GasToken - tokenize gas?

[sam]

I thought this would be an interesting project to look at as they are also live on Ethereum & Ethereum Classic, and have multiple tokens. Also it has a very interesting use case!

• Name: GasToken
• Symbol: GST
• Website: https://gastoken.io/
• Github: https://github.com/projectchicago/gastoken
• Standard: ERC20

Ethereum:

• GST1: 0x88d60255F917e3eb94eaE199d827DAd837fac4cB
• GST2: 0x0000000000b3F879cb30FE243b4Dfee438691c04

Ethereum Classic:

• GST1: 0x88d60255F917e3eb94eaE199d827DAd837fac4cB
• GST2: 0x0000000000b3F879cb30FE243b4Dfee438691c04

GasToken is a new, cutting-edge Ethereum contract that allows users to tokenize gas on the Ethereum network, storing gas when it is cheap and using / deploying this gas when it is expensive. Using GasToken can subsidize high gas prices on transactions to do everything from arbitraging decentralized exchanges to buying into ICOs early. GasToken is also the first contract on the Ethereum network that allows users to buy and sell gas directly, enabling long-term “banking” of gas that can help shield users from rising gas prices.

How to mine GasTokens?

We have recently published a miner to mint your own GST1 or GST2 tokens on Ethereum or Ethereum Classic, you can find a guide for using it here:

How to use GasToken Miner

[gastokenminer] Table Of Contents What is GasToken-miner? Requirements Installing Nodejs & Python How to use gastoken-miner? Optimal Miner Configuration? 1. What is GasToken Miner? We have developed a miner that you can use to mine GST1 or GST2 tokens on Ethereum or Ethereum Classic. Unlike mining “traditional” coins or tokens, mining GasTokens does not require any intensive CPU or GPU use from your machine, so you can safely run this on any device. Essentially you are buying up gas today…

Do we see this as something that could become popular?

[Neuron]

Ethereum Classic blockchain is fairly sparsely populated right now, and gas prices of 0.0001 Gwei are not unheard of. Some people even manage to squeeze in 0-fee transactions (some miners allow that, but your transaction will have to wait for one of those).

If Ethereum Classic will have at least one moderately successful dApp in the short term it will experience the same issues as the ETH ethereum does, and gas prices will go up to 1-2 Gwei. At that point there should be a fairly steady demand for cheap gastokens (minted at the old, cheap gas prices).

[sam]

We have recently published an article to discuss GasToken further and how in the future it can be used to save fees for your trading transactions, we have also published a miner for GST1 or GST2 tokens: