Outdated blockchains that currently charge fee’s per transactions are to be left in the dust as new concepts that allow for fee-less transactions come to light. Get ready to indulge information that is sure to enlighten you.
Why fee’s where implemented in blockchain in the first place
To understand how Blockchains will be transitioning to being fee-less you must first understand why fee’s where first needed in blockchain in the first place.
The reason being that blockchains introduce fee’s in their Blockchain is to prevent spam on the network.
Spam transactions are transactions which create undesirable extra load on the network due to not following Bitcoin best practices, either maliciously or out of ignorance.[1]
Thus making it costly for anyone looking to attack the network and ensuring that they are to run out of funds before achieving such malicious results.
Transaction spam is always more costly to the spammer than not spamming. Someone who is intentionally spamming the network will have to burn BTC constantly to do so, and so will eventually be forced to stop.[1]
How blockchains are becoming fee-less
So far three different concepts have been brought up in which prevents spam on the network without the need of fees.
1. Tier Levels & Time-Lock restrictions
As seen in Scroda in order to prevent network abuse, addresses will be categorized into tier levels depending on the amount range of funds they hold. Each tier level will be restricted to a specified time frame in which funds are allowed to be sent after receiving them.
2. Biometric Identity
By using your biometrics to tie you to your address, the network is able to safely prevent spam by being able to identify and punish any malicious users, of course two important factors take place. First this method is not able to be implemented in any transactions in which is to be private as the address holders identity must be public to network validators in order to punish any malicious actors. Secondly the users biometrics data must be preserved while being run on the blockchain through the use of homomorphic encryption.
3. Turing Olympic on the Blockchain
Another concept that Scroda has introduced is identifying Humans Vs Bots on the blockchain through the implementation of turing olympics which consist of a series of turing tests challenges in which humans identify that any users on the network in whom are processing transactions are actually human.
It is to note that some blockchains have attempted to provide fee-less transactions but in reality just hiding the fee’s elsewhere, either by making you pay for it at home or making others pay it for you, in which both aren’t a healthy practice.
Read more about Turing Olympic on the Blockchain by clicking here.
To find out more about how fee-less transactions are achieved thrugh Tier Levels & Time-Lock restrictions along with Biometric Identity head to Scroda.io.
If you have any other concepts in which you would like to bring up comment below!
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