{"id":160461,"date":"2024-01-19T18:03:32","date_gmt":"2024-01-19T18:03:32","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=160461"},"modified":"2024-01-19T18:08:44","modified_gmt":"2024-01-19T18:08:44","slug":"injective-inj-introduces-revolutionary-feature","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/injective-inj-introduces-revolutionary-feature\/","title":{"rendered":"Injective (INJ) Introduces Revolutionary Feature to make transactions &#8220;the lowest in all of crypto&#8221;"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Injective Labs,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> the team behind the Injective altcoin token (INJ), <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has <\/span><\/span><a href=\"https:\/\/blog.injective.com\/en\/injective-unveils-fee-reductions-with-gas-compression\/\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">announced<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> a revolutionary milestone with the launch of the gas compression feature.<\/span><\/span><\/strong><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This technical innovation aims <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">to transform transaction costs on the Injective platform<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, positioning it as a leader in the <a href=\"https:\/\/crypto-economy.com\/cryptocurrencies-from-a-to-d\/\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> industry.<\/span><\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Injective today is introducing one of the largest technical breakthroughs to date with the release of gas compression, making transaction costs on Injective the lowest in all of crypto.<a href=\"https:\/\/t.co\/yy4kNm6S6u\" target=\"_blank\">https:\/\/t.co\/yy4kNm6S6u<\/a><\/p>\n<p>&mdash; Injective \ud83e\udd77 (@Injective_) <a href=\"https:\/\/twitter.com\/Injective_\/status\/1748386447940264164?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">January 19, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The gas compression feature, according to the official announcement, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">will bring transaction costs to minimum levels<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, making virtually all transactions, from staking to trading in dApps, lending, NFT creation and voting on government proposals, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">incurring at effective costs close to zero.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This not only marks a new era of innovation for Injective, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">but also makes it the perfect entry point for cryptocurrency users.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Each transaction on the platform <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">now carries a nominal cost of just 0.00001 INJ or $0.0003 USD.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This adjustment not only positions the company <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">as a leader in the layer one (L1) space<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, but also presents it as <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the most scalable and affordable blockchain platform to date.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">consensual collaboration of validators was essential to achieve this transformation,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> consolidating its position as one of the fastest and most efficient chains.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The transition to this new cost structure <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has been implemented seamlessly<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> across development tools and products.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Injective dApps <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">can easily reap the benefits of the revised gas prices<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> by simply adjusting their gas settings from the previous 500,000,000 INJ to the new rate of 160,000,000 INJ.<\/span><\/span><\/p>\n<h2>This Injective change has implications for all actors in the ecosystem<\/h2>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">A practical example of its impact <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">is the cost of mining 1,000 NFTs on Injective,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> which is now <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">just $0.30,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> more than <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">100 times lower than on <a href=\"https:\/\/crypto-economy.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> and 500% lower than on Polygon.<\/span><\/span><\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-160463\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/01\/injective-news.jpg\" alt=\"Injective (INJ) Introduces Revolutionary Feature to make transactions &quot;the lowest in all of crypto&quot;\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/01\/injective-news.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/01\/injective-news-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/01\/injective-news-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Combining fast block times with gas compression not only reduces costs but also <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">allows developers to perform thousands of transactions per second at a fraction of the cost compared to other chains.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This ability to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">group thousands of transactions into a single block<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> opens new possibilities for dApp innovation and on-chain activities.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Injective Labs is ushering <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">in a new<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> era for both the Injective platform and Web3 as a whole.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">With its focus on efficient and accessible transactions,<strong> the company<\/strong><\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">\u00a0presents itself as a key player in the evolution of the crypto space.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Powering this growing ecosystem, the native INJ token <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">is backed by prominent investors such as Binance, Jump Crypto, Pantera, and Mark Cuban.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The gas compression feature not only redefines transaction costs, but also <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">opens up a range of possibilities for developers, users and institutions<\/span><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Injective Labs, the team behind the Injective altcoin token (INJ), has announced a revolutionary milestone with the launch of the gas compression feature.<\/p>\n","protected":false},"author":33,"featured_media":160464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74],"tags":[4620,4656,9838,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/160461"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=160461"}],"version-history":[{"count":3,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/160461\/revisions"}],"predecessor-version":[{"id":160467,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/160461\/revisions\/160467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/160464"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=160461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=160461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=160461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}