- ICON publishes Fee 2.0 system on the mainnet to allow users to access DApp services without paying fees
- Fee Sharing will enable DApp operators to pay transaction fees on behalf of users
ICON, one of the largest blockchain networks in the world has published ‘Fee 2.0’ on mainnet. Fee 2.0 is a new transaction fee system of the ICON Network that will allow users to interact with ICON Decentralized application (DApp) services without paying transaction fees. The new system is aimed at reducing the financial burden on DApp operators and users, according to ICON’s medium announcement on July 15.
Fee 2.0 live on ICON mainnet
Per the publication, ICON has published Fee 2.0 on the ICON Mainnet in a bid to eliminate the inconvenience and reduce the transaction fees in operating and using DApps.
Prior to this time, users had to bear the cost of creating wallets and funding it with cryptocurrency in order to access DApps. This posed an unintended limitation since these services could not be used without holding a certain amount of cryptocurrency,
Similarly, ICON DApp service operators usually faced difficulties in getting the needed exposure for their applications. The latter was attributed to the fee structure that presented a hurdle to a number of users while trying to access these apps.
ICON’s solution to both DApps users and operators is the launch of the Fee 2.0 system which will ensure that users can now access these services without paying fees. DApps operators will also have their services exposed to a wider market.
To make either of these possible, ICON has launched two components within Fee 2.0. These components are Fee Sharing and Virtual Step.
Fee Sharing gives operators the choice of paying transaction fees on behalf of their service users. As a result, it improves the user’s convenience while DApp operators can expand their business without the already-mentioned limitation.
On the other hand, the Virtual Step seeks to cut down the transaction fees in order to reduce the burden on operators who seek to pay it. What it does is to allow transaction fees to be paid depending on the Virtual Steps employed in ICX staking process instead of paying fees as the actual ICX. According to ICON:
“Virtual Step is generated every month in proportion with the quantity of ICX deposited and the duration of the deposit period. The deposit period ranges from a minimum of 1 month to a maximum of 24 months, and the deposit amount ranges from a minimum of 5,000 ICX to a maximum of 100,000 ICX.”
Blockchain Reporter on May 31, 2019, also informed that ICONLOOP had launched broof, a blockchain-based certificate issuance service which seeks to promote the storage of certificates and prevent falsifications.