Problem: The ETH network has a high transaction fee and slow speeds. It is an energy-intensive proof of work blockchain with low speedy capability which makes it less efficient than other blockchains. Gleipner wanted to utilize this as an opportunity to build an alternate Ethereum network that’d provide the consumers with a solution to these problems.
Our solution: Our aim was to build an alternate ETH network with fewer transaction fees and a high transaction speed while still giving the features of ETH wallet and ETH balance to the users. Our solution for Gleipner is a layer-2 solution on Ethereum. If you have 1 ether, you can use a g-bridge to convert it into the Gleipner network and you can spend these within the network. Our solution also solves another thing: in ETH you pay gas fees so you pay two fees (app fees + gas fees). There is no gas fee in the Gleipner Blockchain network. We took Ethereum and we customized it to change the fee and consensus mechanism ( ETH uses POF and we implemented the IBF network which is much faster). We gave them a proper explorer as well as support for multiple coins.
Gleipner Blockchain Network
February 6, 2024
blockchain
Results: Here’s a sneak peek of activities taking place on Gleipner. An average block time = 15 seconds Total transactions= 3,510 Total blocks = 3,654,611 Wallet addresses = 651
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