CanYa Apps (CANApps)
CANStation is a tool to help our platform users find the optimal gas limit and gas price settings while using the $CAN token and interacting with the Ethereum blockchain (that the CanYa ecosystem is built on).
This can all be confusing for people that are new to Ethereum and cryptocurrency so we wanted to create a native tool that simplifies it all with up-to-date information for our platform users.
You can access the app directly at https://canstation.io.
Firstly, some terms need to be defined:
The Ethereum Virtual Machine (EVM) uses gas to operate. Gas ensures that only code that people want to execute is executed (by miners) and the network is not clogged down by computations that no one is interested in.
An important thing to remember is that you do not buy or own ‘Gas‘ per se, it simply uses very small portions of ETH to ‘pay‘ as the gas. So to perform work on the Ethereum blockchain (whether that be transferring ETH / tokens or executing a smart contract) you will need ETH.
CanYa is built on the Ethereum blockchain and the $CAN token is an ERC20 token. This means that using the CanYa DAO will require some basic understanding of these definitions and their current prices etc.
Note: Most of these parameters will be automatically set for you when using a wallet or other blockchain interface, however, having this knowledge will give you more confidence when dealing with cryptocurrencies and ETH specifically.
This is the price that an action on the Ethereum blockchain requires to be executed.
Gas is measured in GWei which is a denomination of ETH such that:
1 Ether = 1,000,000,000 Gwei (109)
Note: The Wei denomination (1 Ether = 1,000,000,000,000,000,000 Wei (1018)) is named after Wei Dai; an early cryptographer who is also referenced in the Bitcoin whitepaper.
Gas Price is variable. During times of high network congestion the gas price will increase. This was exemplified during the ‘crypto-kitties‘ craze of late 2017 where the gas price got to around 60 Gwei (at the time of writing the safe low price is 1Gwei).
It will also increase depending on the complexity of the action you are trying to perform.
Ie: typically gas prices will follow this general rule:
Executing smart contracts uses more gas than sending tokens which also uses more gas than sending ETH.
The Gas limit is the total amount of gas (ETH) you are willing to spend for an action on the Ethereum blockchain. The more complicated the action, the higher you will need to set your gas limit. If too little gas is used the transaction will fail and your ETH will be returned minus whatever gas you elected to use. If too high a gas limit is set you will be refunded any extra gas that wasn’t needed for the transaction to take place.
Gas limits protect people as there could be poorly written code that could keep computing infinitely. Setting a limit means that this code will stop once the gas is used up.
Is merely the price in USD/ETH/AUD (etc) that an action on the Ethereum blockchain costs.
Transaction Cost is simply ‘Gas price’ x ‘Gas used’.
Above is an image from the internet that shows this information. It was a simple ETH transaction. The Gas limit was set to 21,000 (which is standard for ETH transfers). Gas price was 8 Gwei which is reasonably high (this means the user may have wanted the transaction to occur quickly). Transaction (Tx) Cost/Fee (which we now know is price x limit) is 0.000168 ETH which equated to $14c (USD) at the time.
Fundamentally, this means you can transfer money anywhere in the world any time of the year in only a few minutes at a cost of a few cents – this is the power of crypto!
Now, back to CANStation
We have made it very simple and user friendly.
Firstly, you select the Gas Limit for what type of work you are doing:
- ETH transfer
- Token transfer (ie: $CAN)
- Smart Contract Execution (this will become more relevant for CanYa’s ‘on-chain’ operations)
Once you have selected this you can see all of the pertinent parameters required to inform you on what settings to use for said work:
- The recommended Gas limit (as seen in the above screenshot)
- Three gas price options depending on how quickly you want to work to be completed. Ie: 4, 3 or 1 minute (higher gas price = quicker execution)
Note: This information is all live and based on the current Ethereum blockchain information.
Finally, you can also see the current $CAN / ETH prices and a graphical representation of the time v gas relationship:
One of CanYa’s goals is to help accelerate the main stream adoption of cryptocurrency. The CanYa platform (and it’s associated CANApps) will be the first experience with this technology that a lot of our users have. We therefore need to create as many user-friendly tools inside of our ecosystem to help educate and guide users who are new to the cryptocurrency space.
CANStation is a perfect example of this philosophy.
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