ICON unveils “Fee 2.0” - An all-new transaction fee system
- ICON dApp users no longer need to pay transaction fees to access dApps.
- Fee 2.0 has two main features - Fee Sharing and Virtual Step.
The South Korean interoperability project ICON announced the launch of a new transaction fee system called "Fee 2.0." This system allows users to access ICON's dApp services without paying transaction fees. Before Fee 2.0, dApp users in ICON were required to pay fees in cryptocurrency from the moment they started using the dApp. This significantly limited the number of users that could practically access a dApp.
ICON posted in their official Medium post:
"The Fee Sharing feature enables DApp service operators to have the choice to pay transaction 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 staking process.
By using Fee 2.0 features (Fee Sharing and Virtual Step), the burden that transaction fees impose for both ICON DApp service users and operators are significantly reduced."
According to ICON Foundation Council Member Min Kim, the update will create an environment in which “more DApps will be actively operated and used and the expansion of the ICON’s DApp ecosystem will be realized.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
