Quota System

Overview

Blocktify 's Quota System is a trailblazing innovation in the blockchain space. The Quota System, which is based on rewarded staking, offers a novel approach to transaction execution that can be tailored to meet the various requirements of network users.

The fundamental idea behind Blocktify 's Quota System is the distribution of transaction quotas. BTF holders in the network receive a daily quota that enables them to execute transactions on the network without incurring fees by staking a certain minimum quantity of the native token. This limit, which is updated every 24 hours and provides stakeholders with constant access to transactional capabilities, is calculated depending on many parameters, including the quantity and length of staking.

A maximum quota threshold is in place to prevent unequal quota distribution and to ensure fair network utilization. This cap strikes the ideal compromise between encouraging significant token staking and averting an excessive concentration of transactional power.

The Quota System's cash-back system is its most notable feature. Feeless transactions are essentially made possible by compensating stakeholders for the gas they use to complete transactions. The cash-back mechanism is sustainably financed by means of a planned inflation of the native BTF coin, which facilitates this reimbursement.

However, individuals who choose not to stake or who stake but fall short of the minimal level are not eligible for the Quota System. These users can still communicate with the Blocktify network by using typical transactions, which have fixed costs. These charges are dynamically set in response to many factors, including total consumption and network congestion. This guarantees that Blocktify 's scalable, high-speed architecture is available to all customers at affordable prices.

Because of the high transaction fees associated with typical blockchain networks, the Quota System is especially beneficial for establishing effective micro-transactions. With the Quota System, companies and applications can easily incorporate micro-transaction models into their systems to provide consumers with more value.

Mechanism of Gas Refund

What cash-back a user with a quota should receive each day is determined by the backend between 0:00 am and 23:59 pm UTC. The airdrop begins at 1:00 am, at which point each user receives their gas price back in line with the computation that will be shown below.

Unlike the Smart Contract Address, which is managed by a code installed on the blockchain (wallet), the Externally held Address (EOA) is an Ether address held by a pair of keys.

A quota is a cumulative cap that each EOA has based on the quantity of tokens staked by an address, the address's network activity, and the total load on the network.

Zero Gas Fee

The following methods will be available for zero gas fee:

1. Compute cash-back for each transaction up to the sender address (from) quota, but not more than gasUsed.

2. Eliminate the quota from the address that was utilized in the preceding step. Make it so that the available quota drops for this address's next transaction in this block and any following blocks (ignoring the quota rise that happens every block; in fact, if the transaction is small enough, the available quota might not change or grow).

3. Users will receive cash back via the airdrop system for any gas they consume, as long as they meet their quota.

Airdrop for Cashback

A decentralized airdrop that is linked into the blockchain network node. Users who consume gas will receive payback from the airdrop system based on their quota. Token minting capabilities are provided via a contract that is deployed on the genesis file. Only the blockchain calls this file when airdropping tokens for transactions involving gas cashback.

Staking

On the relevant page, the user has the option to stake their BTF tokens. The user's quota for the return of commissions is increased when staking; nevertheless, there is no compensation.

To sum up, Blocktify 's Quota System represents a major advancement in the reinterpretation of user interaction with blockchain networks. Through its unique transaction mechanism, which serves both stakers and non-stakers, the system encourages wider adoption and a wider range of applications for blockchain technology. Further exploration of Blocktify's architecture, the Quota System's fundamental operations, and the platform's future roadmap may be found in the parts that follow.