Namespace, Mosaic - how the fees are paid

[ccs]

I am interested in creating a crypto, a subset of NEM. For that, I need to create a Namespace and a Mosaic within it, correct?

It is my understanding that the transactions are paid in NEM, a small amount, but in NEM.

1. Who pays it? The creator of the mosaic, on behalf of everyone, or the end user?

2. Is there a way to make the Mosaic transaction deduction adjustable, I only see a way to set it once and that’s it, during the initial creation of the mosaic (private cryptocurrency).

---

If it is the end user, then does that mean the end user has to keep track of TWO cryptos, NEM, and this new private Mosaic based currency?

If so, then that kinda defeats the purpose.

It would be ok for the creator to pay all the fees, and have a percentage of each transaction subtracted to account for this.

HOWEVER

NEM price does and will fluctuate, hence the effective (dollarized) transaction fees will fluctuate with it (NEM/$).

Is there a way to adjust the [initially-set] transaction percentage ‘fee’ in the custom currency to reflect that? It would be great if it could be tied to NEM, in some way, so if NEM is X, then the fee percentage deduction in the private crypto is based on that X. If the price of NEM is X*Y, then the crypto fee adjusts.

If the actual NEM is required by each end user, then that just will not work… It is simple-enough to send people this private crypto, NEM wallet to NEM wallet, however, the end user, the Joe next door cannot be expected to try to buy NEM to pay for it.

I know from experience it is not the easiest thing for a layperson to buy NEM (or whatever other cryptos). We need a solution where we issue a mosaic, NEM based crypto, use it in a select group of people, the fees to be paid by the creator of the mosaic, all this needs to be frictionless for the end user. All they need to know 1) get a wallet 2) there is a small percentage deducted during each transfer. No need for the end user to buy crypto (NEM) online somewhere, dealing with bank and credit card speed bumps and restrictions… That would be way too complicated…

Please set me straight. It is entirely possible I misunderstood the whole concept.

[CryptoBeliever]

Not sure if it will answer all your questions but:

Yes. You need buy namespace (100xem) and mosaic (20xem).

1. Transactions fees are always in XEM. It’s paid by sender (only option now). In second public blockchain version (Catapult) it will be possible to pay on behalf of sender.

2. You asking about levy? Yes you can set absolute or percentage levy (in xem or other mosaic) only if entire supply belongs to you.

[ccs]

“Transactions fees are always in XEM. It’s paid by sender (only option now). In second public blockchain version (Catapult) it will be possible to pay on behalf of sender.”

ok. so could it be set up so that the mosaic admin is the one paying on everyone else’s behalf? if not in the 2nd public version, perhaps the one after?

I just posted another message today, asking the same/similar questions, wording it all differently…

Mosaic 3rd party commission payment

I have a specific need and am wondering if the following scenario is possible using NEM. I would like to create a mosaic or namespace, that would I would be in total control of and pay the all of the fees for… 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. Here is what I have in m…

ps: THANK YOU for your time and the posted response

[gevs]

so could it be set up so that the mosaic admin is the one paying on everyone else’s behalf?

yes, with catapult (NEM2) this is possible using aggregate transactions. Of course you will need your mosaic holders to use a specific app to do that, where the app always involves a fee payment transaction. In theory totally feasible, in practise I’d say there will be several possible ways to solve it and the first ones will be implemented soonish

In case you want to do this with NEM in its current version (NEM1), its also possible but only if you manage private keys of your holders… which is a bit of a burden. Anyway, lets conceptualize it for you:

1. you need one server on which you have the private key of the fee paying account.
2. mosaic holders register to your website, NOT using nanowallet.
3. whenever your mosaic holders wish to send mosaics, they will use your app, which basically issues a request to your server (1), and the server can pick between:

3.1) send the mosaic balance with the fee paying account (simple)
3.2) send the mosaic balance with holders accounts in a two-step transfer
3.2.1) the fee paying account sends enough XEM to the holder account, to pay for the transfer
3.2.2) issue the transaction with the holder account when the XEM has arrived.