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News

Solana To Launch State Compression: Store 100 Million NFTs For Only $1193

April 6, 2023 - Around 2 mins mins to read

Key Points:

  • Solana’s state compression function can store any data type on-chain and is expected to revolutionize the blockchain world.
  • Compressed NFTs are drastically cheaper, with the cost of minting 100 million compressed NFTs only being $1193, compared to $1.2mm for uncompressed NFTs.
Solana’s ecological team launched a state compression function to store any data on the chain, starting with compressing NFTs. Storing 100M compressed NFTs costs only $1193.

Solana, a blockchain platform, has announced its ecological team’s release of a state compression function. This innovative technology, which can be used to store any data on the chain, is expected to revolutionize the world of blockchain. The first use of this technology is to compress NFTs, and it is already being used by teams across the ecosystem to power large, user-friendly experiences.

Solana To Launch State Compression: Store 100 Million NFTs For Only $1193

Compressed NFTs are just like regular NFTs, only drastically cheaper. The cost of minting 100 million compressed NFTs is only 1193 US dollars, compared to â—Ž1.2mm for their uncompressed counterpart. In fact, every incremental compressed NFT is solely a modification of an existing tree, which means the cost of an NFT on Solana is now as little as the cost of a single transaction (â—Ž0.000005)!

State compression makes elegant use of a well-known data structure and brings it to bear at the speed of Solana, once again proving Solana is the best place to build scalable, user-first web3 products. Although state compression can be used to store any data on-chain, the first use of this innovative technology is compressed NFTs.

State compression is a true cross-ecosystem effort built by developers at Solana Labs and Metaplex, powered by RPC providers and indexers Helius, Triton, and SimpleHash, and with support from Phantom, Solflare, and the Solana Foundation.

This compression-friendly data structure allows developers to store a small bit of data on-chain and updates directly in the Solana ledger, cutting the data storage cost down dramatically while still using the security and decentralization of its base layer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Solana To Launch State Compression: Store 100 Million NFTs For Only $1193

Key Points:

  • Solana’s state compression function can store any data type on-chain and is expected to revolutionize the blockchain world.
  • Compressed NFTs are drastically cheaper, with the cost of minting 100 million compressed NFTs only being $1193, compared to $1.2mm for uncompressed NFTs.
Solana’s ecological team launched a state compression function to store any data on the chain, starting with compressing NFTs. Storing 100M compressed NFTs costs only $1193.

Solana, a blockchain platform, has announced its ecological team’s release of a state compression function. This innovative technology, which can be used to store any data on the chain, is expected to revolutionize the world of blockchain. The first use of this technology is to compress NFTs, and it is already being used by teams across the ecosystem to power large, user-friendly experiences.

Solana To Launch State Compression: Store 100 Million NFTs For Only $1193

Compressed NFTs are just like regular NFTs, only drastically cheaper. The cost of minting 100 million compressed NFTs is only 1193 US dollars, compared to â—Ž1.2mm for their uncompressed counterpart. In fact, every incremental compressed NFT is solely a modification of an existing tree, which means the cost of an NFT on Solana is now as little as the cost of a single transaction (â—Ž0.000005)!

State compression makes elegant use of a well-known data structure and brings it to bear at the speed of Solana, once again proving Solana is the best place to build scalable, user-first web3 products. Although state compression can be used to store any data on-chain, the first use of this innovative technology is compressed NFTs.

State compression is a true cross-ecosystem effort built by developers at Solana Labs and Metaplex, powered by RPC providers and indexers Helius, Triton, and SimpleHash, and with support from Phantom, Solflare, and the Solana Foundation.

This compression-friendly data structure allows developers to store a small bit of data on-chain and updates directly in the Solana ledger, cutting the data storage cost down dramatically while still using the security and decentralization of its base layer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

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