Place/Date: - July 12th, 2019 at 9:08 am UTC · 3 min read
Contact: Wibson, Source: Wibson
The Wibson team released a Batch Payment technology that benefits the blockchain community as it reduces transaction and operational costs that can improve the economic viability of hundreds of Ethereum-based projects.
One of the greatest challenges for the viability and scaling of blockchain networks is managing the costs of “gas”, the payments that receive third parties for the verification of the smart contracts transactions.
To solve this problem, Wibson – a blockchain-based platform that provides individuals a way to sell their data – released its Batch Payment code, a new Ethereum blockchain protocol that reduces the transaction costs up to 99% and allows not only Wibson, but other hundreds of Ethereum-based projects to exponentially scale.
The batch payment code bundles a large number of ERC-20 token operations into a single batch of transactions allowing to reduce the gas cost by 99%. Wibson started using this technology two weeks ago and they have already seen good results.
As the code can be used by any Ethereum-based blockchain project under the GNU Lesser General Public License v3.0, Wibson is already working with other companies who are interested in the technology, helping them implementing their protocol.
On the user side, Wibson renewed the mobile app, which has been enhanced with an improved design and more convenient token redemption capabilities. In next updates, Wibson plans that Data Sellers -users who sell data to companies through the platform- are able to cash-out Wibson Tokens (WIB) to an external wallet without incurring standard Ether gas fees.
Additionally, the company will work on significantly scaling the data marketplace and launching the app in more geographies.
For more information or to download the Wibson data marketplace app on Android devices, visit www.wibson.org. The batch payments code is publicly available through the Wibson Github. If you are interested in implementing the technology on your project, you can contact Wibson at [email protected].
Established in October of 2017, Wibson is a decentralized blockchain based data marketplace that provides individuals a way to securely sell their data. The information is validated for accuracy, all without sacrificing personal privacy.
The company’s mission is to create a trusted universal data platform that maximizes value for both individuals and companies and has received funding from Telefónica’s investment arm, Wayra, among other industry-leading investors such as DGG Capital or Kenetic Capital.
The Wibson token went live in October 2018 and has already supported more than 100,000 data transactions. To date, more than seven million WIBs have been used in such transactions by the Wibson community.