Gas Fee Adjustment : Accessibility vs Economic value, Why not both?
Translation: Hindi｜Germany｜Chinese
In light of our latest Numbers DAO meeting, Numbers Mainnet will migrate gradually from permissioned PoS to permissionless PoS with delegation support. This strategic shift aims to empower validators and foster decentralization within the platform. To ensure the gas fee structure is both fair and economically sound for our validators, this change calls for reassessment of the gas fee structure.
When Numbers Mainnet was launched, given that it is a blockchain platform specifically designed for digital media, we had to take into account the reality that hundreds of millions of digital media content are uploaded to the internet daily. To enable widespread adoption and benefit all users, the initial gas prices were deliberately set significantly lower than those found on most public blockchains.
Our current gas prices (USD), are approximately 3000 times lower than those of Polygon, a blockchain platform already hailed for its cost-efficiency. This shows the challenges of migrating Numbers Mainnet from permissioned PoS to permissionless PoS as it might not provide sufficient incentives for our validators.
In response to this challenge, we have formulated a series of measures to enhance incentives for validators and ensure the continued accessibility of Numbers Mainnet:
- Adjustment of Gas Prices : To bolster the incentives for validators, the base gas price will be increased from 100 nNUM (nNUM: 10^-9 NUM) to 750 nNUM. Additionally, the self-service commit API price will be raised from 0.025 NUM to 0.1 NUM, ensuring adequate coverage of both gas expenses and API traffic-related costs. This adjustment is aimed at establishing a more sustainable and rewarding environment for validators.
The Gas fee update will effect from 2023/8/11 5:00 UTC
Users might encounter some unstable performance during this period, but it will not affect any Capture Cam features. By 8/15 5:00 UTC the new gas fee will be fully implemented to all Capture services.
- Additional Free Credits for new Capture Users : To compensate for the gas price adjustment, we have decided to increase the amount of free credits awarded to new Capture users from 3 Capture Credits to 12 Capture Credits. Quadrupling the number of free credits from the previous allocation of 3 Capture Credits will empower new users to explore the platform’s capabilities without financial barriers. Stay tuned to our official social channels, we will announce it when the new credit system is applied!
By implementing these strategic measures, we hope to maintain the integrity of our platform while ensuring that it remains economically attractive to our validators and affordable for our users. If you have any pending Capture to mint and would love to do so with the old and cheaper fee, make sure to mint it before the maintenance period!
About Numbers Protocol
Numbers Protocol is the first asset-centric cross-network protocol and handles 6 billion gateway monthly traffic from 190 countries and is already being used and trusted by art, music, NFT platforms, metaverse, and is developing an application for AI companies to trace digital media provenance.
Products including:
- Capture Cam: The world’s first blockchain camera.Allows users to secure photo and video provenance with on-chain integrity records, providing a transparent, immutable history of digital content.
- Numbers API: Developers and enterprises can implement Numbers API to register photos and access their Web3 addresses and certificates.
- Numbers Search Engine: Google for digital media. Boasting the highest multi-network asset coverage, reverse-image search, dedicated asset profiles and AI-powered similar image results. Provenance of digital media can be found– ideal for general queries and vetting.
The rise of AI has brought an unprecedented amount of data being generated and processed. Ensuring data traceability has become an increasingly important topic of discussion in the tech industry. Through collaboration and the development of innovative solutions like Numbers Protocol, we can ensure that the use of AI is transparent and responsible.
