LONDON, May 31, 2022 /PRNewswire/ — Idexo continues its mission of empowering creative entrepreneurs to create industry-disrupting blockchain applications by greatly simplifying the economic experience of building and growing those projects. By stabilizing the gas cost of running blockchain transactions through its new method credits system, now project founders can plan predictable business models. Before this release, founders and executives had to contend with high gas price volatility in their input costs, meaning something that is profitable one day could be unprofitable the next. This reality acted as a strong barrier to adoption among entrepreneurs coming from traditional industries.
The innovative and unique solution works in the following ways
- Method credits are sold at a fixed price in $USDC/$USDT and cover a specific method on a specific blockchain, e.g. mintNFT on Avalanche, or deploy NFT Collection on Ethereum. These can be purchased in the Idexo App. In this way, web3 projects can plan for a predictable input cost for running transactions.
- When projects create transactions using the idexo engine, the engine applies the relevant credit from a project’s method credit balance to perform the transaction, drawing the gas needed from idexo’s own reserves that are used to backstop these credits. In the near future, these reserves will be decentralized through a ‘DEX for io’.
- Method credits are already offered for a variety of standard smart contracts and blockchains. Custom smart contracts can be added in the Idexo App. Existing methods and prices are available in a table in the App.
"The completion of the method credit system is the product of many months work by the team, achieving the vision of stable gas pricing for web3 entrepreneurs, allowing them to plan predictable business models," says Greg Marlin, Founder and CEO/CTO of idexo, "This greatly simplifies the economic user experience for project founders, particularly those coming from a traditional industry background and at the same time achieves a key pillar of the vision we set out in the idexo whitepaper."
Projects looking to adopt stable transaction method credits can get started right away by signing up for an idexo account and system demonstration.