Have you ever heard of Multigas Blockchain in the crypto world? 👀
🔍🔍After a few rounds of searching on Google, I still haven't found any accurate results for the keyword phrase "Multigas Blockchain" except for a Tweet on Twitter of NULS Blockchain mentioning it, and perhaps this is still a new definition in the Blockchain world right now (as of September 11, 2024), and if this technology is widely popularized, I would like to affirm that NULS is the "mother" of this technology.
So what is Multigas Blockchain and what value will the application of Multigas technology bring to Blockchain? Let's analyze it a little bit and give your opinions in the Comments below! 🖌️🖌️🖌️
✅ As you know, when you make a transaction or deploy a smart contract on a Blockchain like Ethereum, you have to pay an amount of Gas corresponding to the amount of work that the transaction requires, called Gas Fee (in this case, Gas fee is ETH). Gas acts as a unit of calculation, time, and Gas fee is the amount you have to pay to perform that work. Using only one type of asset to pay gas fees in the blockchain network will bring constraints and lack of flexibility to project developers as well as users from another blockchain (having to find a way to own the asset that is the gas fee of the Blockchain they want to participate in).
✅ Therefore. The NULS Blockchain developer team came up with the idea of Multi-gas and consulted the community in the proposal that was approved at the Forum and the NULS Governance platform with a total of 95.05% of votes in favor. Accordingly, NULS will integrate both types of assets, BTC/ETH, to become assets to pay for gas fees in their NULS mainnet, meaning that participants in NULS Blockchain can use assets such as BTC/ETH/NULS as gas fees to make transactions or deploy smart contracts without having to be NULS. Why use the above 2 types of assets even though they have quite high transaction gas fees at the present time, because NULS wants to prove that its multichain technology can be applied to the 2 largest cryptocurrency assets in the cryptocurrency world and the developers of these 2 are always pioneers in the Blockchain industry.
➡️So, Multigas Blockchain is a blockchain that can use multiple assets other than its main network asset to pay Gas fees for transaction activities or smart contract deployment.
📝A concrete example of NULS Blockchain's Multi-gas application in this case:
Someone who is participating in Bitcoin/Ethereum Blockchain and holding BTC/ETH assets and now wants to make a transaction on NULS Blockchain (For example, that user has just received a large amount of high-value tokens on NULS Blockchain but does not have NULS as gas to be able to cashout that amount of tokens to USDT, for example) then that person can take advantage of the amount of BTC/ETH in their wallet as gas fee to always pay for the transaction in this case (No need to buy NULS from exchanges and then withdraw to NULS wallet to make the transaction). This will create a seamless flow of operations on Defi without any intervention from CEX, making the operation fast, efficient and especially very secure because of its decentralized nature.
In addition, this also makes it more convenient for developers to build other Layer2 projects on the NULS network when using large assets such as BTC/ETH as the main asset to build the project.
🔰Currently, the transaction fee of BTC/ETH is quite high, so the application of this multigas on NULS blockchain is still quite hesitant for small investors and developers. However, if this Multi-gas technology applies more assets with cheaper transaction gas fees that are popular and competitive such as BNB, Sol, USDT, ... then perhaps NULS will be a more popular blockchain than ever with Multigas technology and help open up a brighter future for the Blockchain industry.
🔥🔥🔥Hopefully, this article will mark the birth of a new technology in the world of cryptocurrencies, help people shape Multi-gas technology in Blockchain development and, more importantly, bring NULS Blockchain to become widely popular with everyone in this world of cryptocurrencies.
