IBAX's Multiple Payment Methods

In the blockchain world, Gas is required in transactions, execution of smart contracts, or data storage. This fee model is in contradiction with the common payment method in the real world, and the high Gas fee becomes a high wall to prevent small retail investors from participating, while many novice users will be scared off by the high transaction fee, which raises the threshold for the users so that global blockchain projects cannot be widely used by the public in the real world.

Therefore, IBAX public network has created several different network-based payment methods that allow flexibility in choosing payment methods based on the nature of the business, allowing eco-creators/developers to focus on their own business, lowering the threshold for users, allowing them to easily get started and for developers to quickly gain access to the blockchain world market.

Contract caller payment method

Contract caller: Any user who calls all contracts in the ecoLib is responsible for the transaction costs generated by himself/herself.

The payment method is "whoever calls the smart contract pays the network service fee (Gas fee)".

Contract Binder payment method

Contract Binder：The transaction fees generated by all users calling a contract in the EcoLib are paid by the contract binder's wallet on behalf of the user.

This payment method provides a wallet bound to the creator of the application in the EcoLib by default for the expenses of all calls to the contract (Gas fees) in the application. No Gas fee is required for all users using the application, nor do they have to hold any IBXC ( the base token of the IBAX Network).

Note: It is important to note that when the IBXC of this bound account is not enough to cover the cost of calling the contract, its application will not work.

EcoLib creator payment method

EcoLib creator: All transaction fees incurred by users calling all contracts within the EcoLib are paid by the wallet of the EcoLib creator.

Any user can create an ecosystem on the IBAX network, and the ecosystem creator has all the features that a regular user has, including an account-wallet address on the IBAX network. When you create an EcoLib in the IBAX network, you also become the creator of that EcoLib and have the relevant access to that EcoLib.

In this payment method, the expenses of the application are fully covered by the EcoLib creator/developer, which works in the same way as the "contract-binder payment model".

Eco-exclusive wallet payment method

Eco-exclusive wallet: All transaction fees incurred by all users calling all contracts within the EcoLib are paid by the exclusive wallet set up by the ecosystem.

Let us picture a scenario: in a community-operated EcoLib, all the applications are developed by multiple community developers. In order to quickly promote its applications and lower the user's threshold, it is necessary to use a method similar to the "contract-binder payment method", but if the "contract-binder payment method" is used, the wallet address is a conventional public-private key, even if it is a "multi-signature" wallet, it is possible that the EcoLib will collapse due to the loss and theft of assets in the wallet.

To prevent this from happening, the IBAX network pioneered the creation of an " Eco-exclusive wallet " so that if another wallet address transfers to the " Eco-exclusive wallet ", its assets will be locked in the IBAX network and will be used to pay for the application's Gas fees."
The "eco-exclusive wallet" makes it less likely that fraudulent incidents will occur, which ensures the normal operation of the EcoLib and protects the rights of users.

With the use of eco-exclusive wallets, Defi and NFT development teams running away and asset theft will be eliminated, allowing users to focus on the value of the project itself.