Pollution today is one of the biggest problems humanity faces. And you may wonder what this topic has to do with the crypto field. If you haven’t found out yet, the cryptocurrency area is one of the factors of pollution that have started to worry many countries.
Nations such as China, Algeria, Egypt, Iraq, Morocco, Nepal, Qatar, and others have decided to ban mining, one of the popular activities in the crypto field, because it pollutes in vast quantities. However, many users choose to invest in mining. Cryptocurrency mining is a process of creating new digital “coins.”
To locate these coins, it is necessary to solve challenging puzzles, authenticate cryptocurrency transactions on a blockchain network, and add them to a distributed ledger.
Using this technology and a blockchain that is not “eco,” the pollution happens in very high amounts. Many users have started adopting a gasless blockchain for crypto transactions, which is becoming increasingly popular.
About gasless blockchain
Using a gasless blockchain can solve many big problems for users. Besides the issue of pollution, two other points that gasless blockchain is targeting are the issues of scalability and fees.
The Scalability Trilemma
The blockchain Scalability Trilemma implies three components: Security, Scalability, and Decentralization. And now, it is another significant problem that users face.
Due to the Trilemma, which states that these three essential components cannot coexist, blockchains typically need to sacrifice one of them.
The problem mostly appears as the number of nodes and transactions grows. And the main issue with decentralizing blockchain is its size. Scalability is essential because every time a node processes a blockchain, the chain grows so that each participant must validate and store the chain. The scalability in security is the ability of a computer application or product to continue to function well when it is changed in size or volume to meet a user’s need.
You must give up decentralization and use either one organization to be in control or fewer nodes to have security and scalability. Then, you must skip security and enter transactions with a brief check to have scalability and decentralization. Finally, you must give up scalability and make fewer carefully verified transactions to have security and decentralization.
The fees problem
Because many users and companies have complained about paying gas taxes, many have started to reconsider and think about investing in a gasless blockchain, like $REDLC from Redlight Finance.
A gasless blockchain tries to address the issues with traditional Blockchains, creating an EVM-compatible blockchain that focuses on scalability, decentralization, and security. In such an environment, users will be able to target industries that might not have given blockchain integration much thought in the past, thanks to the gasless nature of the blockchain.
Transactions using a gasless blockchain
The gasless blockchain has a simple mechanism: a third party can send another user’s transactions and pay themselves for the gas cost. In this scheme, users sign messages (not transactions) containing information about a transaction they would like to execute.
Gasless blockchains do not put limits on the transaction options. It can be used for minting, mining, Web3, and more, essentially any type of transaction supported by a gasless blockchain. For example, in the minting case, you can make your item on the blockchain without submitting anything for minting. By this, many new users can join the NFT space by removing the need to pay to make an NFT.
Any transaction can be completed as long as it is enrolled on the gasless blockchain. But it depends on what the environment offers. So such an ecosystem may cover p2p transactions, conversions, bridges, smart contracts, NFTs, or others.
Educate yourself on the investments you want to make, the blockchain you are using, and the environment’s long-term effects. The health of our planet must be taken into account because having money is useless if there is nowhere to spend it.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.