No it is not for that. The channel is to small for that.
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.
Aaand, how is it supposed to do that and why is that better than swapping directly?
It is a bottleneck and large transfers get penalised at the bottleneck.
It doesn’t work anyway. Waste of time.
Why did it cost $500 to setup?
Gas fees mostly, so not real money only this magic money. I paid $25 for BadgerStork.com too, just because it was there.
When you need. A blockchain with high throughput and ,ow gas fee just use Tezos.
Or every second coin which declare the same. Until they got the same (or more) volume of TX as ETH today. And then - oops
Why the fee is so high!!?
There is no silver bullet unfortunately…
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.
They do not support tokens, and we do not plan to switch to another blockchain again.
There are Tokens on Tezos
Something I just didn’t understand until now…sending tokens costs twice as much gas as sending eth
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.
Well but let me tell you this:
- 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.
- On Dogecoin you can do SLP tokens like on Bitcoin Cash.
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.
Yes. It will allow us to be independent on price of the base token. Our customers want to have a stable prices.
You can read more there:
The above blog post is old and mentions deprecated SJCX token on Bitcoin (Counterparty) which was migrated to the STORJ token on Ethereum (ERC20) now, but the main principles are still valid.
You also can read why we migrated in the first time (and you can understand why we do not want to repeat this again):
So the current decision is - We do not plan to migrate to any other blockchain again.
Could the big payments be in storj and the very first little ones in eth , where the gas fee is lower?
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.
I agree that it would come with expenses, additional work and maybe even legal ramifications. But it might be a long term solution. So no more frequent changes of payout process required.
I was not really aware that Storj Labs is looking for a solution that does not cost them and does not require work. Of course the cheapest way with least of work is to owe the SNOs their money and pay them when it suits Storj Labs. However from the thread that came with the change of payout scheme I saw that at least some SNOs including myself are not happy with those frequent changes on the payout process that get imposed on us. This is even more true when it is again forseeable that these don’t really solve the underlying problem.
But ok, maybe ETH2.0 will solve this problem and the changes you had announced are only temporary until then. If not, I fear the original idea of doing cheap monthly mass micro payments to SNOs has failed. In that case it should be reconsidered.
We are actively working on L2-based solution. Stay tuned!