Connect with us


IOTA Community on “Feeless” But It’s Not “Free” Per Se



IOTA expressed:  The interoperability framework of IOTA enables novel use cases for crypto, like creating assets on one chain and transferring it to another – without fees! The crypto economy is now at your fingertips.

Community response:  It’s only a matter of time until ETH devs will start building on top of IOTA. No transaction fees are a killer feature enabling limitless scalability.

Why price does not pump?  Matter of time.

I want to transfer tokens IOTA to the Trezor Model T cold wallet. Is there such an opportunity, and if not, when will it be? Currently, only Ledger Nano is supported.

The technology is strong with no doubt, while the marketing is not as it should be. I hope the infrastructure bill benefits IOTA in some way. I’ll be holding these coins for a while. I’m very bullish on anything that has to do with the IOT and Intel/Mobileye.

Further, IOTA multi-asset multiverse is coming.  This is expected to being in huge implications for its tokenomics.

Community response:  IOTA smart contract chains can freely choose if they introduce fees or not. + Everyone can run a similar SCs on their own chains Result: Free market of SC services creates a race-to-the-bottom for price.

This deposit-mechanism also enables arbitrary data to be permanently saved on the Tangle, simply by adding an IOTA token deposit to any data transaction (for example to permanently store digital identities)” Some people would call this a fee, would you agree?

A fee is when you pay money to a third party/gate-keeper and then the money is gone (from your perspective). A deposit is always 100% under your control and you get it back at the end thats why people is “feeless” but it’s not “free” per se.

All well and good for token holders, but won’t it become prohibitively expensive to use the network with a limited token supply?

This will be decided by free market. If people are willing to pay a lot in order get data onto the Tangle, then the token price will reflect that. Òf course, this could mean that the Tangle might eventually not be used for “everyday coffee buy” but only for very valuable assets.

IOTA will be under constant squeeze. Not only IOTA would be needed but also industries and foundries would be better off holding it while everyone entering the free ecosystem would need to buy and hold to use the ecosystem. Constantly decreasing supply and increasing uses.

If you want to use a FREE ecosystem, you need to be invested in it. Simple.

I’m afraid we will end up just like ETH, but with storage price replacing transaction fees, you still get your IOTAs back when you let go of the space.

News Source