Ethereum cryptocurrency is one of the most exciting blockchain projects. Nevertheless, the cryptocurrency has come across a few hurdles, such as concerns over the cryptocurrency’s ability to reduce or even scale the overall transaction costs.
That being so, a solution to allow users to tokenize the Ethereum gas market presents itself. Some interesting aspects of the technology are cropping up with the new concept, but it still remains to be seen how and when the technology will be set for use.
A Gas Awareness Lesson
Majority of people using Ethereum or purchasing ETH have no idea what gas really is. The concept is crucial but is often ignored as an aspect of Ethereum. Allowing users to tokenize Ethereum gas can create a very interesting situation and may serve as an educational tool for users.
It brings attention to the critical resource of the ecosystem within Ethereum and therefore helps people understand how Ethereum works. The concept also puts a spotlight on the fluctuating value of gas. The ways to educate people on cryptos, asset works, and tokens are limited. Consequently, tokenizing Ethereum gas can be a breakthrough in that regard.
Saving For A Rainy Day
Experienced Ethereum users know the difficulty involved in calculating the correct gas price at any given time. There are fluctuations about how much users spend sending specific transactions at a given time. Tokenization of Ethereum gas allows users to bank gas when it is cheap to use and spend the tokenized gas when they are higher.
During ICOs and similar token sales, having cheaper stored gas in tokenized state can be very crucial. No one wants to spend obtaining new tokens that might not appreciate value soon. In the end, it boils down to helping the user save on costs.
How It Works
The biggest question is, perhaps how to save gas. Now, you need to explore the hood of network and features to understand tokenizing Ethereum. There is a feature known as storage refund. It allows smart contract to delete storage variables.
As you know, variables are broadcast to all network nodes, and there is a fair amount of excess data. As the variables get reduced and deleted, refunds are issued to contract owners.
Some people might think that these refunds are insignificant, but that’s not exactly the case. Some of these refunds cover a considerable portion of gas used by contract extension except when used singularly. It’s only a matter of time before someone decides to leverage the technology to benefit Ethereum users and projects in the ecosystem.
Anyone Can Use It
As intriguing as it can be, the user may be left wondering how he can benefit from the new solution. A third party smart contract known as the gas token was created, not long ago. Begin tokenizing your Ethereum gas, contract node is found on GitHub. Anyone is welcome to develop similar projects and improve them.
The solution can also be implemented on any Ethereum contract interface, e.g. mist, MyEtherWallet, or solidity. Users can generate tokens with ease and make use of banked gas with no real problems.
The GasToken code has never been audited but leaves the room open for exciting opportunities of the future.