On Monday, The Render Network Foundation proposed a plan to build its new burn-and-mint equilibrium (BME) model on the Solana blockchain by investing its resources.
The foundation proposed a plan to implement a burn-and-mint equilibrium (BME) model last month, which was passed by the community through voting. The model requires users to burn a predetermined amount of their RNDR tokens which will swap for non-fungible work credits which are distributed to node operators.
According to the announcement, the Solana ecosystem is perfectly suitable for the Render Network’s BME model. Solana Network provides real-time and on-chain data while enhancing transaction times, and reducing the cost of transactions.
As Render Network uses Rust programming for better performance, while Solana virtual machines can compile to form a smart contract.
Founder Jules Urbach stated in the announcement, “Solana has the right mix of speed without compromising security (vs side-chain approaches). I think if nothing else we need to ensure we get fast speed, but never at the expense of security in the long run. I didn’t take the decision lightly to even consider it. It’s been much of this year getting into the pros and cons.”
The 21-day period is decided to get a response from the community, starting from March 20.
Compiled by Coinbold