Feeless Cryptocurrencies

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13 Jan 2023
72

"7 years ago today, nano became a live network. Since then, over 46 billion dollars have been processed through nano without a single fee being paid" -Colin LeMahieu
The statement above is a tweet made by a member of the Nano cryptocurrency project during the Nano project's anniversary last year and it got me thinking about cryptocurrencies and network fees.

Anyone who has dealt with cryptocurrencies is familiar with network fees (also called gas or transaction fees). For many of us, the network fees have at one time or the other forced us to put on hold one or two transactions we may have been trying to execute. This was quite a common occurrence for me when using the Ethereum network earlier in year 2022 when the network fees were very high.
Fortunately, gas/network fees have relatively become cheaper in recent times and the fees on some blockchains are so small that it is practically free. However, certain blockchains do exist where transactions actually cost $0.00. In other words, transactions on such blockchains are totally free of cost. I will now proceed to list some of these blockchains.

Note: This is just a list so I won't be giving much details about each of the listed cryptocurrencies. However, you can always research more on any these cryptocurrency projects that you find interesting.
1) Nano
This is one of the most popular of the feeless crypto. Use cases for the currency include online and in-store payments, financial remittances, banking and foreign exchange. It is also the foundation for a number of other feeless cryptocurrencies.
2) Paw
This is a clone of Nano. The project is centered around animals and most of the PAW token supply is intended to be distributed free to community members. You can get free PAW from their regular giveaways/faucets on their discord, twitter and reddit.
3) Banano
This is another clone of Nano. The project is a meme coin themed around monkeys and bananas and aimed at just being a fun token.
4) Osmosis
Osmosis is a decentralized exchange that allows inter-chain transactions for IBC compliant cryptocurrencies. It is based on the Cosmos blockchain. Osmosis is not a fully feeless cryptocurrency, you pay fees to execute transactions but it is possible to execute transactions on osmosis with zero fees. To execute a transaction with zero fees you need to select the zero fee option when prompted by your wallet to approve a transaction. Fees on Osmosis are only used to give your transaction a high priority.
5) Chia Network
Chia is a blockchain that aims to be more greener and energy efficient while still providing a powerful transaction platform. Just like Osmosis, Chia is not totally feeless but the default fee is 0%. The user only pays fees if they want to give their transaction a higher priority when the network is congested.
6) IOTA
This is a project centered around the Internet-of-Things. The project introduces itself this way; "IOTA has fundamentally re-engineered distributed ledger technology, enabling secure exchange of both value and data, without any fees."
7) EOS
EOS is a powerful block-chain that supports smart contracts and dapps similar to Ethereum. It is also a feeless block-chain and there is no network fee for transactions on EOS.
8) HELO blockchain
This is another block-chain that has zero transaction fees. It is a relatively new block-chain. The project site describes the project as "an enterprise solution and payment platform".
9) Nollar
Nollar is stablecoin pegged to the US dollar. It is a new project and the project home page has the following description; "NOLLAR is the first IOU USD stablecoin based on block-lattice offering instant, feeless and green transactions."
10) x42 Protocol
This is another feeless block-chain that allows the hosting and deployment of dapps. The project describes its fee structure as follows; "Our cryptocurrency platform has zero fees for coin transactions on the x42 protocol's main block-chain. None. Forever".
11) DogeNano
Another clone of Nano. This coin is a feeless cryptocurrency targeted at the dogecoin community. Holders of Dogecoin got free airdrops of this coin earlier in the year 2022. You can get free Dogenano by following their twitter account.

Bonus: Nanswap
Nanswap is not a cryptocurrency or a blockchain but is a cryptocurrency exchange. However, I am mentioning it here because it is an exchange that allows instant non-custodial swapping between a number of feeless cryptocurrencies including Nano, Banano and Paw.

Conclusion
These are some of the cryptocurrencies that allow feeless transactions. It should be noted that some of these feeless cryptocurrencies also offer wrapped versions of their token on other blockchains. In most cases, the feeless transactions only apply to the native blockchains. If you are using a wrapped version then you will have to pay the network fees for the underlying wrapped blockchain.
Also, you should be aware that despite the fact that these cryptocurrencies are feeless, some exchanges (both DEX and CEX) may charge you a fee when you trade or transfer these cryptocurrencies on their platform.

In conclusion, many people believe that feeless cryptocurrency/blockchains will enable faster adoption of crypto because it makes the use of crypto similar to real-world scenarios where most of the time, you can spend money without paying transaction fees. As more of such feeless cryptocurrencies are developed, this could be a vision that will be achieved in the near future.
Note: This article is not financial advice. If you choose to invest in any of the above cryptocurrencies, please do your own research (DYOR).

8 Comments

Valdyr
Nice! I'm a fan of Banano and Nano - I'll have to look into the other ones you've mentioned here.