WHY is Ethereum GAS so expensive?

By CTN | Crypto Blockchain and related Minutia | 31 Aug 2021

I just read that data storage on most blockchain networks is much, much more expensive than traditional online storage systems. It was mentioned in a recent post that in May 2021 the cost to store one megabyte of data directly on Ethereum was approximately 21.5 Ether (ETH). And according to gas prices — at that time, this worked out to about $56,000 USD!

The alarming and nagging thing about this pricing for me - as that cryptography and blockchain was "to be" the new/next web, Web 3.0.

How can this kind of "cost" in anyway be looked upon as acceptable for our "new Web 3.0"?

I already have an avergence to the term "gas" (see previous post: Why the term "gas" ) / now a double wammy - it's freaking expensive!

I know the industry is providing level 2 solutions to address this ethereum gas cost issue - but it seems the fundamental level 1 design and infrastructure of ethereum needs an overhaul (on the infrastructure cost side).

You agree?

Cheers!

CTN

https://www.publish0x.com/?a=8mepQyBXaM

Cryptocurrency Crypto Ethereum (ETH) GAS CryptoBiz

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CTN

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Crypto Blockchain and related Minutia

In a decade, the "regular" world has changed. The wonders of crypto and it's blockchain foundation and consensus/other protocols are taking the world by storm. What do you think? Enjoy the Minutia and lets keep the conversation and the technology "interesting"!