Coreum, Sologenic’s Layer-1 Blockchain, Makes Pricey Ethereum Transactions A Thing Of The Past

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Thomas Herd   Contributor

Coreum, Sologenic’s Layer-1 Blockchain, Makes Pricey Ethereum Transactions A Thing Of The Past

After more than a decade since Bitcoin’s public debut, cryptocurrencies and Blockchain technology have transcended beyond a temporary fad and into a fully established decentralized economy, bolstered by its 300 million-plus user base. Still, inherent issues like expensive transaction fees have made participation in this burgeoning economy difficult for the average consumer, with presently popular system Ethereum having inflated transaction costs by nearly 2,300 percent in the past year alone. Armed with a solution in hand, the independent community of developers making up Sologenic’s SOLO Core team has revealed Coreum as a vital remedy to this overpricing issue, creating an innovative and widely adoptable Blockchain ecosystem that implements a stable-fee model to ensure cost-efficiency and finally making decentralized currency fiscally attainable for all. 

Without a built-in fee stabilizing mechanism, Ethereum users who wish to make a transaction during high-demand times are actually financially penalized for doing so, with these massive gas fees only continually rising as the token’s cost price goes up. As such, Ethereum holders that are meant to benefit from its market success are subsequently required to pay more to access their purchased stake in its economy, partially canceling out acquired gains and making it difficult for mass adoption.

Where Ethereum fails at price stabilization, Coreum excels; through its stable-fee model, Coreum users can experience both rapid and secure transactions at a cost-efficient price point. Rather than face proverbial fines for utilizing their digital tender, Coreum’s inherently deflationary network allows users to consistently experience fair transaction rates. Utilizing a rotating pool of performance-rated validators, a rewards pool and a 20 percent fee burn-rate, Coreum users not only benefit from low rates during low-demand, but actually experience the lowest rate during high-demand – the polar opposite of Ethereum’s fee pricing model.

Coreum likewise cuts down on excessive energy use, bringing Blockchain forward toward sustainability with its carbon footprint 99 percent lower than rival systems like Ethereum. Between its inherent environmentally-friendly structure and low transaction rates, Coreum makes itself an attractive option for adoption by traditional financial institutions that have otherwise been alienated by Ethereum’s high energy consumption and unscalable fee models, only aided by Coreum’s improved smart contracts with multiple languages. And with the capability of executing 7,000 transactions per second in comparison to Ethereum’s 5 transactions in the same time, Coreum operation at an unrivaled efficiency to its market peers only further opens the doors to the ecosystem’s mass adoption.

It’s no wonder many are beginning to call Coreum an “Ethereum killer;” where Ethereum fails, Coreum prevails, making the upcoming third-generation Blockchain system one of the most exciting innovations the decentralized economy has yet to experience within its fledgling lifetime.

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Thomas Herd   Contributor

I am the Founder & CEO of one of the fastest growing digital marketing agencies globally, T1 Advertising, Forbes Magazine Digital Contributing Writer and Business Council Member, and a shareholder in the magazine L’Officiel USA.