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12.10.2020
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Credits smart contracts fees

Following our article explaining what is a smart contract, together with a manual on how to use it on Credits blockchain. We wanted to bring up your attention to the fees for the Credits smart contract currently in place.

As you may know due to the booming DeFi projects built on the Ethereum protocol, their contract charges have become very high. And this caused the crypto community concerns.

Smart contracts are initially a digital alternative to the legal agreements, they are one of the steps of the blockchain revolution happening right now, and they serve to simplify procedures, and lower costs. 

However, due to the high volume of DeFi projects on Ethereum, this is not the case any longer. The high charge for the transaction, of course, brings new limitations to the industry, increasing the total cost of the final digital product. In the end, it is expensive for both: developers and users too. What’s more, the transaction payment on Ethereum will grow proportionally to a larger number of applications installed. And currently, there is no other solution than Ethereum 2.0, everybody is waiting for, and it is becoming critical timewise. 

Blockchain is a new niche in the technological world and we all have got setbacks and some improvements yet to accomplish.

We, at Credits, have got a different consensus based on Proof of Agreement, our fees are marginal low. So we encourage our audience to build their services on our protocol and get all the benefits of the blockchain adoption: simplicity, transparency, and low cost.

Please find full information about the fees applied to Credits’ smart contracts here.

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