There will be fees but they will be in Hive.
The block validators will be different from the Hive Witnesses and, without a token for the blockchain, payment will have to be from fees.
It will be a lot less than Ethereum and be much more decentralized than BSC.
That according to @klye at least. We will see what he ends up coming up with.
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We'll be using a Bonded Proof of Stake consensus mechanism that requires users to bond or powerup their HIVE on the Hive Smart Chain to a certain amount to have their account unlocked for staking. They'll also have to run an HSC node as well.
This will allow basically anyone to be a witness, provided they have some stake in HIVE and in HSC. SHould be good. Even though my proposal funding got cut still very much working on it.
I wish you the best of luck while you work on it. I saw quite a few proposals get cut due to the increased funding cutoff being increased. HIVE SQL was also impacted.
I don't know if I want to run a HSC node so I guess I will just be a consumer and not a staker.
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That is perfectly fine if you're not interested in running a node. We'll have all sort of stuff available on the side chain for everyone to do in time. :)
Is this required to just use the blockchain or only for block validators?
Perhaps I am a bit confused.
I think it great that anyone can be involved in the governance/operation of the chain. That is great. But to use it, we need to have some Hive powered up?
If that is the case, another wonderful sink you are creating @klye.
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Only for validators.
users won't need bonded stake to use the chain
I am glad to read that you are still plowing ahead and getting things in order with it.
This is vitally important to Hive although I dont think most realize it.
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Sorry to hear about the proposal. I'm very new to the whole blockchain stuff but if there's any way a regular joe can help, just let me know!
Really excited about this project
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