I have created a new token called BGRST BadgerStork 0x9E4d0E9529b15df994a790015A5158160fE2584f
and a pair of uniswap liquidity pool from STORJ to BGRST to ETH.
This has cost me $500 to set up.
The idea is that it will help reduce storj volatility for small users/transfers using uniswap but stop large users using the same channel.
It will be useless at the current transaction fees, however, it might start to work if the fees go back low.
I set the initial price of BGRST at $1 but it should be considered worthless as it is only intended for intermediate use.
I’m really not a crypto savvy to have a valid opinion on this…
But if your system requires transaction fees to get low again to work… how does it solve anything?
(I’m assuming it’s related to this: Minimum Threshold for Storage Node Operator Payouts - #82 by Vadim)
I’m not sure why you would have gone though with this this doesn’t bypass the eth fees, no one is going to convert there coin to your coin then to eth that’s paying fees 2 times. Storj is a token means it’s not mineable which is the same thing as your coin.
This is one of many reasons I have proposed Dogecoin in the past. This coin will never ever under any forseeable circumstances reach even $1. And even at $1 the cost of a transaction is $1, which still is much less than Gas today. Currently Dogecoin is at $0.01. You would save tons of money.
It would be a perfect match for many other reasons as well.
And this is one disadvantage from Ethereum. That’s the reason I think Tezos will take over Ethereum. However Tezos have a lot more improvements. E.g on chain government.
Is a token necessary? You always could exchange Storj into Dogecoin and simply pay the SNOs in Dogecoin. There is even wrapped Doge as ERC20 token since a couple of days. That may help with such an approach.
Dogecoin has a token system since 2013 which is called Dogeparty and mimics Counterparty on Bitcoin.
I am also pretty much sure the Dogecoin developers would help in any way you can think of to get this running to your liking to make Dogecoin an even better fit for the intended task. You should really talk to them and find out what could be reached with joined forces.
And as last point: With Dogecoin you would expose Storj to one of the most vibrant communities in the crypto space which would probably result in hundreds if not thousands of new loyal and enthusiastic nodes, customers, testers and multiplicators for Storj Labs and Tardigrade.
Thanks, that’s an interesting read. But you have to agree that the underlying problem that occurs with high Gas prices has not been solved since then even though it was foreseeable.
Ok so now even if you want to stick to Storj token for those reasons I have just read. These are not the problems that we are facing with high Gas prices right now. The problem is to move the money from Storj Labs to the SNOs.
So even if you stick to the Storj token, what is preventing Storj Labs to exchange the required amount of Storj tokens on an exchange into a 3rd party coin, e.g. Dogecoin and send this to the SNOs?
This will void a purpose of the STORJ token entirely. Even if you doesn’t count an expenses on doing so, we would have an additional work to implement a second payout method.
This is also can be treated by SEC as attempt to use our token as a security, which is not true. There are a lot of legal problems included.
