LOGO_CRYPTO_SIGHT

RSK’s New Meta Transactions Concept to Subsidized Transaction Fees Entirely

| 08-Th2-2021
Beam CEO Discussed Differences Between Its Confidential DeFi and MakerDAO, COMP

Bitcoin’s smart-contract-enabled sidechain RSK is reportedly rolling out the concept of meta-transactions – entrusting 3rd-parties to finalize payments of a user’s transaction fees – to the public. 

Specifically, the new concept – dubbed “RIF Enveloping” – reportedly aims to make it possible for wallet services providers to conduct payment for their clients’ transactions. 

transaction fees payment has reportedly been among the top major obstacles holding back smart contract platforms adoption rate. 

Individuals who wish to carry out tokens trading must at all time possess a few units of the blockchain’s native currency – for instance, Ether (ETH) for Ethereum and Smart Bitcoin (RBTC) for RSK.

RIF Enveloping rolling out meta-transactions in a bid to equip decentralized application developers with an enhanced level of flexibility. 

Smart contracts employing the tech reportedly have the freedom to select to subsidize entirely the user’s gas fee, or request token-enabled payments. The tech’s integration with the Beexo Wallet – among the primary wallet providers for RSK – will be finalized. 

The same type of tools is also available on Ethereum, employing OpenZeppelin’s Gas Station Network. Wallets that use it include Argent – employing smart contracts as storage for the user’s tokens. 

While the firm has been covering the gas costs completely, the major rise in Ethereum price has resulted in the postpone of the program. Nonetheless, although their advantages are easy to see, meta-transactions have not been successful in gaining noteworthy adoption on Ethereum.

“One of the main reasons why RIF Enveloping can have broader adoption than similar solutions in the Ethereum ecosystem is that the solution was jointly designed with wallet providers such as Beexo, Defiant, Money on Chain, RSK Swap and large communities of users like Taringa, to maximize efficiency.”

Tags: , ,

Comments