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- Feature Name: Dynamic Fees V1 (Configurable Fees)
- Start Date: (2021-04-20)
- RFC PR: [mobilecoinfoundation/rfcs#1](https://github.com/mobilecoinfoundation/rfcs/pull/1)
- MobileCoin Epic: MCC-2301
Decrease the minimum fee to 0.0004 MOB (400uMOB, which is 0.02 USD/tx at a 50 USDMOB exchange rate) per board instruction, allow node operators to override the hard-coded minimum fee, and prevent divergent fees by including fee agreement in the node-to-node attestation / key exchange protocol.
MobileCoin launched with a hard-coded minimum fee of 0.01 MOB. When this constant was set, the value of MobileCoin was assumed to be slightly below 1 USD per coin, resulting in a per-transaction fee of under 0.01 USD (1c). In the intervening 6 months, the value per-coin increased to 50 USD, resulting in a per-transaction fee of 0.50 USD.
This fee is too high to reasonably support the cannonical use-case---purchasing a cup of coffee---and we would like to lower the fee to $0.04 to bring it back in line with that use-case.
However, this creates up a different problem. If the consensus system is roughly capable of completing 50tps (transactions per second), then the cost of conducting a denial of service attack is directly related to the size of the fees. At 0.50 USD/tx, consuming the entire consensus power of the network would cost over 2 MUSD/day.
At the desired 0.04 USD/tx, however, the cost of conducing a denial of service attack would be less than 175 kUSD/day. This may seem like a lot of money, but recall that at peak trading on FTX, 80 MMOB or 4 GUSD changed hands, which gives some sense of scale to those costs (i.e. they are too low).