Gas DAO is handing out GAS tokens to compensate Ethereum users who spent a lot on fees. Ironically, though, the fees to claim the airdrop are higher than the value of the tokens.
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A new decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. autonomous organization (DAO) is preparing a New Year’s Eve surprise for the community of Ethereum a decentralized open-source blockchain with smart contracts functionality. with a airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. that seeks to compensate all those who spent a lot of money in fees is 2021.
Gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. has emerged this week with the mission to compensate the users of Ethereum who spent over a thousand dollars in transaction fees. To that end, the team is launching its own native token, called GAS, and plans to distribute the funds via airdrop (free distribution) to eligible users in the coming days.
Although the mission of the new project is not very clear, Gas DAO ensures that all users who can prove that they have spent more than USD $1,559 in transaction fees will be able to claim the tokens. . The figure is a reference to the update EIP-1559 that was carried out by Ethereum this year. As reported by DiarioBitcoin that update introduced a new tariff burning destroying a certain number of digital coins to reduce their issue. This method is used to fight inflation and increase the value of cryptocurrency. All token burning transactions are recorded in the blockchain as a transaction. Therefore, anyone can verify that the coins were destroyed. mechanism to the network.
Gas DAO wants to compensate Ethereum users
On the blockchain, users pay a fee to perform transactions such as sending and issuing assets, for example for exchanges or swaps in decentralized finance platforms (DeFi) or for the minting of non-fungible tokens (NFT). In the case of Ethereum those transaction fees are called Gas and are paid in ETH, the network’s native cryptocurrency.
The rates of Ethereum have soared this year to over $100 per trade as the price of ETH has also increased. As a result, users have started to turn to other less expensive networks like Binance Smart Chain (BSC), Avalanche y Solana ; although Ethereum remains the most popular platform in the space.
“ There are over 143 million unique addresses that have made a transaction on the Ethereum network. Gas DAO was created to be the voice and heartbeat of the 643,000 most active of those 143 million users. to unite communities spanning Defi, DApps and NFTs”. said Gas DAO in a tweet .
Gas DAO, formed as an on-chain transactions that are recorded on the blockchain itself and shared with all of the participants are done on-chain. DAO from Day 1 through one of the largest free and fair distributions in history, now gives you the platform to make our collective wants and needs heard.
— The Gas Dao (⛽,⛽) (@0xGasDAO) December 29, 2021
As a way of coping with the high costs of Ethereum , Gas DAO will distribute 550 billion GAS tokens in an airdrop program. In a blog entry They detailed that a supply of 1 billion tokens will be issued, of which 55% will go to the airdrop and another 15% will be distributed to the team of developers of the project. They will also allocate part of the supply to a treasury and another percentage will be distributed to the community over six months.
Gas DAO, formed as a blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. DAO from day 1 to one of the largest free and fair distributions in history, now provides a platform a place to buy, sell and store cryptocurrency to make our collective wants and needs heard. s.
An airdrop to celebrate the New Year?
The newest initiative within the growing DAO sector hopes to become a robust community. Users with more than 1 billion GAS tokens will be able to submit governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. proposals to the project, they said, while those with at least 1.78 million tokens will get access to an exclusive channel on the server. Discord discord is a web-based communication tool or application primarily built to enable communication between gamers. .
The amount of tokens each user receives is calculated on the basis of annual expenditure on fees until December 26th. Beyond the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. allocation allocation is the allotment of equity or tokens that may be earned, bought, or reserved for a specific team, group, investor, institution, or another similar entity. plan, it is still not very clear what the project intends to do.
With only a few days underway, the project has attracted a lot of attention from the community. More than 25,000 users of Ethereum have claimed the reward, according to the team on Twitter and confirmed data from Etherscan.io. Ironically, however, for many recipients, the gas fees for claiming the airdrop are higher than the value of the GAS tokens.
With each GAS valued at USD $0.00015, according to data from CoinGecko The treasure to be distributed is worth just over USD $80 million, as of press time. Meanwhile, the market an area or arena, online or offline, in which commercial dealings are conducted. capitalization is USD $18.6 million. The price of GAS hit a high of USD $0.0005 earlier, but has now plummeted nearly 70%.
Possibly the price drop is due to doubts about the veracity of the project. Many users on Twitter have questioned how safe it is to claim the token, as connecting their wallets to the project may expose them to hacks, fraud or scams. In response, the DAO has claimed that their initiative is secure and that their contracts are based on OpenZeppelin a platform that offers smart contracts for marca blanca that come equipped with safety tools.
DAO Season
The news comes amid a sudden surge in DAOs, which has recently been becoming the latest hot trend in the ecosystem.
Just a few days ago, we reviewed the plans for a DAO to buy the former movie rental chain Blockbuster and transform it into a platform for streaming decentralized; something like a sort of a decentralized Netflix on the blockchain.
In recent months, the organizational model has become very popular. Last month, a DAO caught the eye after raising more than $40 million to buy an antique (physical) copy of the U.S. Constitution. At the time, the news made international headlines, highlighting the power of OEDs to take action in the real world.
Prior to that, while there were a wide variety of DAOs, many were focused on ventures within the online space. For example, there are DAOs known to be in the business of buying and investing in NFT. Since then, many projects have been springing up, and even the Elon Musk’s brother has launched his own charity DAO. . Everything seems to indicate that we are entering the DAO season.
Sources: Decrypt , CryptoBriefing , archive
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
