainstorming makes sense and I look forward to receive some constructive feedback.