The need for native tokens to pay transaction fees, particularly with Externally Owned Accounts (EOAs), has limited the accessibility and user-friendliness of blockchain technology.
However, the emergence of Universal Profiles and Transaction Relay Services is poised to revolutionize the landscape by enabling gasless transactions, effectively eliminating the requirement to pay fees.
The Challenge of Transaction Fees
Blockchain transactions traditionally involve the payment of fees in native tokens. This creates a hurdle for users who may not possess these specific tokens. This limitation has been a significant factor inhibiting the widespread adoption of blockchain technology. Especially for newcomers.
So, Universal Profiles and Transaction Relay Services aim to address this challenge.
1/ A major challenge in adopting blockchain is the need to pay transaction fees with native blockchain tokens. This process often involves complex steps, which can be difficult and confusing for many users.
Universal Profiles & Transaction Relay Services can fix this 🧵👇 pic.twitter.com/IMpwMSwhhB
— LUKSO (@lukso_io) December 21, 2023
Universal Profiles: A Gateway to Gasless Transactions
These are a special class of smart contract accounts designed to make gasless transactions a reality. Unlike traditional Externally Owned Accounts (EOAs), Universal Profiles let users can manage transaction fees in diverse ways. This includes leveraging third-party services for both off-chain and on-chain settlements.
In this ecosystem, various services, known as relayers, play an important role in supporting Universal Profiles. These relayers operate with distinct business models, ranging from subscription-based models to score-based services. Additionally, some relayers are compatible with ERC-4337 tokens, adding another layer of versatility to the system. LUKSO, a blockchain platform, stands out by providing its relayer service. This will offer users a predefined amount of free usage for their Universal Profiles.
Have you heard about Universal Profiles?
This will likely be the most important primitive for web3 and the internet. 👀You can now be among the first to create a 🆙, the first real smart contract account that every dev, creator and user needs! 🦊💥
👉 https://t.co/JMwGTfQkUq pic.twitter.com/PIgvTQdlLR
— Universal Profiles (@ERC725Account) November 8, 2023
LUKSO’s Relayer Service: A Game-Changer in Feeless Transactions
LUKSO’s relayer service is a game-changer in the quest for feeless transactions. By adhering to the LSP15-RelayService standard, this innovative solution opens the door to a new era of accessibility and convenience. With LUKSO’s relayer, users can enjoy advanced features on-chain without the burden of transaction fees.
Some examples of relayers are monthly subscription services for data plans or streaming platforms. So, by adopting a seamless and accessible subscription model, users can navigate the blockchain landscape without the burden of transaction fees.
LUKSO LSP3 standard just got integrated into its block explorer. 👤
Now you can see all interactions from Universal Profiles with other 🆙 right in the block explorer, and also search by username 🙀
That’s a first for a blockchain. https://t.co/iWl1xBYwlc pic.twitter.com/0rcYnGl9sE
— Universal Profiles (@ERC725Account) December 13, 2023
Conclusion
The introduction of Universal Profiles and Transaction Relay Services marks a significant step towards a feeless future for crypto transactions. By redefining the way transaction fees are managed and introducing relayers with innovative business models, the blockchain landscape becomes more inclusive and user-friendly.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
