What the heck is Ashen Dust and what does it do?

[Future]

My question is stated in my topic of this article but i will say it again: What the heck is Ashen Dust and what does it do?

[Lagcharge]

I have like 230 of the stuff, its in game description is something like "alchemy gone wrong, perhaps it has a use?" and it does not seem to do anything yet. i got all mine when i tried making items with teir 4 orbs