High Counterwallet TX Fee

JPJA · November 4, 2016, 12:55pm

I made a send with Counterwallet today and the fee was $0.26.

I tired another wallet with a $0.04 fee and it too worked, albeit a few blocks’ wait.

These were both simple BTC sends, and I don’t know if $0.04 would be sufficient with a an op_return encoded XCP tx.

What I advocate are

CW GUI should inform users of the TX fee
It would be nice with fee amount options, ideally high fee/fast confirmation vs moderate fee/some wait time.

something · November 5, 2016, 7:05am

Yeah I found the same the other day (but my transaction went through really really quickly while that same day people were bitching left and right about the congestion on the bitcoin network).

Counterparty (and Counterwallet) now uses dynamic fee estimates from Bitcoin Core.

I agree it’d be nice to allow users to set their own fee, I proposed this high/low idea to Indiesquare and I think they implemented that.

I think the easiest way would be to not estimate anything, but just let people enter the fee and provide a link to somewhere where they can see the current situation. .

If actual fees can be decided by the user and for each individual transaction, then each action (Send, Issuance, DEx, etc. ) would have to be changed, plus some logic written to give options. It’s not trivial but it’s much simpler to just add a Hi/Lo Transaction Priority setting in Settings > Advanced, plus an indicator somewhere in the UI that informs the user of the current setting. Yes that’s a primitive way to do it, but considering how many things have to be done in CW (e.g. how are we going to support SegWit), I think we need to lead with the minimum requirements (which would simply use Bitcoin Core RPC to get estimatepriority 2 and estimatepriority 6 to get inputs for the Lo and Hi and then divide those by the transaction size and multiply if it’s multisig to get to the final fee figure) .

I wish I knew enough JavaScript to be able to add this PR, but I don’t. You could, though

something · November 7, 2016, 12:54pm

By the way I think it’d be good to implement the recommended fee in CounterTools (the simple method "Target confirmation time: 10|30|60 minutes") and then submit a PR to CW.

Reference: Counterwallet’s fee setting:

github.com

CounterpartyXCP/counterwallet/blob/develop/src/js/consts.js#L52


};


var COUNTERWALLET_CONF_LOCATION = "/counterwallet.conf.json";


var NUMERIC_ASSET_ID_MIN = bigInt(26).pow(12).add(1);
var NUMERIC_ASSET_ID_MAX = bigInt(256).pow(8);


var SUBASSET_MAX_DISP_LENGTH = 20;


var IS_MOBILE_OR_TABLET = /Android|webOS|iPhone|iPad|iPod|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);
var MAX_INT = Math.pow(2, 63) - 1;
var UNIT = 100000000; //# satoshis in whole
var MIN_FEE = 20000; // in satoshis (== .0002 BTC)
var REGULAR_DUST_SIZE = 5430;
var MULTISIG_DUST_SIZE = 7800;
var MIN_BALANCE_FOR_ACTION = 50000; //in satoshis ... == .0005
var ASSET_CREATION_FEE_XCP = 0.5; //in normalized XCP
var SUBASSET_CREATION_FEE_XCP = 0.25; //in normalized XCP
var DIVIDEND_FEE_PER_HOLDER = 0.0002
var MAX_ASSET_DESC_LENGTH = 41; //42, minus a null term character?
var FEE_FRACTION_REQUIRED_DEFAULT_PCT = .9;   //0.90% of total order

And for Counterparty Server API:

github.com

CounterpartyXCP/counterparty-lib/blob/master/counterpartylib/lib/transaction.py#L471


        unspent = backend.get_unspent_txouts(source, unconfirmed=allow_unconfirmed_inputs, multisig_inputs=multisig_inputs)


    # filter out any locked UTXOs to prevent creating transactions that spend the same UTXO when they're created at the same time
    if UTXO_LOCKS is not None and source in UTXO_LOCKS:
        unspentkeys = set(make_outkey(output) for output in unspent)
        filtered_unspentkeys = unspentkeys - set(UTXO_LOCKS[source].keys())
        unspent = [output for output in unspent if make_outkey(output) in filtered_unspentkeys]


    unspent = backend.sort_unspent_txouts(unspent)
    logger.debug('Sorted candidate UTXOs: {}'.format([print_coin(coin) for coin in unspent]))
    use_inputs = unspent


# use backend estimated fee_per_kb
if estimate_fee_per_kb:
    estimated_fee_per_kb = backend.fee_per_kb(estimate_fee_per_kb_nblocks)
    if estimated_fee_per_kb is not None:
        fee_per_kb = max(estimated_fee_per_kb, fee_per_kb)  # never drop below the default fee_per_kb


logger.debug('Fee/KB {:.8f}'.format(fee_per_kb / config.UNIT))


inputs = []

Defaults in Counterparty Server:

github.com

CounterpartyXCP/counterparty-lib/blob/master/counterpartylib/lib/config.py#L87


BURN_END_MAINNET = 283810




# Protocol defaults
# NOTE: If the DUST_SIZE constants are changed, they MUST also be changed in counterblockd/lib/config.py as well
# TODO: This should be updated, given their new configurability.
# TODO: The dust values should be lowered by 90%, once transactions with smaller outputs start confirming faster: <https://github.com/mastercoin-MSC/spec/issues/192>
DEFAULT_REGULAR_DUST_SIZE = 5430         # TODO: This is just a guess. I got it down to 5530 satoshis.
DEFAULT_MULTISIG_DUST_SIZE = 7800        # <https://bitcointalk.org/index.php?topic=528023.msg7469941#msg7469941>
DEFAULT_OP_RETURN_VALUE = 0
DEFAULT_FEE_PER_KB = 25000               # sane/low default, also used as minimum when estimated fee is used
ESTIMATE_FEE_PER_KB = True               # when True will use `estimatefee` from bitcoind instead of DEFAULT_FEE_PER_KB
ESTIMATE_FEE_NBLOCKS = 3


# UI defaults
DEFAULT_FEE_FRACTION_REQUIRED = .009   # 0.90%
DEFAULT_FEE_FRACTION_PROVIDED = .01    # 1.00%




DEFAULT_REQUESTS_TIMEOUT = 20   # 20 seconds
DEFAULT_RPC_BATCH_SIZE = 20     # A 1 MB block can hold about 4200 transactions.

@jdogresorg in #L88 of this last file, you can set your target estimate to 6 blocks if you want.
Today when I was writing that Bash script I realized that 10 and 30 mins fees were exactly the same (based on several tests I did with the API)

something · January 4, 2017, 5:55am

I’m glad to see that somebody did submit a PR that improves this for counterparty-client and API users.
CW still needs a hook for this, IMO preferably in the Send modal (if not, then in wallet Settings).

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High Counterwallet TX Fee

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