[Informative]Enhancing Gas Fee Efficiency on the XDC Network: Improving Gas Management for Sustainable Operations.

The XDC Network aims to be at the forefront of innovation, constantly striving to improve its infrastructure for greater efficiency and sustainability. One of the recent proposals aimed at enhancing the network's performance is a strategic move to implement efficient gas fee management. Gas fees play a vital role in blockchain operations, particularly in terms of transaction processing and network functionality. While gas fees have increased, this upgrade on the Apothem Network (testnet) is designed to revolutionize gas management and optimize the fee structure for users and developers.

Here are some key aspects of this proposal and its significance for the XDC Network:

Efficient Gas Fee Structure: The proposed adjustments aim to refine the gas fee structure, ensuring a more predictable and manageable cost for transactions within the XDC Network. This refinement is anticipated to offer users a more user-friendly and stable fee experience.

Balancing Supply and Demand: By implementing a variable fee structure that automatically adjusts based on network activity, the XDC Network aims to strike a balance between transaction demand and network capacity. This adjustment should promote more efficient gas usage, reducing congestion and potential network slowdowns.

Sustainability and Network Optimization: The ultimate goal of this proposal is to enhance the sustainability and efficiency of the XDC Network. By providing a more structured and sustainable approach to gas fees, the network is poised to offer a more scalable, user-friendly, and cost-effective environment for its users and developers.

User-Centric Approach: With an eye toward user convenience, this proposal is expected to bring about a more user-centric experience by offering transparency in fee management. It aims to streamline the transaction process, provide a more predictable cost structure, and improve overall user satisfaction.

Now, XDC Apothem node upgrade is on the horizon. Node owners are encouraged to prepare for this upgrade, ensuring the continued seamless operation of the network. The upgrade will occur upon reaching the block height indicated in the countdown timer, currently visible at Countdown Link.

For node owners, it's imperative to stay updated and execute the necessary steps for a smooth transition.
To upgrade your Apothem node to XDC 2.0 , please use the following command:

git pull && ./docker-up.sh

In a significant update reflecting the XDC Network's commitment to progress, recent enhancements showcase a marked change in gas fees and overall transaction costs. The update, while maintaining a gas limit of 21,000, has effectively led to a transition in gas prices. Before the upgrade, gas was priced at 0.00000000025 XDC (0.25 Gwei), with a transaction fee of 0.00000525 XDC for a 100 XDC value. Following the upgrade, there was a substantial shift: gas price managed to 0.0000000125 XDC (12.5 Gwei) and the transaction fee rose to 0.0002625 XDC for the same 100 XDC value. This change signifies the network's evolution to balance efficiency and user convenience, with an updated fee structure reflecting this improvement.

Here's a summary of the before and after upgrade values:

Before upgrade:
Value: 100 XDC
Gas Limit & Gas Used By Txn: 21,000 | 21,000 (100.00%)
Gas Price: 0.00000000025 XDC (0.25 Gwei)
Actual Tx Cost/Fee: 0.00000525 XDC

After upgrade:
Value: 100 XDC
Actual Tx Cost/Fee: 0.0002625 XDC
Gas Limit & Gas Used By Txn: 21,000 | 21,000 (100.00%)
Gas Price: 0.0000000125 XDC (12.5 Gwei)

These combined updates signify the XDC Network's commitment to continual improvement and innovation. The proposed gas fee enhancement aligns with efforts to streamline transaction costs, offering a more user-friendly and cost-effective experience. Additionally, the Apothem node upgrade to XDC 2.0 is vital for maintaining the network's efficiency and stability.

What's New with XDC 2.0?

Introducing XDPoS 2.0, the future of decentralized consensus on the XDC Network! This next-gen engine, built on the cutting-edge BFT consensus protocol, promises military-grade security and blazing performance while being ultra resource-efficient. Plus, it's fully backwards-compatible with existing APIs.
Dive deeper into the details: https://arxiv.org/pdf/2108.01420.pdf

As the countdown continues and the community gears up for the Apothem node upgrade to XDC 2.0, it's crucial for node owners to act swiftly to ensure their nodes are updated and in line with the latest improvements. These advancements mark a crucial juncture in the network's journey toward greater efficiency, sustainability, and user-centric functionality.

Stay tuned for these crucial updates and keep your node in sync with the network's evolution. Let's collectively drive the XDC Network towards an optimized and efficient future.