LUKSO

Bitcoin

<h4><strong>The need for native tokens to pay transaction fees, particularly with Externally Owned Accounts (EOAs), has limited the accessibility and user-friendliness of blockchain technology. </strong></h4> 
<p>However, the emergence of Universal Profiles and Transaction Relay Services is poised to revolutionize the landscape by enabling gasless transactions, effectively eliminating the requirement to pay fees.</p> 
<h5><strong>The Challenge of Transaction Fees</strong></h5> 
<p>Blockchain transactions traditionally involve the payment of <a href="https://www.altcoinbuzz.io/?s=fees" target="_blank" rel="noopener">fees</a> in native tokens. This creates a hurdle for users who may not possess these specific tokens. This limitation has been a significant factor inhibiting the widespread adoption of blockchain technology. Especially for newcomers.</p> 
<p>So, Universal Profiles and Transaction Relay Services aim to address this challenge.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">1/ A major challenge in adopting blockchain is the need to pay transaction fees with native blockchain tokens. This process often involves complex steps, which can be difficult and confusing for many users.</p> 
 <p>Universal Profiles &amp; Transaction Relay Services can fix this <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/IMpwMSwhhB">pic.twitter.com/IMpwMSwhhB</a></p> 
 <p>— LUKSO (@lukso_io) <a href="https://twitter.com/lukso_io/status/1737846508358451404?ref_src=twsrc%5Etfw">December 21, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Universal Profiles: A Gateway to Gasless Transactions</strong></h5> 
<p>These are a special class of smart contract accounts designed to make gasless transactions a reality. Unlike traditional <a href="https://metatime.com/en/blog/what-are-externally-owned-accounts-eao" target="_blank" rel="noopener">Externally Owned Accounts (EOAs)</a>, Universal Profiles let users can manage transaction fees in diverse ways. This includes leveraging third-party services for both off-chain and on-chain settlements.</p> 
<p>In this ecosystem, various services, known as relayers, play an important role in supporting Universal Profiles. These relayers operate with distinct business models, ranging from subscription-based models to score-based services. Additionally, some relayers are compatible with ERC-4337 tokens, adding another layer of versatility to the system. <a href="https://lukso.network/" target="_blank" rel="noopener">LUKSO</a>, a blockchain platform, stands out by providing its relayer service. This will offer users a predefined amount of free usage for their Universal Profiles.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Have you heard about Universal Profiles? <br>This will likely be the most important primitive for web3 and the internet. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>You can now be among the first to create a <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f199.png" alt="🆙" class="wp-smiley" style="height: 1em; max-height: 1em;">, the first real smart contract account that every dev, creator and user needs! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f98a.png" alt="🦊" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/JMwGTfQkUq">https://t.co/JMwGTfQkUq</a> <a href="https://t.co/PIgvTQdlLR">pic.twitter.com/PIgvTQdlLR</a></p> 
 <p>— Universal Profiles (@ERC725Account) <a href="https://twitter.com/ERC725Account/status/1722272766433648908?ref_src=twsrc%5Etfw">November 8, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>LUKSO’s Relayer Service: A Game-Changer in Feeless Transactions</strong></h5> 
<p>LUKSO’s relayer service is a game-changer in the quest for feeless transactions. By adhering to the <a href="https://docs.lukso.tech/standards/relayer-api/" target="_blank" rel="noopener">LSP15-RelayService standard</a>, this innovative solution opens the door to a new era of accessibility and convenience. With LUKSO’s relayer, users can enjoy advanced features on-chain without the burden of transaction fees.</p> 
<p>Some examples of relayers are monthly subscription services for data plans or streaming platforms. So, by adopting a seamless and accessible subscription model, users can navigate the blockchain landscape without the burden of transaction fees.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">LUKSO LSP3 standard just got integrated into its block explorer. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f464.png" alt="👤" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>Now you can see all interactions from Universal Profiles with other <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f199.png" alt="🆙" class="wp-smiley" style="height: 1em; max-height: 1em;"> right in the block explorer, and also search by username <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f640.png" alt="🙀" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>That’s a first for a blockchain. <a href="https://t.co/iWl1xBYwlc">https://t.co/iWl1xBYwlc</a> <a href="https://t.co/0rcYnGl9sE">pic.twitter.com/0rcYnGl9sE</a></p> 
 <p>— Universal Profiles (@ERC725Account) <a href="https://twitter.com/ERC725Account/status/1734937180001214906?ref_src=twsrc%5Etfw">December 13, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Conclusion</strong></h5> 
<p>The introduction of Universal Profiles and Transaction Relay Services marks a significant step towards a feeless future for crypto transactions. By redefining the way transaction fees are managed and introducing relayers with innovative business models, the blockchain landscape becomes more inclusive and user-friendly.</p> 
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<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/lukso-universal-profiles-will-unlock-feeless-crypto-transactions/">LUKSO’s Universal Profiles Will Unlock Feeless Crypto Transactions</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

LUKSO’s Universal Profiles Will Unlock Feeless Crypto Transactions

Altcoin Buzz

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