Kromatika

Gasless Chronicles — Episode 1<h2 id="header-0">What is Gasless?</h2>The rise of blockchain technology has brought many innovative solutions for conducting business and transferring value. One of the key features of blockchain is the use of a system called “gas” to facilitate the execution of transactions.However, during the last bull run, high gas fees were a major problem for many users of Ethereum. Due to exorbitant gas fees (quite often in the hundreds of dollars range), users have been unable to make transactions because they didn’t have enough ETH to pay for the gas fees, so they missed on a good trade. Users usually resorted to bridging funds from different chains or may have looked for a quick loan from a friend, which often are far from pleasant experiences or convenient solutions to this problem. This has led to the development of gasless transactions, which allows for the execution of transactions without the need for the user to pay the gas fees.In the following articles of gasless chronicles, we will explore the concept of gasless blockchain technology and discuss its use cases, potential benefits and drawbacks, including its ability to help improve the DEX experience and onboard new users to the ecosystem. We’ll also take a deep dive and see how “Kromatika DAOs” gasless swap works under the hood. There will be a written guide, followed by a video guide on how to use Kromatika’s gasless swap feature.<img src="https://miro.medium.com/v2/resize:fit:700/1*xHf51a4RjrRYHeMau7rtFQ.png" />Photo by <a href="https://unsplash.com/&#64;theshubhamdhage?utm_source&#61;medium&amp;utm_medium&#61;referral" rel="noopener noreferrer nofollow">Shubam Dhage</a> on <a href="https://unsplash.com/?utm_source&#61;medium&amp;utm_medium&#61;referral" rel="noopener noreferrer nofollow">Unsplash</a> What are Gasless transactions by the way?“A gasless transaction is a type of transaction that occurs on a blockchain network without the need for gas”Gas is a unit of measure used to determine the amount of computational effort required to execute a transaction on the network. One would say, “It‘s impossible not to pay gas fees, is this some fallacious statement to promote a feature?” and the person would be right, but not entirely.Who pays for the transaction fees ?Blockchain gas fees for submitting a transaction are a must &amp; it is done by design — the main trick here is who pays for the transaction gas fees. In gasless transactions, the cost of executing the transaction is either covered by a middleman or absorbed by the network in some way.One way that gasless transactions can be implemented is through the use of relayers as senders.“A relayer is a third-party service that facilitates transactions on a blockchain network by acting as a middleman between the sender and the network”.In the context of gasless transactions, a relayer can be used as the sender of a transaction, effectively absorbing the cost of gas on behalf of the actual sender (the user). Afterwards, the relayer could charge service fee to compensate its service. This concept has been utilized by the centralized exchanges (CEX) for a long time.In brief, gasless does not mean feeless.ExampleTo understand how this works, it’s helpful to consider an example. Let’s say Alice wants to send a transaction on the Ethereum network to Bob. In a normal transaction, Alice would have to pay for the cost of gas in order to execute the transaction on the network. However, if Alice uses a relayer as the sender of the transaction, the relayer will pay for the gas on her behalf.In this scenario, the relayer acts as a kind of intermediary between Alice and the network. Alice sends her transaction to the relayer, who then sends it on to the network and pays for the gas. The transaction is then executed on the network, with the cost of gas being absorbed by the relayer. The benefits of this approach are that it allows Alice to conduct a gasless transaction without having to worry about the cost of gas, and it makes it easier for her to interact with the blockchain and conduct transactions on the network.<img src="https://miro.medium.com/v2/resize:fit:700/1*DCZ87u1fX9m4DFL80iwYPg.png" />Photo by <a href="https://unsplash.com/&#64;theshubhamdhage?utm_source&#61;medium&amp;utm_medium&#61;referral" rel="noopener noreferrer nofollow">Shubham Dhage</a> on <a href="https://unsplash.com/?utm_source&#61;medium&amp;utm_medium&#61;referral" rel="noopener noreferrer nofollow">Unsplash</a>ConclusionIn conclusion, gasless transactions are a valuable addition to the world of blockchain and cryptocurrency. By allowing users to make transactions without the need for saving gas money, these transactions provide a more accessible and convenient way to use blockchain technology. As the technology continues to evolve and improve, it is likely that gasless transactions will become even more prevalent and widely used. Ultimately, this will help to make blockchain technology more user-friendly and increase its adoption among a wider audience.<h2 id="header-1">Gasless Tutorial:</h2>Details can be found here <a href="https://docs.kromatika.finance/guides/tutorials/how-to-use-the-gasless-swap-feature" rel="noopener noreferrer nofollow">https://docs.kromatika.finance/guides/tutorials/how-to-use-the-gasless-swap-feature</a>This article was originally published by Kromatika Core Contributor here: <a href="https://medium.com/&#64;0xmcfred/gasless-chronicles-what-is-gasless-ea59953c93d9" rel="noopener noreferrer nofollow">https://medium.com/&#64;0xmcfred/gasless-chronicles-what-is-gasless-ea59953c93d9</a>To connect with an active Kromatika community, do consider joining our <a href="https://discord.gg/Uv2Q2v26JG" rel="noopener noreferrer nofollow">Discord</a> channel.Kromatika Links:<ul><li><a href="https://app.kromatika.finance/" rel="noopener noreferrer nofollow">Kromatika DAPP</a></li><li><a href="https://kromatika.finance/" rel="noopener noreferrer nofollow">Homepage</a></li><li><a href="https://kromatika-finance.medium.com/" rel="noopener noreferrer nofollow">Medium</a></li><li><a href="https://twitter.com/KromatikaFi" rel="noopener noreferrer nofollow">Twitter</a></li><li><a href="https://discord.gg/UxHqP6n7B2" rel="noopener noreferrer nofollow">Discord</a></li><li><a href="https://t.me/joinchat/09jBPxB1cl85OTBk" rel="noopener noreferrer nofollow">Telegram</a></li></ul>

Kromatika Gasless Chronicles — Episode 1

Indice dei contenuti

Kromatika Finance

Altri articoli pubblicati su 6 mar 2023

5,000 PHX + 50 USDT Giveaway on Sweep Widget

Introducing SHI30, NFT Token Standard on Shido Chain!

Top 3 Polygon Coins for 2023

Infinity Arena to announce Battle PvP Betting Mode Release

Breaking news: Baby Floki announces new carbon-neutral blockchain initiative

Internal Documents Reveal Australia's Potential Timeline for Crypto Legislation: Report

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!