How Startbahn Cert. Is Reacting To The Rising Gas Prices in Ethereum
To reduce transaction fees on Ethereum (hereinafter "gas prices") , Startbahn is making a few adjustments and considering long-term measures for Startbahn Cert. Here are our current initiatives and the explanation for adopting Ethereum.
■ Rising Gas Prices on Ethereum
“Startrail”, the blockchain infrastructure we are leading to develop, has been released on Ethereum in August 2020; information on our service "Startbahn Cert." will be recorded on Startrail and can be issued and transferred as a Blockchain Certificate.
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As the gas prices (issuance and transfer fees) on Ethereum have been soaring recently, the cost of recording Startbahn Cert. information on Startrail is significantly higher than we had estimated at the start of the service’s operation. Therefore, we are considering changing the service specifications and introducing new technology to solve this issue.
■ Current Specifications and Future Plans
Gas prices vary greatly depending on the time of day. We allow a hold period of up to 36 hours to write information for issuance and transfer when the market price drops. As a result, there may be a time lag before the information you enter on Startbahn Cert. is recorded on Startrail. However, this does not mean that users cannot use Startbahn Cert. while the information is in the process of being written on the blockchain.
As for long-term plans, we are considering adopting the new technological solution called "2nd Layer." This method is where most of the calculations for issuing and transferring Blockchain Certificates occurs externally, instead of on Ethereum. Meanwhile, to ensure the verifiability and authenticity of blockchain information, a portion of the calculated information will be recorded on Startrail. We will decide on adopting the "2nd Layer" after a careful investigation of the technical functions.
■ Why are we using Ethereum?
Our decision to adopt Ethereum as the foundation of Startrail has made the above measures necessary. Still, our aspiration remains high and unchanged; we want to build an infrastructure for everyone involved in art.
In order to perpetually guarantee the value of artworks, the basic information and provenance need to be recorded and managed transparently. Simultaneously, the database platform for writing and reading the information is desirably free of control by a specific business. We value decentralization for developing a system in which all art-related stakeholders can participate.
Ethereum is a public blockchain with the largest community in the world. The information recorded here is supported by an unspecified number of computers and cannot be operated exclusively by any single entity. We believe that Ethereum is the perfect foundation for the database platform mentioned above.
While inconveniences exist as the cutting-edge technology is still in development, we are strongly committed to our philosophy. We will continue to develop Startrail and Startbahn Cert. along with many individuals and corporations involved in the art industry.
◾️ For Inquiries About This Release
PR Officer: Risa Mizuno
Email address: [email protected]