Gaze Coin makes it possible to bypass holding ETH to buy ERC-20 tokens

Gaze Coin a Sydney-based blockchain start-up working towards building a totally decentralized immersive VR economy has overcome a major hurdle experienced by almost every project issuing ERC-20 tokens (Ethereum token standard), in that users need to buy ETH to be able to participate in their platforms.

Approximately 92 of the top 100 crypto tokens are ERC-20 tokens. The intricacy is that for users to use these tokens, they must also own ETH. This makes it more difficult to use these tokens in the real world because users must own the platform’s token as well as ETH.

Bok Khoo – ‘Bokky Poo Bah’ GazeCoin CTO/Chief Scientist

Gaze Coin CTO Bok Khoo, “BokkyPooBah” said:

“This is a major step forward in enabling non-crypto users to start using and supporting some of the projects being built with ERC-20 tokens at their core.” 

As outlined in the company white paper, the GazeCoin GZE token contract will be built with BTTS technology so it’s the best example of its practical use. The proof of concept, aptly named BokkyPooBah’s Token Teleportation Service Smart Contract (BTTS) works by enabling the user who owns GZE tokens, to sign instructions for a third party to transfer GZE tokens on the user’s behalf. The user pays the third party in GZE tokens for the privilege, and then the third party pays the ETH gas fee to make the transfer.

The problem this solves, s that the user who holds GZE only needs to hold GZE and not GZE and ETH. This reduces friction and makes it easier for users to use tokens.

The company is launched a token sale later this month for GZE tokens, details can be found below:

  • Crowd-sale Launch Date & Time: 11am EST. 28 November 2017
  • Time Frame: 7 Days
  • Platform: Ethereum Blockchain
  • Target financing: US$ 12 Million

Jonny Peters, Gaze Coin, CEO said:

“As we start moving towards a decentralized immersive economy, blockchain is essentially in achieving this. However we realized as fans/audiences moved from one decentralized world to another, a transport system is necessary to enable them to exchange tokens from one to the other, as well as to purchase digital goods.”

“The Gaze platform calculates transactions based on what the user looks at, so it’s the attention-based economy, but incredibly more accurate owing to immersion. The tokenization transfer was a massive blocker to immersion within our platform but I can so many other use cases for the solution.”

BokkyPooBah’s Token Teleportation Service Smart Contract (BTTS) is a proof-of-concept for a solution that will allow non-crypto users to use crypto-tokens.

Details and the code can be found at (BTTS) GitHub repository.