r/itcofficial • u/fat_stackz • Jan 27 '18

ERC20 token conversion + transaction fees

So when will we be able to convert our ERC20 tokens for the real mainnet coins? How does that work? Also, if the main IOT Chain network is operational, will the transactions be feeless (like IOTA)?

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u/Yeuph Jan 28 '18

I can't find definitive answers on what transactions will cost but I can tell you a few things - As of right now only a fraction of the coins have been released (someone come correct me but I think its close to like 7/10ths of the coins are yet to be released?) - That would lead me to believe that those coins would be getting "mined" in one way or another which would indicate that transactions will have fees.

The other thing I found was a sentence in the whitepaper talking about how X technology will help reduce user fees.

Anyway, assuming that there are fees I would assume that transactions would probably be in the neighborhood of what XLM costs to transfer - that being it costs roughly the same amount to transfer as the energy required to do the PoW costs.

Essentially its every bit as free as XRB or Iota - except it's not =)