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Gas fee savings for the Crankk Network!

By March 3, 2024March 26th, 2024Announcement, Blockchain, Kadena, News

We are thrilled to share some important updates with you, all aimed at enhancing our ecosystem and directly benefiting you, our valued Crankksters. As always, our actions are inspired by our commitment to serve and improve the Community’s experience and operational efficiency.

What’s Changing?

Kadena’s prowess as a low gas fee Proof-of-Work chain has been instrumental in the success of the Crankk Network. Our belief in the principles of distributedness and Web3 has led us to a system where Crankk Network Nodes interface directly with the blockchain, receiving immediate rewards upon completing a beaconing/witnessing cycle. While this system fosters a robust transaction network, we recognize that even small fees can accumulate, impacting the cost efficiency of node operation.

To address this, we’re implementing two significant changes:

Extended Beaconing/Witnessing Cycle: We’re adjusting the cycle time from 4 hours to 6 hours. This modification aims to reduce the frequency of transactions, thereby lowering the gas fees incurred by our node operators.

Adjusting Rewards: Despite the extended cycle from 4 hours to 6 hours, we guarantee that your earnings will remain consistent with our Tokenomics, thanks to an increase in rewards for each cycle completed.

Why This Matters

This strategic adjustment is expected to reduce gas fee expenses by an average of 33% across the board (PoNP and Consensus Nodes), significantly decreasing operational costs without compromising your earnings. Furthermore, we are exploring enhancements to our witnessing strategy to further reduce gas fees and improve fairness in witnessing. More details on this will follow as we finalize our plans.

A Vision Realized

We want to share with our Crankksters that these changes have been part of our vision for a long time. They are the result of extensive research, planning, and dialogue within our team and with key stakeholders in the Crankk ecosystem. This strategic evolution reflects our ongoing commitment to innovation, efficiency, and most importantly, the sustainability of our network.

Immediate Implementation

Starting from the moment this announcement is posted, we are putting these plans into action. The extended beaconing/witnessing cycle and the adjustment in rewards are effective immediately, marking a significant milestone in our journey towards a more efficient and equitable network. Our team is already working diligently to ensure a smooth transition and to monitor the network closely to gauge the impact of these changes.

Our Commitment to You

These changes underscore our dedication to the Crankk Network’s efficiency and sustainability. By carefully balancing operational costs with rewards, we aim to foster a more vibrant and cost-effective ecosystem for all. Rest assured, we will closely monitor the network’s performance to ensure that these adjustments positively impact both your experience and the network’s overall health.

We are excited about these developments and sincerely believe they will strengthen the Crankk ecosystem. Your support and engagement are invaluable to us, and we look forward to continuing our journey together, making strides towards a more distributed and efficient IoT reality.

Stay tuned for further updates, and as always, thank you for being a pivotal part of the Crankk Community!

Together, we are building something incredible.

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