Gaspump, text: EVERYONE IS UPSET OVER HIGH GAS PRICES, I AM UPSET OVER GAS ALSO BUT FOR ANOTHER REASON

Every one is crying over the high gas prices, but I am upset with gas for another reason

By Patch | Things of note and other interesting stuff | 19 Jul 2022

This is a post that serves a dual purpose. The first purpose is to allow me to talk about a topic, and this topic is the topic of gas. And why it does not work as I want it to. The second purpose is this post serves as an entry in the TallyHoWallet competition. Now let us dive in.

Gas and how it works, as far as I know at least

Gas is a fee paid to the person or persons that are in charge of validating the transactions that take place on a Blockchain, the part where new blocks get added. This fee is to give them a financial incentive to help with this service. And the general idea is the more people who are helping with validation, the more secure the Blockchain will be. Because it is less likely one person can commit fraud and no one else notice, sure it is a bit of a simplification. But for this purpose, it will do.

A person can to pay extra gas to incentivize the persons validating the transactions to put that transaction in front of the line so to say.

The gas also has to be paid in the coin of the main Blockchain. Meaning if the token you want to swap, trade, or send is on the Binance Blockchain you pay the gas in BNS. Wich is the Binance smart chain's main coin.

What is my ax to grind with the current system?

My annoyance is this. Why can't I pay the gas fee in the currency I am transferring. Or in any currency, I chose for that matter?

What is it about having to pay in the main coin that I find so annoying? It is the fact that I have to have extra crypto in my wallet just sitting there for the most part looking back at me and taunting me. Saying: "hey you know I could be staked somewhere, but noooo. You just have me sitting here in case you have to move some crypto around."

And if you either have so much crypto that you dolly care if you have some of it just sitting idly in your wallets. Or you cant hear your crypto taunting you. That is perfectly fine. Opinions are like people, unless you switch out a bunch of parts turning them into a mindless cyborg drone. They are just people.

What I would like to see instead is this. A wallet that allows me to transfer funds, between blockchains and just normal transactions. And allowing me to pay the gas in whichever currency I want. This would create so much more freedom for users, especially for new users or users who simply put do not have a lot of crypto like me. Actually, I fit both of those criteria.

While I do not get crypto stuck on chains, that often now. It still happens, it happened just last week. I was trying to take part in a swapping incentive over at Symbiosis. As I previously won one of their meme competition I had some $SIS sitting in my wallet. And this incentive was pretty easy to follow. At least I initially thought so. Al I had to do was retweet and like a post. Then swap to any token on the Boba chain.

My initial plan was simple. I looked at some of the tokens there that were available. And then that little voice in the back of your mind started calling out. "Hey dummy, don't try to be clever. Just pick $BOBA, don't do anything fancy, and get your crypto stuck. Just pick $BOBA, swap in, and swap back. Easy peasy."

And I had to agree, so I said thank you to the voice. And made the swap. And of course, I did not have enough $ETH. To no one's surprise, you never have enough $ETH. So I had to rustle up some $ETH, and send it over to my Metamask. Then I thought, aha! I am going to be clever. I will preemptively swap this Matic I have on the Eth chain to Eth. Just in case. So I did that, basically ending up costing me an arm and a leg in gas. But at least I now had more $ETH than I started with.

I made the swap from $SIS to $BOBA. And in case you wondering. Synbios allows for cross-chain swaps. It will do the routing for you so you don't have to make all the separate trades yourself. Works pretty nice if you ask me. The swap went through, costing me about $8 or something to that effect. I would still earn that back on the swap incentive, so I thought it was worth it.

But lo and behold, when I went to swap my $BOBA back from the Boba chain or network. Of course, the gas was not paid in $BOBA. As you would expect. It was, you guessed it, $ETH. The Boba chain or network paid its gas not in $BOBA as you would expect. But in $ETH.

But aha! Lucky me I was so clever before and swapped to a lot of extra $ETH. So I then went on swap from $ETH to $ETH on the Boba network. And of course, this ended up costing me $25 or thereabout, which was basically the incentive you got for swapping in the first place. Not even sure if I have gotten this yet or not. And this was way more $ETH than I had left. Despite having swapped $25 worth of Matic to Eth before.

So now I am stuck on the Boba Network with a lot of $BOBA not going anywhere. All because of how stupid the current gas system is. And sure you can say "well you should have checked before, you are such an n00b". And yes, yes I am. I am probably the biggest n00b in crypto, in like ever. But you know what that also makes me? The best litmus test ever to see if something is suitable for the broader market. And that I can say the current system is not.

How does the Tally Ho Wallet fit into this

Probably the greatest feature, and strength, of Tally Ho is the fact that it is going to be a community-owned wallet. Run by a DAO. And if you do not know what a DAO is it stands for Decentralized Autonomous Organization. In short, it is the community that makes the decisions. And while a person or organization technically could buy over half of the voting power of the DAO and run it as they see fit. I hope that this will not be the case.

One of the features to prevent this that is in the proposed structure is a thing they call Elder Doggos, this is a council of 12 members that get appointed in different ways, see the proposal for more details. But this council has a veto right on any decision made by the DAO, other than the appointing of new Elder Doggos.

The only possible thing that could interfere with a "proper" DAO forming would be the initial tokenomics and distribution of the voting tokens. Technically here one person or a group of persons could keep the majority of tokens. But given The overall goals of TallyHo, I find such a thing to be extremely unlikely.

Tally Ho is actually currently looking to shape their DAO. Which is exciting for me and you. Because this means we can get in on the ground floor and be part of shaping the DAO the way we think is best. And the way we would like to see it being run. Unlike most DAOs where this structure is already in place and our only decision is whether to like it or leave it.

Sure we can theoretically change a DAO after the governing structure already is in place. But it is way easier to be part of and be able to provide input from the start, rather than having to change people's minds that this new way is better. It is always more work changing something that is already in place rather than changing it before it is built. There is a reason the saying is measure twice, cut once.

My "fix" to this gas problem, as I see it at least. Is this. I would like to be able to pay the gas fees in any crypto I want. And I see two ways of doing this. The first way is if you have an option. There you can select to use the standard or "your choice". And if you pick your choice it then calculates the gas fee for you. Taking into account the extra transaction or transactions needed to swap the currency you selected to the actual gas currency. And then display this cost to you.

Sure this would mean that the transaction would take slightly longer. But personally, I think that would be just fine. I would trade ease of use over speed most days.

But hold on, you said there were two ways of doing it. That I did. And the second way is sort of similar. As Tally Ho has confirmed their intention to launch their own token, called $DOGGO. I see this token as a possible solution to this problem. You could be able to simply use the $DOGGO token to pay the gas, and they would either already have the other crypto on hand being able to swap the $DOGGO to it. Or they could facilitate the swap with their own token. In a similar way as described above.

And as people swap crypto for $DOGGO these cryptos would either be kept as is, if they are a coin. And all tokens would either be swapped as needed or preemptively. This would in a sense turn $DOGGO into a universal gas token. On top of any other utility, they plan to implement in the token.

What are your thoughts on my problem and proposed solutions? Am I simply making a duck out of a feather or is there actually a problem here slowing the adoption rate down. And in some cases even stopping people altogether? Please share your thoughts on this in the comment section down below.

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