Is there a simple solution to ETH Gas Crisis? You bet!steemCreated with Sketch.

in cryptocurrency •  4 months ago

Ok, so this idea isn't entirely mine.

A couple of days ago I mentioned that I was looking for work as a DAPP developer

A bit later @dennishlewis from icosuccess.com reached out to me to offer work

Here's how the conversion went in a nutshell.

sara: I saw on steemit you might have a job for me?

dennis: Yes I think so. Here's the idea. The current price of ETH Gas is making it prohibitively expensive to do something like a simple airdrop for our sweepstakes token SPRIZE and I'm wondering if there's a way to do something to get that lowered.

sara: Let me think on it a bit and see what I can come up with.

After hearing about the issue I decided to look into it deeper.
I took to the internets to find out that the problem right now actually is with a single abusive exchange.
twittergas.png

Specifically to get listed on FCoin (a new exchange), you're encouraged to deposit a lot of tokens from a lot of different accounts, and this is basically encouraging a classic Sybil attack on their voting mechanism since token developers are sending coins from all kinds of fake accounts...

What's happening is that 10s of thousands of transfers are going here, one at a time. In order to get your token listed on their exchange you have to deposit massive amounts of coin, literally a handful at a time.

While there's nothing specific that can be done for this type of abusive situation, what we can do is to facilitate airdrops in a manner that is highly efficient. Afterall, that was the original question... "What can we do to make AirDrops cheaper?"

We need a way to ensure that future airdrops won't clog the network with a whole series of one to one transfers and that they go through in bulk because it's just embarrassing to airdrop your token and have half your transactions reject.flairdrops.png
Enter FlairDrops! AirDrops with Pizzazz!

FlairDrops is a new tool we just wrote and are testing currently on testnet.

FlairDrops lets you generate a list of holders of an existing token (or just upload your own).
Once the list is generated, FlairDrops will allow you to airdrop your token quickly and cheaply.

It does this by grouping the transfers into batches up to 1,000 in a single transaction.
Imagine saving 1000x on your airdrop costs? That's what FlairDrops does.
All your destinations, at one low predictable, fixed price.

No more

"OMG! Is gas at 10 GWEI at 300 GWEI?"

But there's more!

In order to limit congestion and ensure things happen in a fair and orderly fashion, FlairDrops handles all batches in pages. In order to get you into a page, FlairDrops also has it's own ERC20 token. This means you can pre-purchase space in future transfer blocks, for as little as $0.005 USD per destination address (at current prices) and use that whenever you want!

The way airdrops currently work is a bit messed up and congests the network. It's the equivalent of everyone getting a free car and hitting the freeway, this causes traffic jams.

We built a mass transit system for distribution of other coins to large amounts of people at once.
FlairDrops is the equivalent of a subway!

You don't even have to use it for AirDrops, any time you have a large list of people you want to pay at once, you can use FlairDrops, once and be done with it.

So what's the plan with FlairDrops?

At the moment we need to finish the front end and then test, test, test!
This is going to take a lot of test ETH, so anyone who wants to send some test ETH will get FlairDrops to use on testnet, and when we launch the mainnet version, every testnet FlairDrop you bought will automatically become mainnet FlairDrops.

There aren't any plans at the moment to ICO FlairDrops or to try and get them listed on an exchange. It's a pure utility token, but you can transfer it and treat it just like any other ERC20 token. If everything goes according to plan, ICO Success will be selling them in bulk to customers of it's various ICO marketing campaigns though and there's a very fixed supply which means there's likely to be at least some market for them because AirDrops are the hot thing right now in the ICO space and literally no one can do it cheaper than this.

FlairDrops will reduce network congestion for future airdrops and I think we can all agree, that's just cool!

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Oh that's funny! All the recent upvote activity has been from me testing out my new upvoting bot!