I have a specific need and am wondering if the following scenario is possible using NEM.
I would like to create a mosaic + namespace, and …
PAY ALL OF THE FEES ON BEHALF OF ALL THE USERS…
I would like to be the one responsible for not only the annual NEM mosaic fee but also for all the transaction fees between random end users.
I would also need to be able to set a discount amount on all transactions, to pay for my efforts and the fees involved. This feature, I believe, is already implemented…
Here is what I have in mind.
I would issue the money, give it a value of (let’s say) $100 each - and be willing to always buy it back at that price. I would issue this currency to all subcontractors and suppliers that are owed money. As a first step, this would accomplish fool-proof bookkeeping. They can keep accumulating this currency, or cash out immediately. No need to keep track beyond issuing the owed amount.
Set a discount amount, for example, at 2% (pulling this number out of thin air, for now - but whatever this is an example), that money would, in reality, go back to me, to pay for the entirety of the project.
That way the end user could use the NEM wallet to pay for or exchange this new currency (really a NEM mosaic) with other people willing to take it. Each transaction would incur a 2% (again, or whatever it will end up being) discount, so a person with $100 worth of this currency would either be able to get $100 in cash (bank transfer from me) or transfer $100 to someone else, with the random recipient wallet now only getting $98 ($100 - 2%), with the 2% going to the namespace/mosaic admin. Operationally quite similar to a credit card transaction fee for the seller, basically.
What this would accomplish is that the currency would be liquid in the sense that I would always pay US$ for it for those who wanted to ‘cash out’, and yet portable, instant and quasi-anonymous for those who wanted to use crypto that does not fluctuate, as cash, without worrying about having to have yet another currency (NEM) in order to pay the transaction fees.
I would be paying everyone’s fees, knowing that in the end, the incurred transaction discount would pay for it.
This new crypto would always be the $100 or whatever is decided at the beginning and the transaction fee (the discount) would also probably be set for good.
I am thinking that if this was possible I would use it to pay numerous subcontractors and suppliers with this new artificially valuable (100% backed by me) currency and they could either cash out when they are ready and in need for cash or use it to pay for things between other users of this currency who are willing to accept it as payment, as they would know they can then cash out themselves or use it again to pay to someone else still, incurring a discount themselves.
Each and every transaction between users would incur the ‘discount fee’, not just the 1st one, of course. That way even if numerous transactions happen between users out there, there will always be enough to cover their transaction fees, in NEM, by me.
To break it down, these are the questions:
1) can I set the usage discount fee to go to me as the maintainer of the currency
2) can the end user (both buyer and seller) not have to worry about paying the fees themselves in NEM
3) who do I contact about this if this feature (3rd party commission payment) is not yet implemented
Hopefully, this is sufficiently and clearly explained, please let me know if I need to elaborate on anything further.
The key point in this whole thing is that the end user should not have to worry about getting NEM for payment of commissions. It needs to be as simple as possible. 1) get a wallet 2) transfer money easily 3) know up front the percentage it will cost to use 4) be able to cash out at any time.
Since the NEM value may fluctuate in the future, can the discount/commission fee charged for between user transactions be made to be variable or can the mosaic admin change it periodically? This way, in case NEM goes up to $15,000 and with our currency being worth only a fixed non-changing $100, the actual NEM transaction fee could get overwhelming…
I think giving the admin the power to change the percentage discount fee on the mosaic transactions would solve this, but I don’t think that is possible with the current release…?
The more I think about this, the more this whole thing opens a can of worms.This would only work if the value of the actual NEM doesn’t go over a certain amount, otherwise, the fees (paid in inflated NEM vs a static percentage of $100 mosaic unit) would kill this… hmmmm