RE: EOS the "Ethereum Killer" with an ERC-20 debut: what is up with this strange ICO?

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RE: EOS the "Ethereum Killer" with an ERC-20 debut: what is up with this strange ICO?

trogdor (64)in #ethereum • 7 years ago

Ok thanks. That's very interesting. I'm a little confused though. Supposedly, the EOS network will have zero transaction fees (like Steem), but if the transactions of the EOS tokens are actually handled on the Ethereum network, doesn't that mean that gas fees are required?

Thanks again, you are my go to guy for all things ETH :)

7 years ago in #ethereum by trogdor (64)

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kyle.anderson (60) 7 years ago

Yeah note:

It is not really true at the moment that you can pay fees in anything except ETH, although there is some discussion about changing this. The way things normally work, you have to pay the fee in ETH. When you sent REP to the exchange you probably used ETH in your own account to deposit tokens in the exchange, and the exchange would have paid for the transaction to send them back out.

In theory, since it's up to the miner whether they include your transaction, you could send a low or zero fee in ETH and have a separate arrangement with a miner where you would give them some ERC 20 token, or send them USD via PayPal, or FedEx them a chicken. This depends on the miner thinking what you are giving them is valuable and being prepared to accept it as payment. If you've sent them a chicken but they don't want one, or you've sent them an ERC 20 token that they've never heard of and don't consider valuable, you shouldn't expect them to mine your transaction.

-ETH stackexchange

So I think you are going to need some ETH to be trading EOS for the next year.

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trogdor (64) 7 years ago

Cool, thanks again. Also I just realized that the only connection betweem EOS and ETH will be the ico itself. It seems that the eth smart contract locks in the distribution of the EOS tokens, and that distribution will be used as the initial condition for the EOS blockchain, which will function entirely independently of eth. I didn't realize that at first, but it makes sense to me now.

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kyle.anderson (60) 7 years ago

Yep, keys from Ethereum give you account creation ability on EOS.

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frost04 (57) 7 years ago

Thanks for this info. It really helped.

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