Smartfee and libbitcoin

Bitcoin clients uses estimatesmartfee end point provided bitcoind (bitcoin-core) to set the fee rate while submitting the transactions. However the libbitcoin is missing this end point.

This means, we need to find a mechanism to estimate the fees while submitting transactions so that they are confirmed within acceptable time frame.

The best method seems to be implementing our own mechanism however to understand the scenario more, we are proceeding with the following steps

1. Proof of concept smart fee estimation using public nodes
2. testing of libbitcoin implementation and above proof of concept with public nodes to start ASAP !
3. Testing with Bitcoin MAINNET must be done using the libbitcoin and both hardcoded fees and proof of concept with public nodes
4. Other methods including using few hundred blocks or others must be explored & estimated
5. final decision on what needs to be deployed.