ETC Labs Provides OpenGSN with a Second Grant
Propelling Research & Development to Deploy GSN 2.0 to the ETC mainnet
Ethereum Classic Labs (ETC Labs) is excited to announce that a second grant has been given to OpenGSN to perform Research & Development (R&D) testing on its gas-subsidizing solution in the lead-up to deploying Gas Station Network (GSN) 2.0 to the Ethereum Classic mainnet.
Every time a user wants to perform a transaction on Ethereum Classic — as well as on Ethereum and other Ethereum-based blockchains — a fee, called gas, is required to complete the transaction. By necessitating a small payment to complete any transaction, the network guards against bad actors who might otherwise spam the network overwhelming miners with transactions to validate.
The trouble for honest users is that gas can get expensive, making small transactions unnecessarily costly. This issue is compounded by the unpredictability of gas prices. Gas costs change based on platform demand, which is difficult to forecast and can result in users being surprised by unexpectedly high gas fees.
One solution to the gas fee quandary is to leverage relayers who send other users’ transactions on their behalf and pay themselves for the gas cost. GSN improves this user experience problem by providing a decentralized network of relayers that allows DApp providers to pay for their users’ gas costs.
In May of 2020, ETC Labs gave OpenGSN its first grant to integrate this service onto ETC. Today, ETC Labs announces that OpenGSN will be receiving a second grant to perform R&D testing in the lead-up to deploying GSN 2.0 on the ETC mainnet, scheduled for the beginning of December.
“By reducing the unpredictability of navigating gas fees for users, OpenGSN solves an issue faced by both Ethereum Classic, Ethereum, and all Ethereum-based protocols,” said Terry Culver, CEO of ETC Labs. “The relay solution offered by OpenGSN will be a public good available to both ETC and ETH communities.”
The grant to OpenGSN furthers ETC Labs’ mission to solve fundamental challenges facing the blockchain ecosystem. OpenGSN reduces a participation barrier for ETC and ETH users and smooths the path to cryptocurrency mass adoption.
For press inquiries regarding ETC Labs grants program contact, kelsey.r@etclabs.org.
About Ethereum Classic Labs (ETC Labs):
The mission of ETC Labs is to build relevant, accessible, and high-quality technology, and to use that technology to create communities of value in a mature and regulated ecosystem. The ultimate goal is to fulfill the promise of blockchain to improve people’s lives using Ethereum Classic, one of the world’s major public blockchains. The ETC Labs team of experts also fosters partnerships with organizations and institutions to address fundamental challenges in developing and deploying this innovative technology. We fulfill the mission in three ways: the ETC Labs Accelerator, which invests in up to 25 blockchain projects annually that contribute to sustaining a robust ecosystem; strategic investments in innovative projects focused on economic and social development; and the Core Team, a team of experts and developers who maintain the Ethereum Classic blockchain and build key applications, solutions, and tools. For more information, visit etclabs.org.
