When providing the next update there are a couple of things that should be looked at and would be good to discuss them a bit beforehand.
When using the IRC within the wallet, if you type in anything in the "console/pm" field other thanPRIVMSG the QT will crash. This is present in the Windows and Linux wallet and talking to MDTspain, it does not seem present on the Mac.
Also, the minimum fee is much too low at 0.00001 Coins per transaction and presents a bloat issue where it is virtually free to send alot of meaningless transactions. Peercoin has a very similar coin float and the fee there is 0.1 coins (or approximately 10 cents per transaction), the larger fee has helped keep the size of the Peercoin Blockchain to approximately 380 mb after 3 years.
Taking into consideration the float value and size, I think the minimum fee should be in the neighborhood of 0.1 - 1 Coins, higher being better until the point where the distribution and value is high enough that it needs to be lowered.
A higher fee is better because it also provides more Coins through Stake. In every Block all transactions are gathered up and the sum of all fees within that Block go to whoever Stakes that Block. The amount of Blocks a person would Stake is proportionate to the amount of Coins Staking on the network and the amount of Coins in the transactions.
In order to further reduce the amount of transactions and size, a Stake split threshold can also be introduced. This is present in Blackcoin and several other POS only coins and is the point at which when you Stake, it will not split your transaction into 2 parts. For Blackcoin, the threshold is 1000 coins so if you have a Block of 1000 coins or less that Stake, you do not have to spend the amount of the TX fee in order to re-combine those transactions into a larger Block.
A couple other things that can be done as well going forward is look to get listed on exchanges that offer interest bearing accounts for POS coins. There are several exchanges that have begun to offer this option and would be good to be on the lookout for exchanges that are able to offer POS interest while keeping coins on the exchange.
Also, Whitecoin has been working on their own Operating System. Basically it is the Wallet compiled within the Ubuntu operating system and something like this is good because a POS only coin should have as many people Staking as possible so instead of just trying to secure the wallet, it would be better to secure the entire operating system around the wallet. With a secure Linux operating system within the cloud, you can SSH into your wallet from anywhere and on any system so you don't need to have a wallet for Windows, another for Mac and another for Android because you can access it through something like VNCviewer.
I like the idea about stake split threshold as also for exchanges that offer interest bearing. Let's discuss more on #mutliwallet channel or here with our devs to see what is possible to realize. Thanks for your contribution, all ideas that bring additional value to MWC are warmly welcome
I have been looking into fees and interactions for some time because there should be the incentive to Stake (higher security, faster sync times) but a high amount of inflation becomes negative over time because you cannot keep a high rate of inflation forever. High inflation is also more of a negative for investors because you cannot accurately predict what the money supply will be over time so then the only option then is the approach of fee sharing.
Fractalcoin even took fees in a different direction by trying to do 0.5% fee of the transaction input but encountered the issue that stops coins from implementing it, all the fees gathered go directly into the next Block. POS and especially electrum wallets only compute from the last Block but for something like percentage fees to work, you would need all fees to spread out over a large number of blocks so that it creates a base amount to Stake for on top of the inflation per year.
In fact, if fees could be spread out over a large number of Blocks (1000 or even 10k Blocks), if you were to send an extremely high fee it would be akin to a share giveback and spread more evenly between active Stakers within the period.
