There will be some since we are humans, have a similar financial currency to each other, and IoT devices are created by humans so yes there are some inherent ways humans think and act. Like using 3 billion coins to pay for one bottle of milk does not go down well. But 3 coins does, so leaving safecoin as 1 MAID and having decimal places is one such magic number. And then to determine the value of that magic number (number decimals) comes down foreseeable value of 1 safecoin in the future and what we can see it being used for and accounting for the unforeseen. At this time 9 places fits a u64 and seems to fit IoT for a while to come (at least 10 years)
Now because it is feasible to increase to u128 and virtually unlimited decimal places (up to 28 places and unlimited since each atom in the galaxy or universe is less than the count).
The increase would be done with some effort, but if needed in 10 or 20 or 30 years then that is fine since much will change by then anyhow. The effort is in changing the API to include a version parameter and
- for apps not yet converted they don’t supply a version and thus treated as pre-conversion values
- any coin balance accessed without a version stored in the account data will have its data structure upgraded automatically to use the u128 and a version for that coin balance stored with the account data.
- Updated apps will supply a version parameter and be able to specify values all the way to 10^-28.
- Again there has to be a “dust” value that again maybe a number with “magic limits” that the system can vary depending on space/size of network etc. But this “dust” limit prevents spamming and again is a human created idea and thus the dust limit will have its value partially determined by human nature/experience.
Definitely and actually mention above. safecoin is a network coin and a human coin.
My personal opinion is that the safecoin is kept as a coin with say 9 decimal places and there is a name given to nanosafecoin and machine usage of safecoin uses this nanosafecoin as its basis because IoT does not have the “wheelbarrow of money” issue and its just similar to use nanosafecoin than trying to frame it as safecoin. safecoin is just nanosafecoin with a decimal point added at the 9 place mainly for us humans.
Yes that occurs to me at times to, But I have no justification to back up going further than 9 places (nano)
If 1/2 the coins exist and the nano safecoin is 1 micro $ then safecoin is 1000$ and total supply is 2 trillion dollars. This is not the world’s financial turnover so you may have a point. My thoughts are that we want to be able to specify 1 micro dollar for all those who wanted to do micro $ tipping/transactions. But for IoT this may very well be the case that the sensor wants to earn something for every reading it supplies to whomever asks. Or to allow payment per GET rather than waiting for payment after an certain amount of GETS
But are we going to see 1000$ in the next 10 years. 1/2 supply of safecoin is 100 times the maximum btc supply and so is safecoin at 10$ somewhere near equivalent to btc at 1000$ ?
I’d prefer IoT to not require its own tokens since that introduces another element of uncertainty in what value the IoT can place on the payment used.
u128 certainly provides practically unlimited division for safecoin with 28 decimal places.
it is believed that between 120 to 300 sextillion (that’s 1.2 x 10²³ to 3.0 x 10²³) stars exist within our observable universe. How Many Atoms Are There in the Universe? - Universe Today
I’d say that is for all practical payment purposed unlimited division.