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FreeDropz to Decrease Transaction Fees For Token & NFT Distribution

One of the main issues faced by blockchain projects in achieving wide adoption of tokens is onboarding whereby the platforms require users to deal with specific tools such as wallets, transaction fees, storage and key generation. For a relatively new technology, this is a lengthy process that can be difficult to many beginners, causing token transfer, ownership and storage to be impossible.

Token distribution for many projects has therefore been difficult to manage and often become very expensive for the users and the network. Even more challenging is airdrop s processing and claim, which can be lengthy and difficult for certain users.

FreeDropz

FreeLoaderz has developed a reward distribution platform to provide a dedicated service to projects using FreeLoaderz submit-api Load Balancers. The platform known as FreeDropz is a two-step python transaction script for mass airdrops. This script first consolidates multiple UTXOs into a single address to be used for the airdrop, then sends out the minimum required UTXOs in batches of 120 combined transactions to all the desired addresses. The use of batching of transactions reduces transaction fees by approximately 96%, which is beneficial for the users and the network.

For the deployment of the batched transactions, FreeDropz uses participating FreeLoaderz SPO relays with a load balancer proxy that distributes transactions across the blockchain. This helps increase transaction throughput and decentralize the node-to-client transaction submission process.

The time taken to process transactions for airdrops,NFTs and token distribution is too long. The solution offered by FreeDropz enables the shortening of this time as well as lowering of costs. FreeDropz will use SPOs, transaction batching in combination with a WEB3/dapp connector token claim facility that will enable users to claim tokens for airdrops for a much lower cost. Through this, the token claim process will be faster, more efficient and cheaper than any other solution available.

FreeDropz will provide a simple solution for Projects to distribute tokens through SPOs and the FreeLoaderz Platform, enabling faster and easier distribution through its submit-api infrastructure. This will help other projects achieve greater reach in their distribution and enable faster and cheaper processing for users.

The Team

This proposal was posted by Rhys Morgan, who identifies as a developer, entrepreneur, and a stakepool operator. Rhys has been a member of Project Catalyst since Sep. 26, 2020, and has posted 10 ideas. Some of these include StakingDAO: DAO tools and scripts, NFTPass: NFT ticketing solution, P2P smart contract interaction, Plutus pioneers upgrade and FreeLoaderz: load balancer.

The team is also made up of many SPOs operating under FreeLoaderz. These SPOs are software developers, front end developers and marketing specialists. The FreeLoaderz team has worked on a load balancer that evenly distributes SPO relay nodes, allowing the number of transactions per day to increase and reduce bottlenecks in the blockchain. The team therefore, has the knowledge and discipline to work on this new proposal to its completion.

The Budget

FreeDropz will require $25,000 to be used as follows:

  • $10K- Infrastructure and Development
  • $5K- UI/UX development and Testing
  • $10K- Marketing & Onboarding

Conclusion

FreeLoaderz is a coalition of Cardano Stake Pools offering url api access to their relay servers to help improve transaction speed by opening up ports to user wallets. The team has come together to offer another solution to networks distributing tokens in form of airdrops in order to lower the transaction costs and minimize time.

The solution will be integrated to the FreeLoaderz SPO Coalition to enable the processing of native asset distribution to happen faster and cheaply. Through the FreeDropz solution, the token claim process will be faster, more efficient and cheaper. This will be the best solution in the market for networks. 

Check out the funding request with more information about the FreeLoaderz proposal

Image courtesy of FreeLoaderz

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