16 February 2022: Publish0x has announced that the platform is officially integrating the Fantom Network. This will occur initially through utilizing the Statera token (STA) for tipping. This will replace Harvest (FARM).
This is a fantastic move for the long term growth of P0x. An option away from the Ethereum mainnet will reduce the costs of gas fees immensely. This way, the return on investment is boosted significantly for both readers and authors alike - a move that could help spur tremendous growth for P0x over time.
Introduction to the Fantom Network
Fantom Network (FTM) is a next-gen smart contract platform that offers improved scalability while still ensuring high performance and security. Fantom works by employing its own unique Lachesis consensus protocol - a type of Directed Acyclic Graph (DAG) - based asynchronous BFT consensus protocol (aBFT).
- Directed Acyclic Graph (DAG) - In computing, a graph is a series of nodes (or vertexes) connected by edges. It is a form of abstract data type that can represent complex, non-linear relationships and is especially useful in blockchain. Specifically, a DAG is a type of graph that is directed, meaning that the edges only go one way.
- Asynchronous BFT - An aBFT protocol has an advantage over other BFTs in that it can avoid traditional consensus by enabling the use of a probabilistic outcome. Put simply, aBFTs mathematically ensure that an outcome with the highest certainty of transaction finality is chosen, eliminating the need to wait for each node to reach consensus and hence speeding up the network
The Lachesis consensus protocol enables much faster speeds and even promotes higher security and decentralization because no leaders are ever needed for consensus (Leaderless Proof-of-Stake or LPoS). Fantom combines this with its own Opera blockchain to offer an improved smart contract platform - one that has faster transaction finality, high security, and significant scalability.
Fantom's Opera Network
As consensus is reached through Lachesis, the state of transactions is eventually stored on the underlying Opera chain - a highly scalable, leaderless parent blockchain in which different networks can be built on top of through additional blockchains.
By individualizing blockchain networks built on Fantom, overall scalability is improved because traffic remains separate. This keeps the main Opera chain from becoming too clogged, time-consuming, and costly.
Fantom's Opera chain is also fully compatible with the Ethereum Virtual Machine (EVM), allowing for developers to easily port their decentralized applications (dApps) from the Ethereum mainnet to the Fantom mainnet.
Breakdown of Statera (STA) - The New P0x Tipping Token
Publish0x will be taking advantage of the low costs and fast speeds of the Fantom Network through the utilization of the cryptocurrency Statera (STA) for tipping purposes.
is a deflationary ERC-20 token that has officially gone multi-chain after a move to the Fantom Network. Statera is essentially a "supercharger" to liquidity pools because after every transaction, trade, swap, etc. containing STA, 1% of the STA is burned each time. This permanently removes it from circulation.
In addition to STA, Wrapped Statera (wSTA) is a secondary token without the deflationary mechanic of STA. STA/wSTA can be wrapped or unwrapped at anytime for a one to one swap, minus the 1% burn. Considering that within pools, each transaction burns `1% of the involved STA, this creates upward price pressure over time.
When there is a divergence between STA and wSTA, it creates an arbitrage investment opportunity and subsequently drives more trading volume which encourages more STA burning. Statera literally refers to this concept as "volume farming".
Implications for Long Term PUBLISH0X Growth
The premise here is quite simple. By utilizing the Fantom Network, gas fees for transactions will be considerably lower for Publish0x. This will also assist readers and authors alike in getting a higher return for the cryptocurrency earned through reward pool-generated tips on P0x.
The problem many experienced with FARM is that the Ethereum gas fees were too high to ever really do much with it. Speaking of gas fees, this was also a big headache for P0x itself as payouts were hit particularly hard due to high gas fees on the Ethereum mainnet.
By implementing Fantom Network-supported STA tips, the fees will be significantly lower for everyone.
Specifically for Authors
Lower overall fees mean higher returns on investment for the time and effort it takes to create content on the P0x platform. There are challenges here that plenty of creators on P0x are experiencing - potentially hours of work that results in a return of ~$5 USD worth of cryptocurrency per article is already a small return BEFORE the absolute purging of capital due to gas fees.
This is why RekTimes added the additional tipping / support options at the bottom of articles (and a big thank you to everyone who has provided support).
When thinking long term, utilizing Fantom reduces the burden of gas fees on authors and will help to drive future growth overall. This means potentially more content and a bigger incentive to drive user growth.
The integration of STA for tipping should be a long term net benefit for the entire P0x ecosystem moving forward. It just makes sense for everyone involved - the readers, authors, and P0x developers.
It is also highly encouraging that Ampleforth will remain a tipping token. You don't have to dig far into the RekTimes content archive to find why we are so excited about AMPL's long term development within the cryptoeconomy. We would love to see AMPL become a permanent fixture of the P0x platform as it is slated to be an integral part of DeFi and the greater cryptocurrency space.
As a closing point, we would like to welcome the Statera and Fantom communities to P0x! Below are some resources to check out for more information.
Important Resources
- Publish0x Announcement and Guide
- Fantom Website
- Statera Website
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