Cryptocurrency

ETC Labs Provides Second Grant to OpenGSN to Boost R&D

Ethereum Classic Labs, the accelerator platform for the Ethereum Classic network, announced on Tuesday that it has provided the second grant to OpenGSN, the platform that minimizes for dapps on the network. In a tweet, ETC Labs stated that the second grant would accelerate the R&D required to deploy the Gas Station Network (GSN) 2.0 on the ETC mainnet, which will help them tackle fundamental challenges facing the blockchain ecosystem.

OpenGSN allows decentralized application users to interact with Ethereum based contracts without the need for ETH as the token for transaction fees. The Gas Station Network participants include big names like Reddit, MakerDAO, Infura, Portis, Umbra, Wallet Connect, etc. According to the official announcement on Medium, ETC Labs provided the first grant to OpenGSN in May 2020, and the integration of GSN 2.0 into the ETC mainnet is expected to complete in December.

Commenting on the integration efforts, ETC Labs CEO Terry Culver stated that OpenGSN the challenge of the gas requirement for completing any transaction on ETC or any other Ethereum based network by minimizing the unpredictability of navigation gas fees for the users. Terry further added that the solution being developed by OpenGSN would benefit both, ETC and ETH communities.

In the announcement, ETC Labs mentioned that the gas required for the transaction could be expensive for the users, and the prices are unpredictable. This makes small transactions expensive to execute, discouraging the users, and pushing them away. OpenGSN provides a decentralized platform to relayers, which send users’ transactions, allow DApps providers to bear the gas cost themselves. This makes transactions much frictionless and cost-effective.

Paul McKim
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Paul McKim is a one of the leading content curator of CoinSubtle news team. He has began his writing journey since 2011 with crypto background. He also regularly shares his technical insights on price analysis of leading cryptocurrencies. he has strong analytical skills for crypto ups and downs.
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