dynamic fees: define fee levels using expected confirmation times

lib/network.py

@@ -42,6 +42,8 @@ from interface import Connection, Interface
 from blockchain import Blockchain
 from version import ELECTRUM_VERSION, PROTOCOL_VERSION
 
+FEE_TARGETS = [25, 10, 5, 2]
+
 DEFAULT_PORTS = {'t':'50001', 's':'50002', 'h':'8081', 'g':'8082'}
 
 DEFAULT_SERVERS = {
@@ -190,7 +192,7 @@ class Network(util.DaemonThread):
 
         self.banner = ''
         self.donation_address = ''
-        self.fee = None
+        self.fee_estimates = {}
         self.relay_fee = None
         self.heights = {}
         self.merkle_roots = {}
@@ -314,7 +316,8 @@ class Network(util.DaemonThread):
         self.queue_request('server.banner', [])
         self.queue_request('server.donation_address', [])
         self.queue_request('server.peers.subscribe', [])
-        self.queue_request('blockchain.estimatefee', [2])
+        for i in FEE_TARGETS:
+            self.queue_request('blockchain.estimatefee', [i])
         self.queue_request('blockchain.relayfee', [])
 
     def get_status_value(self, key):
@@ -323,7 +326,7 @@ class Network(util.DaemonThread):
         elif key == 'banner':
             value = self.banner
         elif key == 'fee':
-            value = self.fee
+            value = self.fee_estimates
         elif key == 'updated':
             value = (self.get_local_height(), self.get_server_height())
         elif key == 'servers':
@@ -332,6 +335,20 @@ class Network(util.DaemonThread):
             value = self.get_interfaces()
         return value
 
+    def dynfee(self, i):
+        from bitcoin import RECOMMENDED_FEE
+        if i < 4:
+            j = FEE_TARGETS[i]
+            fee = self.fee_estimates.get(j)
+        else:
+            assert i == 4
+            fee = self.fee_estimates.get(2)
+            if fee is not None:
+                fee += fee/2
+        if fee is not None:
+            fee = min(10*RECOMMENDED_FEE, fee)
+        return fee
+
     def notify(self, key):
         if key in ['status', 'updated']:
             self.trigger_callback(key)
@@ -514,8 +531,8 @@ class Network(util.DaemonThread):
                 self.donation_address = result
         elif method == 'blockchain.estimatefee':
             if error is None:
-                self.fee = int(result * COIN)
-                self.print_error("recommended fee", self.fee)
+                i = params[0]
+                self.fee_estimates[i] = int(result * COIN)
                 self.notify('fee')
         elif method == 'blockchain.relayfee':
             if error is None:

lib/util.py

@@ -36,7 +36,7 @@ import threading
 from i18n import _
 
 base_units = {'BTC':8, 'mBTC':5, 'uBTC':2}
-fee_levels = [_('Very low'), _('Low'), _('Normal'), _('High'), _('Very high')]
+fee_levels = [_('Within 25 blocks'), _('Within 10 blocks'), _('Within 5 blocks'), _('Within 2 blocks'), _('In the next block')]
 
 def normalize_version(v):
     return [int(x) for x in re.sub(r'(\.0+)*$','', v).split(".")]

lib/wallet.py

@@ -909,15 +909,11 @@ class Abstract_Wallet(PrintError):
 
     def fee_per_kb(self, config):
         b = config.get('dynamic_fees')
-        F = config.get('fee_per_kb', bitcoin.RECOMMENDED_FEE)
-        if b and self.network and self.network.fee:
-            i = config.get('fee_level', 2)
-            fee = self.network.fee*(i+1)/3
-            fee = max(fee, self.relayfee())
-            fee = min(10*bitcoin.RECOMMENDED_FEE, fee)
-            return fee
+        i = config.get('fee_level', 2)
+        if b and self.network and self.network.dynfee(i):
+            return self.network.dynfee(i)
         else:
-            return F
+            return config.get('fee_per_kb', bitcoin.RECOMMENDED_FEE)
 
     def get_tx_status(self, tx_hash, height, conf, timestamp):
         from util import format_time
@@ -925,10 +921,10 @@ class Abstract_Wallet(PrintError):
             tx = self.transactions.get(tx_hash)
             is_final = tx and tx.is_final()
             fee = self.tx_fees.get(tx_hash)
-            if fee and self.network and self.network.fee:
+            if fee and self.network and self.network.dynfee(25):
                 size = len(tx.raw)/2
-                network_fee = int(self.network.fee * size / 1000)
-                is_lowfee = fee < network_fee * 0.25
+                low_fee = int(self.network.dynfee(25)*size/1000)
+                is_lowfee = fee < low_fee * 0.5
             else:
                 is_lowfee = False
             if not is_final: