14

I read that RingCT will bring transaction sizes close to about 13kb.

How much larger would a mixin=4 Monero transaction be compared to a Bitcoin transaction?

Based on a 13kb size, it would be about 0.13 monero per transaction, which is quite a bit more than normal. Are there plans for changing the fee structure calculation based on this transaction size change? How will this affect wallet dust?

  • 3
    I think the current fee structure is temporary. – PyRulez Aug 2 '16 at 1:49
  • 2
    I think I might have been premature in claiming 13 kB. This was based on trying transactions, but apparently there can be more savings. I'll reply when I know more :) – user36303 Aug 2 '16 at 8:45
  • I now know more, and I have replied below :) – user36303 Oct 8 '16 at 11:07
5

I said I'd replay when I knew more in the comment above, so better late than never:

RingCT transactions currently clock at about 13 kB for 2 inputs and 2 outputs at mixin 3. Only one output can get it down to about 6 kB, but typically change means 2 outputs will be the usual case (for now). Most of this can be pruned at some point, but that's still the size which is considered for the fee.

Fees were recently decreased from 0.01 monero/kB to 0.002 monero/kB (80% decrease). The fee for a 13 kB ringCT transaction will thus be 0.026 monero (vs the 0.13 it would have been without the fee change).

It is expected that fees will follow a dynamic formula based on block size at some point in the future, but this is not done.

8

I can't imagine a scenario where we base-price transactions at anything more than per-kb pricing. It's the most logical way to price it, given that you're literally paying for indelible space on the blockchain.

7

According to user36303, we do not know for certain yet what the exact transaction size of Ring CT transactions will be. Therefore, this post will be updated once we know that. However, it is highly likely that the fee structure of Monero will stay the same, i.e., transaction fees are calculated per KB. The transaction fee is currently is 0.01 XMR per KB. One has to keep in mind that fees in Monero are generally higher, because (i) disincentivizing spam/paying for block space, (ii) anonymity not being free, and (iii) Monero's price in fiat being at the upper end of its recent range. If its price continues higher, fees will be adjusted downward (measured in XMR). Let's say, in a hypothetical world, the price of one Monero would rise to 5$. As a result, the fee would likely be decreased to 0.001 XMR. If Ring CT transactions would be somewhere between 6.5 KB and 13 KB, the cost to perform a cryptographically private transaction would be somewhere between 0.0325 $ and 0.065 $, which is lower than the current median transaction size of Bitcoin of approximately 0.085 $.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.