SuperOne built its own blockchain to eliminate high gas fees

SuperOne not only provides an exhilarating gaming experience — it also looks to quell old qualms about gremlins in blockchain-based networks. The company finds itself at the very apex between two lucrative realms — mobile gaming and cryptocurrency — and it has already foreseen and managed major complexities in these spaces.

Blockchain transaction costs have become a major issue for companies attempting to create systems that allow for the small, iterative, low-cost buying and selling of products. The SuperOne team has focused on making transactions in crypto as quickly as possible — in seconds — but also on the cost of making a purchase.

The platform has switched from Ethereum to Ripple Labs’ XRP token, ensuring players and stakeholders enjoy instant, immutable transfers without major inflation of cost. Other cryptocurrencies do not tend to offer such a straightforward solution. Let’s take an example.

You are looking at around $15 to join one such company. This includes transaction fees. This joining fee is a one-time payment and funds your first levels. Any future upgrades to higher levels will be funded out of your earnings that are in your wallet. However, there are more transaction fees to pay.

These fees help to pay for the ETH miners’ activities, and you can think of them a bit like bank charges. These charges can fluctuate and at various points during 2020 and 2021 have been uncomfortably high. These charges are also known as the “gas fee”. According to a recent report from the analytics platform Glassnode, users have been spending a dollar equivalent of $6.8 million in gas fees daily.

That’s the highest it has ever been in Ethereum’s history. And although some of these fees are reflective of the wider adoption of cryptocurrency, they can still represent prohibitive costs and form a barrier to entry. The growth in gas fees is a direct consequence of the increasing number of decentralized finance projects and yield farming.

Yield farmers need to pay ETH for transactions like moving funds in and out of pools. The increased number of yield farmers leads to more transactions and slower confirmations. Thus, higher fees are inevitable. Such high fees are now threatening the viability of some smart contracts and decentralized finance applications. According to a newsletter produced by Boxmining, the decentralized finance boom, like the ICO bubble of 2017, has helped spark competition between different protocols.

All activity on the SuperOne platform, from the purchase and use of gaming credits to the distribution of prizes, is recorded and processed on a private enterprise-grade blockchain. Stakes are used to validate all the transactions on this blockchain. Remember, this is the same technology that has powered the Bitcoin phenomenon.

The SuperOne blockchain connects seamlessly with public blockchains and payment ledgers worldwide. It records and confirms huge volumes of transactions in multiple currencies, and nothing can be tampered with. Every single payment takes a few seconds to process. Ordinary people can become part of the proof-of-stake validation process by being stakeholders.

SuperOne will collect all of its gaming and advertising revenue, and then distribute 10% of that back to all stakeholders. It’s an exciting proposition.

SuperOne — Welcome to the future today