What is IBAX Eco-Token Payment Method
The IBAX Eco-Token Payment Method is an advanced payment method developed by the IBAX network to meet current business scenarios, allowing users within the ecosystem to pay for gas fees using only ecosystem tokens rather than IBXC (IBAX coins).
In the case of creating an ecosystem and enabling the Eco-Token Payment Method, the user’s call contract fee or gas fee within the ecosystem can be paid by the designated account of the ecosystem creator, and all fees can be settled entirely in ecosystem tokens at a certain percentage, eventually the designated account pays the gas fee on behalf of the user in the IBAX network.
Why IBAX created this Eco-Token Payment Method?
Let’s say you’ve just arrived at a casino in Las Vegas and only want to play (invest in) your favorite games, Texas Holdem requires Texas Chips to play, slot machines only take Slot Chips, etc. Each game has its own tokens. Unless you end up losing them all, there’s no way around it: Pay the commission (gas fee) with the Casino Chips you bought upfront when you placed your bets (made your transactions), or cash out with tokens in exchange for Casino Chips.
Each extra layer of conversion makes the user experience worse. As a result, many users are blocked from a good game（ecosystem）because of the tedious operations and time costs. If a game developer now tells you, as a user, that you only need to focus on the game you want to play (invest) and we pay all the commissions（gas fees） in the playground（background） for you with a designated account, this will definitely help improve the user experience.
The IBAX Eco-Token Payment Method can boost the development of the ecosystem built with it, significantly lowering the threshold for users to interact with the ecosystem, thus allowing the ecosystem to have more potential users. Overall, this user-friendly feature removes the need for users to purchase IBXC as a prerequisite for using the ecosystem. This is one of the major innovations of the IBAX network.
The IBAX Network serves as the underlying infrastructure of the blockchain and hopes to achieve an open and decentralized ecosystem in the future, where anyone can create their own ecosystem without constraints, so that the blockchain is no longer something that a few people can participate in and everyone can benefit from it.
No one wants a drill. What they want is the hole. IBAX Eco-Token Payment Method allows eco-developers to focus more on building their own ecosystems and reduces users’ reliance on the underlying blockchain, thus significantly lowering the barrier to participation. Steve Jobs once said. Technology is nothing. Good technology works seamlessly without you feeling its presence, so should a good underlying blockchain.