Comment on page
$LEAN runs on the Ethereum (ETH) blockchain. Changing the way the ETH blockchain works (“Proof of Work” replaced by “Proof of Stake”) has resulted in a smaller environmental impact in the form of reduced electricity consumption. However, migration of $LEAN will be performed in Q1, 2023 to the new blockchain which meets the following conditions:
- A neutral impact on the environment
The goal of $LEAN Ecosystem is to identify new blockchains that have a minimal (as small as possible) carbon footprint.
- Low transaction costs on the blockchain
According to data from the Ethereum blockchain, the median cost per transaction on the ETH blockchain was over USD 1.3 in 2022. This means that each $LEAN ransfer in the Ethereum blockchain generates significant costs. Assuming over 2,100 transactions in $LEAN in the accounts within the Ethereum blockchain in 2022 means that the total costs for transactions could exceed USD 2,000. High transaction costs are another argument that prompts a review of options related to the migration of $LEAN to the new blockchain. The acceptance criteria for the future target blockchain for $LEAN will focus on the cost of a single transaction. The transaction cost cannot be higher than USD 0.001.
- The openness of the target new blockchain to support NFT technology for $LEAN Ecosystem
This WhitePaper presents the updated $LEAN Ecosystem strategy. A significant part of the strategy is the development of NFT technology within $LEAN Ecosystem. The NFT technology in $LEAN Ecosystem will not be used for collectibles, but instead in business. Lean Community sees business potential in NFT technology in the field of verifying the authenticity of documents, certificates, or products. NFTs are “non-fungible” tokens, which makes these assets unique and irreplaceable. In the case of developing a business application project that is related to NFT technology, a significant number of transactions on the blockchain should be assumed. Therefore, it is being considered to change the blockchain to one in which the integration of $LEAN Ecosystem with NFT technology will ensure minimum operating costs for users.
We intend to present the proposal to change the blockchain for $LEAN to the members of the Lean Community in Q1, 2023. The change of the blockchain should be performed in Q1, 2023.