Fees and false gods - Is Ethereum going mad?

People and projects start to rebel against ETH quasi-dominance, and the numbers and users and scalability importance is decreasing, as the fees reach new highs. It will not be long until many will start to look for alternatives, and there are quite a few of them, faster, cheaper, maybe even safer than ETH. The Ethereum killers, even if they were not a threat two years ago, start to improve and learn from the Number 2 biggest failures. If this so-heavily marketed ETH 2.0 will not solve the problems, there are other options, less or well known. 

Check here for some full article. It is eye opening. 

According to Etherscan, the ETH network used 74.033 billion Gas on 18.07.2020, an all-time high when measured in Gas, and came pretty close to it with 74.015 billion Gas ($1.4 million) again on 23.07.2020. Something needs to be done. 

Ideas like adaptative state sharding (Elrond) or the Shelley hard-fork (Cardano) are gaining traction. Even the CEO of NEO, woke up from his long slumber to tempt us with NEO 3.0 and pointing at the sky-high fees eating up the Gas of the ETH Network. 

Vitalin Buterin said that layer two technology will be needed to solve the problem in the meantime, such as the technology called zero-knowledge rollups (technology already succesfully implemented by Loopring). And this will only be a patch up, until more serious solutions are adopted (i am reffering at Plasma). 

Another thing, as i was asked about: why we are still paying, if the transaction fail? The network use Gas to execute a transaction, or as you know it, Ether. When you execute a transaction, or an action on the network, you need to pay the computation cost. And the payment is paid, in ETH, disregarding the fact that your transaction is succesfull or failing. Either case, the miners are still using theircomputational power, in order to validate or invalidate the transaction. If you are checking on Etherscan.io, the transaction cost is there, both in USD and ETH. It is not the wallet or the exchange making you pay, but the miner executing your transaction, for mining cost. 

For more info read:




It is good to stay informed, and complain about the fees level still!



My crypto-related links  (check ratings - 1 to 5 stars based on my personal experience)


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Disclaimer: This text also can be re-published on my personal blogs, such as this one.



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Crypto - I tested it, so you didn't need to...
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