Hong Kong-based Bitfinex announced starting today they will utilize a dynamic fee algorithm to calculate the appropriate fee to attach to each transaction. This transaction fee should be sufficient for the transaction to be included in the next, immediate block.
The withdrawal interface has been updated accordingly to allow users to monitor the current transaction fee assessed to cryptocurrency withdrawals. At any time, users may visit the fees page to monitor the current fee for withdrawals.
The transaction fee will be fixed and will automatically update on a periodic basis according to network activity and the associated cost to achieve reasonable transaction confirmation times.
For users of the REST API, Bitfinex said to note the new endpoint for requesting current withdrawal fees.
Additionally, Bitfinex informed that starting on Tuesday, June 13, the exchange will be adding support for IOTA (IOT) exchange trading through IOT/USD and IOT/BTC pairs. Margin trading for IOT pairs will be enabled soon after as the order book develops suitable liquidity.
What is IOTA?
IOTA is the first distributed ledger protocol that goes ‘beyond blockchain’ through its core invention ‘Tangle’. The IOTA Tangle is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network; instead, the throughput grows in conjunction with activity in the network; i.e., the more activity, the faster the network. Unlike typical blockchain architecture, in IOTA there is no separation of users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
The Bitfinex team stated:
“Bitfinex has followed IOTA since its earliest stages of development and supports the project’s innovative approach toward a blockless distributed ledger. We believe the underlying technology can lead to a new ecosystem of applications built upon this decentralized and self-regulating peer-to-peer network.”
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