Emercoin (EMC) cuts transactions fees by 99%

It was recently announced from Emercoin, that the digital currency and blockchain service platform reduced their fees for transactions and creating blockchain records by 99%. Consequently, the EMC coin will become 100 times more valuable in terms of functionality.

Before the changes, the Emercoin blockchain network charged a fixed commission of 0.01 EMC on all transactions, which converts to $0.01 at the current rate.

After the cut, the transaction fee dropped to EMC/USD 0.0001, and the fee for creating arbitrary records in the Emercoin blockchain became EMC/USD 0.0005 instead of EMC/USD 0.05.

The hundred-fold cut in the fees will allow the team to parallelly reduce the costs required to roll out large-scale blockchain infrastructures — such as those allowing the creation of digital certificates via EmerDPO, a distributed ledger for ownership of products and intangible assets.

Emercoin recently announced a new wallet for mobile devices on iOS and it’s also available for Windows, Linux, and Mac. Developers can also test it out with free coins using the Emercoin TestNet.

This change explains the reason behind the coins sharp rise on August 19th, although the news was out before this sharp increase. But as seen below, the price of EMC has since retraced much of the move up.