South Korean large blockchain network ICON (ICX) has unveiled 'Fee 2.0', a new transaction fee system of the ICON Network. According to the official press release, that was shared with iHodl, users can now access ICON DApp (Decentralized Application) services more conveniently without paying transaction fees.
Previously, all DApp users were required to pay cryptocurrency fees starting from their initial uses of services. That meant that DApps could only be used by those holding a certain amount of cryptocurrency, and therefore presented a challenge in the sense that customers had to solely bear the burden of creating a wallet and buying cryptocurrency.
The Fee 2.0 system reportedly consists of two main components: 'Fee Sharing' and 'Virtual Step'.
The Fee Sharing feature enables DApp service operators to have the choice to pay transaction fees on behalf of the service users. This greatly improves user convenience by allowing DApp operators who create ‘SCORE (Smart Contract On Reliable Environment, ICON's own smart contract development environment)’ to pay the transaction fees incurred in using the services.
ICON is also implementing Virtual Step in line with Fee Sharing in order to reduce the burden of DApp operators who need to pay fees on behalf of the service users. The Virtual Step feature enables DApp service operators to pay fees with the ‘Virtual Steps’ generated through an ICX (ICON's cryptocurrency) staking process. If DApp operators deposit ICX to their own SCOREs for a certain period of time, this deposit action will generate Virtual Steps that can be used to pay transaction fees. Virtual Step is generated every month in proportion with the quantity of ICX deposited and the duration of the deposit period.
Min Kim, Council Member of the ICON Foundation claims with 'Fee 2.0', which innovatively improves user experience, more DApps will be actively operated and used and the expansion of the ICON's DApp ecosystem will be realized.
Earlier this year, South Korean financial top regulator the Financial Services Commission (FSC) announced the inclusion of ICONLOOP’s (ICX), one of the largest South Korean blockchain ecosystem, blockchain-based ID service into the "Innovative Financial Services and Regulations Sandbox."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.