During summer 2020, DeFi craze turned Ethereum into a magnet for traders attracted by value creation and yield farming. Transaction fees were catapulted to new heights that remain over 1700% higher than last year even when they drop.
This situation caused most DApps and other Ethereum products to become economically unviable, and their usage dropped to almost zero.
2key could have been content with waiting for the advent of ETH 2.0 to hopefully eliminate or at least drastically reduce and stabilize gas cost, but high transaction fees and slow transaction processing are likely to be a recurrent issue in the foreseeable future. 2key could not possibly allow Ethereum growing pains to impact the cost of deploying and launching SmartLinks. Even more so as the long term effectiveness of ETH 2.0 on gas price stability is unknown, all the more reasons for the 2key team to look for a solution that removes Ethereum gas fees from SmartLinks' deployment process.
As a result, the 2key team has been hard at work these last weeks to avoid a repeat of deployment costs shooting up to the crazy cost of $25 as it happened lately.
From now on, this will never happen again!
To insulate SmartLink creators from Ethereum transaction fees and processing speed vagaries, 2key developers decoupled the SmartLink deployment transaction fees from Ethereum mainnet by migrating them to 2key Layer 2.
For those interested in 2key technology's details, 2key Protocol Layer 2 is running smart contracts on browser-based Multi-Party-State-Networks (MPSNs). Without getting too deeply into details, this means that transaction in the contract is facilitated solely by P2P direct communication between browsers or their human users participating in the MPSN which translates into zero reliance on centralized infrastructure for maintaining interim consensus in the MPSN while it is being run off-chain.
This process eliminates the Ethereum transaction fee when deploying a SmartLink by relocating the deployment registration from Layer 1 to Layer 2.
In practical terms, SmartLinks deployment is registered on 2key Layer2 Plasma and, instead of deploying each SmartLink directly on Ethereum blockchain with the attendant costs, a single pre-deployed Ethereum Mainchain Smart Contract will now facilitate all SmartLink campaigns launched on the 2key Layer2.
This solution is now fully operational on SmarLlinks only, saving fortunes on gas fees and speeding up deployment and enabling users already to turn regular URLs into Smartlinks at zero costs.
PPC SmartLinks (SmartLinks with PPC crypto incentives) will very soon also see their deployment costs vanish as they are incorporated to Layer2 in the same fashion. Donations and Token Sale Smarlinks, as well as Zoom SmartSessions, will follow suit as time and availability permits.
Integrators interested in 2key solutions are welcome to contact us by email.
