ImFACT: Batch Processing of Transactions
The ImFACT Network excels in generating, storing, and transferring vast amounts of data. By consolidating multiple transactions into a single batch, it significantly reduces the transaction fees (the “gas fees”) and enhances blockchain efficiency. This method not only makes transactions on networks like Ethereum more cost-effective but also holds substantial promise for optimizing blockchain processes.
Recently, Vitalik Buterin proposed EIP-7702 to enhance Ethereum’s account abstraction. He emphasized that account abstraction is crucial for a more user-friendly interface and heightened security on the blockchain, with batch processing of transactions playing a key role in this advancement.
Data Structure for Understanding Batch Processing
Before we explain batch processing, let’s understand the data structure of the ImFACT Network. In ImFACT, an Operation is the smallest unit of processing that can change the state. Like transactions in other blockchains, Operations have atomicity, meaning that they are either fully processed or not processed at all.
As illustrated in the image, an Operation in the ImFACT Network comprises a Fact and a Fact signature. The Fact encapsulates the details of the Operation, including the hash, sender, token, and item. Each Operation is uniquely identified by its Fact hash. The Fact hashes of Operations processed within a block are organized into a tree structure, with the root of this tree included in the block data. This Fact consists of multiple Items, facilitating large-scale data processing with concurrency. Each Item is distinguished by its FACT hash and index, enabling efficient and simultaneous handling of extensive data.
In traditional blockchains, each transaction (Operation) handles a single piece of data and is assigned a unique TXID. This can be cumbersome for Dapp developers when performing airdrops or managing large batch processes, as they need to ensure the entire process is flawlessly executed, increasing processing complexity. However, the ImFACT Network allows an operation to organize over 1,000 sub-operations (items) within an array structure. Consequently, when executing more than 1,000 airdrops simultaneously, the Operation-Item structure ensures all requests are processed within the same block. Additionally, single processing is possible by handling just one Item in an Operation. With ImFACT, there’s no need to design new smart contracts or rely on other Dapp services for batch processing transactions.
Benefits of Batch Processing of Transactions
Batch processing of transactions significantly enhances the blockchain user experience through several key benefits:
1. Improved User Experience: The primary advantage of batch processing is an enhanced user experience. By combining multiple transactions into one, it saves considerable time and money, which is especially valuable in the fast-paced cryptocurrency environment. Reduced gas fees and faster transaction processing times lead to a smoother and more convenient experience for users.
2. Gas Fee Reduction: One of the most notable benefits of batch processing is the reduction in gas fees. Processing transactions in batches substantially lowers the cost per transaction, making it more economical. Although the batch processing cost of the ImFACT Network is slightly higher than a single transaction, it provides up to 30% cost savings for over 1,000 transactions.
3. Enhanced Scalability: Batch processing also contributes to improved blockchain scalability. By processing multiple transactions in a single batch, it reduces network load, allowing the network to handle more transactions without significant stress. This is crucial for the long-term sustainability and scalability of the blockchain network.
Examples of Batch Processing of Transactions
💳 Payroll Processing
A company usually pays its employees on the specific date of each month. Batch processing can maximize efficiency in this context. Assuming it takes 5 seconds to process the salary of one employee, a company with 1,000 employees would need 5,000 seconds to process all salaries. However, with batch processing, all 1,000 salaries can be processed simultaneously, saving time and resources and ensuring that all employees receive their salaries at the same time.
🏦 Bank Interest Payments and Statement Adjustments
Banks need to process all transactions in customer accounts over a period. Batch processing can handle all transaction histories at once. On the specific date of each month, banks pay interest on customer accounts and organize transaction histories. By compiling a list of all transactions during a specific period, this information is batch processed to update records in the bank’s system, maintaining the system more quickly and efficiently than processing each transaction in real time.
🎮 Gaming
Online games with multiple users process large amounts of data simultaneously. Game servers must manage the actions of multiple players in real time, but some data can be batch processed to reduce system load. In large multiplayer games, millions of players are active at the same time. For instance, in-game transactions or item exchanges often need to be processed simultaneously. Batch processing of these transaction histories can reduce server load and ensure smooth gameplay.
The ImFACT Network provides a robust web3 ecosystem and supports batch processing of transactions, setting an industry standard for other platforms. As more platforms adopt this technology to optimize transaction processing, the importance of batch processing in the cryptocurrency space continues to grow.
Conclusion
Batch processing of transactions marks a groundbreaking advancement in achieving efficient and cost-effective cryptocurrency transactions. The ImFACT Network stands out with its potential to revolutionize transaction processing on blockchain networks, positioning batch processing as a pivotal step toward optimized cryptocurrency transactions. The ongoing evolution of this technology indicates a promising trajectory towards enhanced scalability and efficiency in blockchain transactions.
