How does STORE achieve zero fee payments?
The current state of payment processing fees
Each time you swipe your debit/credit card or make a purchase online, between 2.5 - 3.5% of the transaction is paid in fees to a payment processor. Estimates put this global settlement market at $21 trillion.
How does //STORE achieve zero fee payments?
At STORE, our vision is to deliver a decentralized cloud computing protocol which enables zero-fee, programmable payments to become a reality.
Small amounts of inflation are used to pay miners for providing compute resources and performing transaction validation. These can also be referred to as “leaderless block rewards”.
What is the $STORE inflation rate?
“Sound money” is a term used to describe credibly low and long term predictable inflation. The STORE treasury is almost as sound as Bitcoin, with a non-compounding 2% maximum yearly inflation rate capped at 20million $STORE per year.
How are miners rewarded?
In addition to utilizing the patented BlockfinBFT consensus mechanism, STORE is a Dynamic Proof of Stake (DyPoS) blockchain where more resource-compute-intensive apps are processed by;
- 1.Tier-1 STORE nodes (miners) running compute resources & apps
- 2.Tier-2 Cloud miners providing distributed, secure storage services
This enables parallel processing of multiple blocks/transactions, resulting in faster transaction throughput and an improved user experience.
As a result, miners are paid a portion of the inflation rate as block rewards, commensurate with the amount of transaction validation work they have to perform.