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IntelliChain: An Intelligent and Scalable Framework for Decentralized Applications on Public Blockchain Technologies: An NFT Marketplace Case Study
  • Mohammadreza Rasolroveicy ,
  • Marios Fokaefs
Mohammadreza Rasolroveicy
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Marios Fokaefs
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Abstract

Non-fungible tokens (NFTs) have been attracting the interest of both technical and non-technical parties, including collectors and traders, among others. The number of transactions in NFTs surpassed $50 billion in 2022. Blockchain technology’s advantages as a distributed, immutable, and transparent database make it ideal for verifying the ownership of digital goods created by their producers. On the other hand, high computation and transaction costs are known disadvantages of public blockchain networks like Ethereum V1, used in NFT marketplaces. To address these inefficiencies, other public blockchain systems have emerged as replacements for NFT marketplaces, each with its own unique properties. When planning such an NFT exchange, it is vital, but not trivial, to select the most appropriate public blockchain platform. In this work, we make two contributions to support this decision. In this paper, we present IntelliChain, a self-adaptive framework that can predict the best optimal transaction fees (also known as a gas fee) for blockchain to reduce the errors and also an ability to switch the public blockchain-based dynamic needs such as transaction fees and stability of the network.