Why grow transaction fees Ethereum and users suffer?

The demand for network resources Ethereum has reached unprecedented heights in recent cryptocurrency faced with the problem of low bandwidth and, consequently, increased transaction fees. Even the project Creator Vitalik Buterin already recognizedthat the future prospects of the Air in its current form is quite vague.

Today Ethereum is trading at 198 dollars. For the past day the cost Aldona grew by 2.17 per cent, to scale one week, the cryptocurrency has already risen by 6.7 percent.

What prevents the Ethereum?

It turns out that all the fault of the smart-contractsthat generate a huge number of transactions that take up a lot of space in the block cryptocurrencies and is not used for sending ETH. Sunday most active smart contract network cryptocurrency was an ordinary financial pyramid Fair Win, whose popularity grew significantly in the last few days. While the scheme is working and people are happy to give her their coins for a quick profit.

Today she is in second place.

Source: ETH Gas Station

At the beginning of the week mentioned smart contract burned about 27 percent of the total gas. Second place in the ranking of the most expensive smart contracts is USD Tether. Recall that it deals with the emission of tokens USDT based on the Ethereum blockchain. To date, their number reached almost 2 billion units.

Read on: What is the gas in Ethereum? How much to pay for the transaction Ethereum?

By the way, here’s an interesting graph showing the ratio of the number of transactions without participation of ETH to the total number of transfers in the network cryptocurrency. At the moment, more than 60 percent of transactions are not used to transfer coins. Their number has been growing steadily for several years. In other words, Ethereum you can overload with a few smart contracts, and it is a very serious problem.

Source: Twitter

As you can see, the number of transactions that do not send the ETH from the beginning of 2019 has grown substantially. In January of 2018, they were much less, because then users actively bought and sold on the background growth rate. That is actually sent coins.

From the network of cryptocurrency directly suffer the usual users. The fee skyrocketed, for conducting fast transactions lasting less than a couple of minutes now will have to pay at least 0.116 dollar. For Ethereum, it is very large figures, because a few months ago, the fee was costing several times cheaper. Basic Commission is 1 Gwei, that is at least 22 times less.

Source: Eth Gas Station

The irony is that the lack of censorship in the blockchain Broadcast is now playing against the project. Anyone can create a smart contract for participation in the financial pyramid, which will steal money from ordinary users and at the same time to load the network. The developers really promising decentralized applications remain in the shadows.

Hopefully, the road to renewal Ethereum 2.0 will solve all the hardships of cryptocurrency. The development of the development process you can follow in our cryptodata millionaires. Also, subscribe to our Yandex Zen, where even more interesting articles.


Leave a Reply

Your email address will not be published. Required fields are marked *