ICON has just published its new transaction fee system ‘Fee 2.0’ on its MainNet, allowing users to access ICON DApps more conveniently, without having to pay transaction fees for initial use of services, which reduces fees incurred in using and operating DApps. Fee 2.0 consists of two main features: Fee Sharing and Virtual Step.
This features gives DApp service operators the choice to pay transaction fees on behalf of service users, thereby improving overall user experience as the burden of creating wallets and purchasing cryptocurrencies to pay fees is lifted off of users. With Fee Sharing, DApp operators can now more easily expand and attract users into their services.
To alleviate DApp service operators’ burden of paying transaction fees, ICON designed Virtual Step, which allows operators to pay fees generated through an ICX staking process, instead of actual ICX. Depositing ICX to their own SCOREs for a certain amount of time will generate Virtual Step, which can be used to cover transaction fees. Virtual Step is generated every month in proportion to the quantity of ICX deposited and the duration of the deposit period.
“By using Fee 2.0 features (Fee Sharing and Virtual Step), the burden that transaction fees imposed for both ICON DApp service users and operators are significantly reduced,” reveals the Medium post. “Implementation of Fee 2.0 is a part of the effort to create a supportive environment for DApps and more will follow suit, so be sure to keep an eye on the ever-developing ICON DApp ecosystem!”
Full details of each feature can be found on ICON’s announcement post.