South Korean Blockchain Icon Project Launches Fee 2.0, a New Transaction Fee System

South Korean based blockchain project Icon, on July 15 launched its FEE 2.0 platform, that allows Dapp developers pay users’ fee, while also giving them the privilege to stake tokens into the network in order to gradually pay fess in virtual steps.

A Whole New Development

The new and upgraded Icon Fee 2.0 allows the users to access Icon’s decentralized application services without any form of transaction fees. The firm announced the new development via a business platform Finance Magnate, who helped in amplifying the news.

Announcing on social media platform Twitter, the firm tweeted:

We are pleased to announce that MaiNet update is competed today to support Fee 2.0 system. Now ICONists can use virtual step on ICON MainNet.

Prior to the launch of this revolutionary development, Icon dApp users were obligated to pay a form of transaction fee in cryptocurrency from the moment they began using the dApp’s services.

The process of paying a certain amount before accessing Icon’ s dApp services limited the number of people who had the privilege to it because it was basically for some set of people who had a certain amount of cryptocurrency at their disposal.

Stating the motive behind the latest update, a council of Icon foundation Min Kim explained that the new platform was launched with the intention to create an environment in which more

dApps will be actively operated and used and the expansion of the ICON’s DApp will ultimately be realized.

Payment is Now Optional

Although the latest update has abolished all manner of transaction fees, this does not mean that they will no longer be paid, the latest update on the network makes it possible for others to pay them.

The new and updated icon platform has also created a way in which bills can be paid even if they don’t have the funds right away. The new Virtual Step by Icon is one in which dApp operators pay their dues with funds raised through the process of staking ICX.

To accomplish this, the dApp operators must deposit ICX tokens into their dApp smart contracts for a certain period of time in order to earn their Virtual Steps.

A statement from the company reads:

‘’ Virtual Step is generated every month in proportion within proportion with the quantity of ICX deposited and the duration of the deposit.’’

Popularity of Dapps

Although it is not crystal clear whether the new Icon Fee 2.0 will break boundaries in the Crypto market, it is evident that dApps are becoming more popular in and around the cryptocurrency community

Evidently, the entry of Waves into the dApp’s sphere and the creation of a software development kit for dApps last week by the biggest maker of mobile phones in the world Samsung speaks volumes about the acceptance of dApps.

The popularity of Dapps is not a sudden move, Bitcoin Exchange Guide reported last year that research proves that both Ethereum and Eos have eight dApps and over 300 active users combined

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Ogwu Emma
Ogwu Emma
Ogwu Osaemezu Emmanuel is a blockchain analyst with several years of experience in the cryptospace. He writes regularly for several leading cryptocurrency platforms

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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