Will the merge really reduce fees?

Will the merge really reduce fees?

By MikeZillo | Blockchain Insights | 22 Aug 2022


This week, the biggest news is about the Ethereum Merge

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https://cryptonews.com/news/canadian-exchanges-cap-on-annual-purchases-excludes-only-bitcoin-ethereum-litecoin-and-bitcoin-cash.htm

In line with regulations, Canadian crypto exchanges are introducing measures to cap the annual buy limit for selected cryptoassets at CAD 30,000 (USD 23,250) per year - and these exclude (only) four large coins (BTC, ETH, LTC, BCH). I do not fully understand the reason why they are capping only certain coins, but I feel that it may be a “newbie protection” to avoid huge investment in scam-coins.


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https://cryptonews.com/news/solana-based-phantom-wallet-unveils-burn-nfts-to-protect-customers-from-scams.htm

Solana (SOL)-based wallet provider Phantom has announced a new feature that will burn spam non-fungible tokens (NFTs) sent by scammers. Finally a nice features to protect users from nft scam sent as airdrops.There would also be a need for this function for metamask for ETH NFTs.
They are defined scammers but I would rather call them sPammers. When sending NFTs to wallet, the risks are always the same and the cyber-security answers to the same old fashion.


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https://en.cryptonomist.ch/2022/08/20/monero-going-all-in-on-efficiency-and-security/

The latest hard fork on August 14 strengthened Monero even more. Cryptocurrency loved by those who want to remain anonymous and not let others know that they have that amount of money. I am not talking simply of illicit things but I am addressing my attention to the personal assets protection and privacy towards institutions.
People are criminal when they try to defend themselves but when it’s too late to defend ourselves they become victim. The boundary between being addressed as criminals and becoming victims is really thin.


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https://cointelegraph.com/news/ethereum-foundation-clarifies-that-the-upcoming-merge-upgrade-will-not-reduce-gas-fees

This is mainly due to the fact that the priority here is keeping the network stable. So folk, do not expect anything cheaper from the very beginning. Just a reduction of the time necessary for the transaction to happen and a later fee reduction.
After the network stabilization, the consolidation of the validator nodes and the rewards, then fees will be reduced. At the beginning they will have to be kept high to keep incentivizing users to join the validation mechanism that does not consent the liquidation of ETH until the Shanghai update.

 

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Blockchain Insights
Blockchain Insights

Working as a consultant for Blockchain projects, an operative experience comes by itself. In this Blog I am share Blockchain applications, pros and cons, practical use cases I got in touch with. Of course, a good understanding of the topic will be provided with dedicated contents

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