Is creating a zero fee transaction ecosystem possible using only staking mechanisms?


I’d like to throw the following question out there, and I’d appreciate inputs =)

Is it possible to create an ecosystem on Icon that enables transactions to occur with zero cost in fees?

Being a person who loves simplicity, I feel discouraged when I observe a plethora of methods (with layer and layers of complexities) used to try to create a blockchain system or Dapps, with the hopes that, once it is completed, their respective tokens will have a high probability of being used.

Is it feasible to create an ecosystem where the fundamental mechanics deal with only staking and data/monetary transactions?

e.g Alice downloads an icon dapp to send money to bob. once downloaded, Alice generates 10ICX for verifying her ID. She then stakes the token, so she can send money to bob with no fees incurred. Bob, on the other hand, needs to verify his ID to generate 10ICX, and stake it to receive the amount sent by Alice.

Hi Joseph,

Thanks for starting this thread, certainly an interesting topic. This style of operations sounds somewhat similar conceptually to how EOS works, where you must stake EOS in order to have access to a certain amount of network resources.

This type of solution comes with it’s own complexities, as there still needs to be some sort of limitation associated with the number of transactions you send relative to your stake. If, for example, there were no limitations after staking 10 ICX, somebody could quite easily and cheaply DDoS attack our network.

Having said all that, ICON’s token economics work much differently than this, so switching to a system like this would be a major system overhaul. We would need to see immense benefits to switch to a system like this in order to take on the development effort. But either way, I’m happy to keep the discussion going to see if there is something of value we can do with our current network. Let me know what you think and if you have any followup questions