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IoTeX approves IIP-15 to incentivize dapp developers and fuel transformation 

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The success of blockchain platforms relies on the ingenuity and innovation of decentralized application (dapp) creators. Recognizing their pivotal role, the IoTeX community has voted to support IoTeX’s Improvement Proposal 15 (IIP-15) for Sharing Gas-Fee with dapps (SGD).

Implementing IIP-15 will begin a fresh era of innovation, engagement, and sustainable growth. IoTeX aims to create an ecosystem that encourages creativity, captivates users, and incentivizes developers by distributing transaction gas fees with dapp developers.

The IoTeX community has strongly supported IIP-15, with a 98.5% majority in favor and only 1.5% against it. 224 wallets participated in the vote, staking almost 157.4 million IOTX.

As a reward for active participation in the IIP-15 DAO governance vote, the IoTeX Foundation will distribute 224 Soulbound Tokens (SBTs) to those who took part.

Becoming the leader in DePIN

IIP-15 carries significant implications, propelling IoTeX towards leadership in the emerging decentralized physical infrastructure networks (DePIN) space. This paradigm shift highlights how IoTeX values and compensates its development community.

By proposing the revenue-sharing mechanism through SGD, IoTeX empowers community members to actively shape the platform’s future and foster a vibrant ecosystem.

Striking a fair balance

When users interact with dapps on the IoTeX blockchain, a portion of transaction gas fees is automatically accrued in the SGD treasury. In the interest of fairness, 30% of the gas fees will fund the SGD treasury, encouraging sustainable growth. The rest goes towards the proof-of-stake (PoS) rewarding pool. The ratio may be modified through governance voting.

Dapp owners can claim their accumulated revenue by initiating a claim action. The SGD treasury verifies eligibility criteria, including transaction volume and deployment time, through the SGD registry. Once the requirements are met, the treasury issues the corresponding rewards. 

The IoTeX Foundation upholds integrity and quality by implementing a review process and approving dapps based on performance and adherence to guidelines.

Transparency and efficiency

The SGD initiative comprises two critical components for transparent and efficient management: the SGD Treasury and the SGD Registry. The treasury module handles gas fee distribution, accounting, and the SGD rewards claims process.

The registry consists of a system contract and an indexer. Dapp owners utilize the system contract to register their contracts and reward addresses. Meanwhile, the indexer tracks SGD contract addresses, owners, and the number of contract calls.

Preventing potential abuses

The IoTeX Foundation has set eligibility criteria for revenue sharing to prevent potential abuses. Dapps must have completed at least 100,000 IoTeX layer-1 transactions, deployed and running smoothly for at least one month, and received approval from the Foundation. 

The integrity of the SGD program and users’ interests are safeguarded through the disapproval of dapps involved in spam transactions or unlawful activities.

Driving innovation

IoTeX is planning to add the SGD feature in the near future through a hard fork. This will ensure that it is compatible with existing applications and infrastructure. IoTeX is keeping up with the trend of blockchain platforms that reward dapp creators, encouraging innovation, user engagement, and ecosystem growth.

As IoTeX continues to expand its influence and becomes a DePIN leader, IIP-15 solidifies its position as a trailblazer in blockchain technology. Through this revenue-sharing model, IoTeX could set the stage for a new era of dapp development, rewarding creativity, fostering innovation, and creating exciting possibilities for web3 applications.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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