Blockchain Network’s Hard Fork to Triple TPS and Give Users Flexible Transaction Fees
A blockchain network is gearing for an imminent, non-contentious hard fork – delivering flexible transaction fees and an enhanced plugin system for users.
A blockchain network is preparing for the imminent hard fork to the second version of its core system on 28 Nov – with users set to benefit from flexible transaction fees and the ability to develop their own plugins with ease.
ARK has been preparing Core V2 of its platform for some time, and has stressed that its community will not be affected by the hard fork as long as they update their desktop or mobile wallets to the latest version. Upon launch, exchanges and node operators will be required to update to the new core codebase.
Forking out for fees
The team says one of the most exciting developments from the upgrade is its Dynamic Fees system, which enables ARK users to outline the maximum fee they are prepared to pay in order for their transaction to be completed.
ARK wants to create a marketplace for transaction fees – offering flexibility to people who are prepared to wait a little longer for funds to clear in order to keep their costs down. The protocol-level change could also help increase levels of competition among delegates, who are responsible for including transactions in their blocks. There is a cap in the wallets on how high fees can go – meaning users who need their funds urgently won’t be facing exorbitant fees.
ARK hopes to ensure that this system is achieved “without detracting from or confusing the seamless user experience” – and to keep its community informed, an advanced option is being made available where users can see the lowest and highest transaction fees paid over the past 30 days, in addition to the average. Mechanisms are also in place to prevent users from transferring more funds than they intended.
Once the hard fork has been completed to Core V2, ARK says its platform will be able to handle three times more transactions per second (TPS). The number of transactions that can be placed in a single b