Ethereum Gas Prices Suck! What Can You Do About It Now?

Ethereum Gas Prices Suck! What Can You Do About It Now?

By Mark Anstead | Tech stuff | 21 Jan 2021


Ethereum needs to scale. Now.

It's a good thing that it can.... but do you know how you can access this?

As we saw with the "DeFi summer" we had in 2020, and most recently with the beginning of the heat of the crypto bull market, Ethereum is becoming increasingly congested. Transaction costs shot up to 1,000 gwei last summer, and more recently, it is rare to find a day where gwei is under 100. This is making Ethereum essentially unusable, and incredibly expensive for the people using it. I like to joke around and call Ethereum the Fortune 500 chain :). 

So what can you do about it now? The team at Numio has released ground breaking technologies that you can use right at your fingertips from your mobile device. Improving Ethereum's scalability by up to 13,000%, enabling for instant transactions and up to 100x cheaper gas prices, and all the security of Ethereum's L1, the Numio mobile app is here to take Ethereum to the next level. 

What tokens are available?

$ETH, $PHNX, $USDC, and $wBTC. 

We will be adding more tokens shortly. Follow our Twitter to see upcoming votes so you can get your favorite token or crypto added to the Numio app! 

731b2883966b5182daae8dff9811f6a68ec7ebd72ab6ee8ae3ea3343b5057078.png

How is the App Scaling Ethereum?

Numio is able to scale Ethereum in an extremely effective manner using an innovative technology called zkRollups. The implementation of rollup that we are using being developed by zkSync. 

What are zkRollups?

zkRollups are regarded as a respected Ethereum scaling solution, which takes computation work off of the main Ethereum blockchain, but keeps all data availability on Ethereum. Transactions are batched together and sent onto the Ethereum network. 

A great analogy to understand how a zkRollup operates is similar to a train. It is able to pick up a bunch of passengers (transactions) who are all going to the same location (where this data is pushed onto the Ethereum mainnet). The train stops at different locations and picks up new passengers (new transactions into the rollup), and once the train is entirely full, it reaches its location, and all of the passengers leave (transaction gets pushed onto the Ethereum mainnet). 

This means that the operators of the rollup are able to give breadcrumbs from the zkRollup about what is occurring within the smart contract directly to the L1 (layer-1, or Ethereum mainnet) allowing for people to easily access their money, in the case that the zkRollup network operators shut off. 

Data availability is stored on-chain, and zkRollups use zkSNARKs for computation. Previously, one of the main disadvantages for zkRollups is that you were not able to port the bytecode of the EVM for solidity smart contracts, which is no longer the case. 

How much cheaper is it on Numio?

With Ethereum currently at ~$1,100 and gwei upwards of 250, Ethereum mainnet is becoming unusable! This is a simple example of how we are helping users on a daily basis saving up to 100x on their mainnet fees. This is an example of a transaction saving them 90% of the normal cost. The transaction for an ERC20 token would even be more expensive!

ETH L1 Transaction:            

4975cf1b6774403889d2092d131a3425e0e15c0e641c53cc881ab1a0571b5014.png

     

ETH L2 Transaction:

54046eacd9fb82812bab8b38008d177665e3a93fc57974d94e6cdb25e4724567.png

This is just a simple example of how the costs are improving, and those fees will continue to improve even further! The beauty about this type of solution is that you rely on the security of Ethereum's mainnet. This makes it incredibly unlikely for funds to ever be lost- they can be sitting on the L2 wallet ("Numio Wallet⚡️") for years, and you will not have to worry about them being lost, or for the network potentially going down. The same cannot be said for any of the Ethereum "sidechains".

Can I buy crypto on the app?

Yes! Download the app, and you can buy crypto with debit/credit cards quickly and easily! 

We will soon be introducing direct fiat ramps into L2 for faster and cheaper transactions.

Download the app here:

https://play.google.com/store/apps/details?id=com.numio.pay

iOS?

iOS is currently in development, and is already on TestFlight! Be on the lookout for our upcoming iOS release. STAY TUNED!

Want to get in touch?

Are you interested to use Numio for your business? Or to help yourself be able to operate efficiently on a daily basis? Get in touch or follow us on our journey!

 

 

 


Mark Anstead
Mark Anstead

Co-Founder of Numio


Tech stuff
Tech stuff

Just me nerding out on cool stuff

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.