Bandwidth Instead of Fees

The solution to the problems with micropayments is in implementing dynamic fractional reserves. Under this model the WeGotcha blockchain automatically adjusts the reserve ratio for the network during times of congestion. The blockchain sets a target utilization that leaves enough headroom for short-term surges in demand. Any time the surges are sustained, the blockchain reduces the maximum bandwidth-per-share. When a surge is over and there is surplus capacity the blockchain can slowly increase the bandwidth-per-share. Bandwidth used by an individual application should be measured over a suitably long period of time.

WeGotcha replaces transaction fees with bandwidth rate limiting based on the percentage of BINGO an account has staked, which means the blockchain calculates how much BINGO an account has temporarily vested to determine how much bandwidth the account is permitted for transfers, posting, and other operations across a period of time. Because of bandwidth rate limiting, WeGotcha never charges applications or users transaction fees for basic operations such as voting, booking, posting, updating and transferring tokens. This lack of fees allows WeGotcha based apps to compete with their non-blockchain counterparts, such as Uber or Airbnb, which certainly do not charge fees for actions such as ‘Wishlist’ and ‘Review’.