Post Pre-sale Announcement
Smart contracts, gas and stuck Ether
During the period from 07.12.2017 to 31.12.2017 BullToken launched its amazing pre-sale and gathered more than $1.9 Million! Obviously we are very proud of all the backbreaking work that has already been put into development.
In the coming months, we will keep pushing forward, developing, coding and testing the platform in order to release a beta version before the main sale starts. Over the last couple of days we have been getting a lot of questions regarding the smart contract, Gas and Ether transfers.
First we would like to take the opportunity to point towards Akeo’s informative blog-page http://akeo.tech/ . Here you can find some great articles about how to create, and secure a wallet. What different kinds of wallets exists(because there are a lot) and which ones we recommend.
Regarding gas price, it’is hard to give a good static answer to questions like “how much Gwei should I use” because it highly depends on the Ethereum network and how congested it is at the moment.
How much gas should I use?
It is important firstly to know what gas is. In its simplest form, gas is the payment of the verifications nodes, called Miners.
The miners pick up transactions coming in and verify their legitimacy, in order to add them to the current block. In a scenario where there are a lot of transactions going on on the network, miners will not be able to handle all of them and transactions starts to stack up.
This is what happened on December 7th, during the first days of the BullToken ICO. Due to a newly launched App called CryptoKitties, millions of transactions rushed into the Ethereum network and kept the Miners real busy.
So, what does this have to do with gas? Well… Look at the Ethereum network like a marketplace. The transactions represent the demand for computing power, and the miners are the suppliers. Once the supply stays the same, but demand increases, a situation arises where miners will have to prioritize which transactions to verify first. For obvious economic reasons, the transactions that offers the most payment (gas) gets prioritized first, and therefore also mined first.
Gas therefor is a value that you(buyer), are willing to pay the miner (supplier) for verification of your transactions. If the transaction carries too little gas, the transaction will be rejected by the network.
Why? Well if it didn’t, you would risk having your Ether frozen forever, because other, more valuable transactions were coming into the network and pushing your transaction further down the list.
We can however tip you to use this web-page which tracks the load on the Ethereum network and provide some guidance when it comes to Gas: https://ethgasstation.info/
You might have noticed that the value stored in BullTokens smart contract has changed over the past few days. As BullToken promised to repay all transactions if the project did not raise at least 1500 Ether, these funds were frozen in the contract.
Once this limit was reached, the funds were released into 4 other wallets held by Bull Tech. The contract value should therefor be 0ETH. For the observant user, you will notice that this is not the case, as the contract actually holds roughly 6 Ether, and will do so for all eternity.
Wait, does that mean some poor guy got robbed of 6 Ether worth of BullTokens?
No, it doesn’t. Every and all BullToken investors have received all their entitled BullTokens. The reason why the Ether is still in the contract is because the transaction ran out of Gas. Due to high congestion on the Ethereum network, BullToken officially recommended using 60Gwei and 200 000.