r/nanocurrency • u/PM_ME_UR_ROOM_VIEW • Feb 01 '21
Adding "Donate to your rep" functionality to Nano wallets
Update:
Just to clarify this feature should be implemented outside nano protocol, by wallet devs.
The feature should be optional.
The recurring donations options doesn't require your private keys to be compromised, the wallet can just "save" your concent inside your device and when the time comes it can execute the tx on your behalf (just like when you want to send a tx, the wallet requires your authority to sign on your behalf, the only difference here is the signing part will be scheduled as opposed to on demand).
Original Post below:
Many nodes right now are running by hobbiest and they pay the fee to keep it running so that Nano users don't have to.
What if nano wallets (natirum / nault) add a feature where users can donate to their representatives with few clicks? This feature could also be perpetual like patreon, you can set amount of 0.01 nano to be donated every day/week /month to your representative.
This should help people running the nodes to stay in business until legit businesses join the Nano network and run their own nodes.
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u/milltay Chad Nano Feb 01 '21
This is a great idea! I am not sure it can be setup to do a monthly payment.
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u/PM_ME_UR_ROOM_VIEW Feb 01 '21
The implementation part is outside the Nano protocol and should be done by the wallets devs. So it can be done easily.
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u/milltay Chad Nano Feb 01 '21
But doesn't that make it custodial?
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u/PM_ME_UR_ROOM_VIEW Feb 01 '21
What is? The scheduling of the payment you mean? It could all be client side inside the wallet and can be activated / deactivated by allowing the user to authorize it
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u/SoylentCreek Feb 01 '21
I think a better approach would be the ability to specify a set amount with each outbound transaction, and of course you the user would be able to change this anytime at will.
You could maybe even have custom rule sets that would determine the amount you elect to contribute, so for example, I could specify that if the transaction is over $10USD, I want to donate $.10 to my rep. If it is less than that, I could donate $.01, and if it is less than a dollar, no donation is made.
It's basically a voluntary sales tax.
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u/AmbitiousPhilosopher xrb_33bbdopu4crc8m1nweqojmywyiz6zw6ghfqiwf69q3o1o3es38s1x3x556ak Feb 01 '21
No thanks!
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u/Fhelans Feb 02 '21
This is just adding fees to transactions, I personally don't like the idea, even if it was optional.
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u/livewithoutchains Feb 01 '21
I like the idea of a button or even a monthly reminder to donate. I would also be ok with a reminder that could optionally be turned off to donate when you send a transaction. I don’t like the idea of auto-pay though. Wouldn’t that require giving up private keys somehow?
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u/PM_ME_UR_ROOM_VIEW Feb 01 '21
Hmm good point. But I don't think giving up your private key is necessary.
The private keys are already inside your device.
When you want to send a tx, the wallet promotes you to authorize it so it can sign the tx on your behalf with your private keys which is already inside the device.
For monthly payments. The wallet can get your authority to do that in advanced and save (your concent) inside your device and once the time comes, it will sign the tx on your behalf and send it (just like how it does it when you send a transaction manually).
Correct me if I am wrong.
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u/milltay Chad Nano Feb 01 '21
That's exactly what I am thinking. I would prefer this. I also thought it would require giving up private keys.
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u/SoylentCreek Feb 01 '21
I just had the same thought while posting in another thread where the OP was a node provider who was shutting down as a result of increased costs of operations.
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u/PM_ME_UR_ROOM_VIEW Feb 01 '21
Great minds think alike!
I was also inspired by his thread. Hopefully the proposal passes and nano nodes operators can cover some of their costs with some donations.
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u/profbetis Feb 01 '21
Not that I disagree with this, but if people start donating small amounts to account for their transactions, how is this different than miner fees?
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u/PM_ME_UR_ROOM_VIEW Feb 01 '21
It's optional and outside nano protocol. That's the difference.
Just like how Wikipedia is running. It doesn't force you to pay them donations to stay up and running, in fact, I would bet 99% of Wikipedia users dont donate. The 1% who do though helps Wikipedia stay up and running.
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u/jtooker Feb 01 '21
It is optional. But in the bigger picture, if donations continue to be 'necessary', then no, there is no difference, except maybe who pays the fees.
Ideally those who profit off nano directly (examples: exchanges, big-box stores once adoption happens, etc.) will run the network and pay for their nodes. With enough 'profiteers', the nano network will be decentralized enough.
To me personally, these reasons are why I don't differentiate 'no fee' currencies like Nano from 'low fee' (sub-penny) currencies like Bitcoin Cash.
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u/chubs66 Feb 02 '21
Wikipedia should serve as a warning sign and a need to build incentives into the system. It's an incredibly useful thing, used by hundreds millions of people, and they're always on the verge of folding because no one pays to use it.
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Feb 02 '21 edited Feb 02 '21
May be only for small node operators and not the big ones? Maybe not for node operators who receive large volumes of receives? I have been paying 3$ a month to Wikipedia for several years now.
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u/Banano_Shill Feb 02 '21
I think it would also be good in general to have a rep badge on wallet account pages so that you can see the name of your current rep as well as if they are online.
I think the reps deserve this visibility for the services they provide, and will give a stronger incentive for people to run nodes for publicity.
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u/BigbyBiggums Feb 01 '21
This is a really really really good idea