Operating on the BSV blockchain has become even cheaper and easier. A feature of the recent BSV node upgrade was to eliminate a contentious function called the network “relay fee”. The fee was the minimum price users paid for placing a transaction on the BSV blockchain. With the removal of the relay fee, the blockchain is positioned to see greater usage among developers and businesses — especially those in developing economies.
As the BSV network’s leading transaction processor, TAAL was at the forefront of the relay-fee change, working with the Bitcoin Association and nChain, the London-based engineering company focused exclusively on improvements for the BSV blockchain. In March, it had already lowered the minimum transaction fee and set the relay fee to zero. Now, TAAL and other mining operators will only charge transaction fees, which are typically a fraction of a cent on the BSV blockchain.
More importantly, by eliminating the relay fee, the BSV network reestablishes its commitment to the original bitcoin protocol, underscoring its status as the most scalable and economically viable digital cash transaction public blockchain. While transactions are immediately validated when submitted to a node, the removal of the relay fee ensures that transactions are also immediately visible in the mempool and are propagated to the network. This feature dramatically improves the transparency of transaction processing services, ensuring full visibility for all participants in the BSV blockchain.
“We are delighted to have collaborated with the Bitcoin Association, nChain and innovative customers in bringing this new release of SV Node into the BSV network promptly. This release implements foundational bitcoin protocol logic, enables mining operators to set competitive transaction fees and eliminates the confusion around relay fees and dust limits that application and service builders rightly were frustrated with. We will constantly listen to the market, respect the protocol logic, and ensure we are making the adoption of BSV frictionless for all,”
says TAAL CEO Richard Baker.
Baker noted that the change took time and careful consideration to ensure the change would not impact the overall effectiveness of the blockchain or the solutions built on top of it. The low transaction fees complement the blockchain’s technical advantages that allow for all types of project and industries to create scalable innovations. By fostering more activity, TAAL expects to enjoy much more revenue. The low transaction fees it charges will lead to increased adoption and application development, which is predicted to generate a greater number of transactions. The more transactions there are, the more transaction fees a company like TAAL will be able to collect.
With the launch of TAAL Console on April 5, a web-based platform that features easy management solutions and real-time tracking of the BSV blockchain, the company also published new pricing for processing transactions via the TAAL API.
Options include a standard package of 50 sats/kilobyte (average transactions of 250-500 kilobytes) and customized package that can include value-added services and volume discounts.