Product Focus
Gas Tank on Polygon
We are making blockchain gas fees transparent for our users through the implementation of a “Gas Tank” service.
Product Focus
We are making blockchain gas fees transparent for our users through the implementation of a “Gas Tank” service.
This content is taken from the monthly Product Focus newsletter in September 2021.
This month we take a look at how Tokeny is making blockchain fees transparent for its users through the implementation of a “Gas Tank” service.
We are, on an optional basis, providing investors with a built-in custodial wallet1 associated to their ONCHAINID digital identity. This allows users to hold assets and/or instruct transactions on the blockchain without having to safekeep their private key themselves. These wallets are available both on Ethereum and on Polygon.
Despite the fact that network fees on the Polygon network are substantially lower – roughly by a factor of 1/10’000 – than on Ethereum, they nevertheless still exist and need to be covered for transactions to be executed. This obviously means wallet holders need to make sure to have enough MATICs – the cryptocurrency used to pay the gas fees on Polygon – in their wallet to ensure their transaction(s) from not being processed. This might cause an unnecessary burden on those investors who are not familiar enough with the blockchain to monitor the MATICs they have on their wallet(s), to buy new ones when needed and to transfer them on their wallet.
To avoid such confusion and make the process of holding and transacting in security tokens deployed on Polygon as seamless as possible, we have developed a “Gas Tank” solution ensuring that, at any time, there is enough MATICs available on all built-in wallets to cover the transaction costs of the wallet holders.
In essence, the Gas Tank:
The process is fully automated, provided at no additional cost to the wallet holders and … live!
The main benefits users can expect from the “Gas Tank” are:
We trust that the implementation of this new “Gas Tank” functionality will be a significant step for us to simplify the access and the administration of security tokens on the Polygon network.
1 The built-in custodial wallets are provided in partnership with Tangany GmbH
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