ETH 2.0 And High Transaction Fees.. - page 7.

Rafiqul

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

All of us who have been working with cryptocurrencies for quite some time are waiting for the rise of Etherium 2.0. We hope Ethereum 2.0 will solve the latest problems, especially Ethereum's high transaction fees. And if it doesn’t or it fails, crypto users will be forced to think of alternatives; Although this does not kill Etherium, it is likely to cause extensive damage.

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

nope, Ethereum will never die due to the high transaction fees. on the Ethereum platform seems to have everything, a wide and very reputable grid array. temporary due to the large volume of transactions to DEXs and that is the reason why transaction fees become higher than ever.
Besides, in the near future, Ethereum 2.0 will open Staking and investors will be more profitable when implementing PoS because the current volume is very high. has always been in Ethereum's favor, they will just get richer Cheesy

Viscore

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ETH 2.0 would be the solution, that is the reason why it exists. If this can't take things back to normal, then we have to accept it. Besides, this only happened today as Defi projects hit on the market, and it will be over pretty soon. Maybe we should have to wait that moment if we want to save a few bucks, otherwise, we have to sacrifice. If I have to move 1ETH for just 3$, 5$, it was still acceptable but the problem if we are just transferring a very small amount.

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

It won't make much difference to me. If I need to, I still send transactions to the Ethereum network, despite the large fees. It all depends on what you can get by paying the Commission. If you earn much more, there is no problem.
Ethereum 2.0. is being developed for a very long time and to be honest, I have already lost hope that something good will be done. Most likely, the case will end in a big scandal.

masterrex

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IMHO, I think the Eth 2.0 upgrade is not designed to tackle the transaction fees issues instead, it was meant to solve the scalability problems thats why I believe that even the Eth 2.0 upgrade was successfully delivered but still, it will not solve the transaction fees issues and it might be required another upgrade to tackle those unstable transaction fees, because in the current set up if you have to pay the more high fees (high Gwei) the faster your transaction to be confirmed.

Cryptlendon

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Please bring on the eth 2.0 I have spent so much on this fee,
Imagine sending 10 dollars worth of #BLZ to exchange and paid 5dollars for fee, I mean its very painful

Fivestar4everMVP

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Well well, I've read every comment and thanks to everyone for clearing my doubts, my reason for asking this question is that I've personally have been using ethereum for a very long time now, both for my business and as private investment and the high fees have really affected business, but am relaxed now waiting for Eth 2.0 to launch, hopefully, things will be alright again.

Thank you all

el kaka22

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First of all, eth 2.0 should not only "can't fix it" but also should make it even harder, but we are still excited about it.
The reason for that is, staking is famously known to be slower compared to miners in the current methods, which means if you have high demand and pay a lot to miners, you would probably pay more to staking people as well, it will be very difficult and the price will be a lot higher.

What we are hoping is, if they turn into proof of stake one day (still waiting for it) they should also add something brand new that makes transactions faster and cheaper as well, with that method staking shouldn't be a problem, however if they turn into staking right away without a solution to high fees, it will definitely be a bit chaos and fees should skyrocket to unwanted and bad levels.

KimmyF

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Quote from: Baimovic on September 25, 2020, 01:31:24 PM

The high cost of ethereum gas is still a big problem for crypto users, especially holders of coins generated from the ethereum platform. because not everyone can afford to pay the high gas costs especially if they want to convert their coins and it is not necessarily worth the selling price of the to Coins.

Op didn't ask about the Ethereum cost problem. I think, OP asked after the situation transaction cost of Ethereum 2.0, if still the same. Ethereum TPS will increase to 5K-10K times faster than now. That's how Ethereum transaction cost will minimize. Users demand isn't being fulfilled by Ethereum blockchain transaction speed.

Baimovic

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The high cost of ethereum gas is still a big problem for crypto users, especially holders of coins generated from the ethereum platform. because not everyone can afford to pay the high gas costs especially if they want to convert their coins and it is not necessarily worth the selling price of the to Coins.

cepot9

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I don't think anything will fail because this feature was created to solve network congestion due to transaction congestion. So DeFi is currently on the hype and a lot of people are doing transactions on the Ethereum network so fast that gas is expensive nowadays. After the DeFi hype it looks like gas prices will improve slightly. Yesterday the gas price was quite low and now it's starting to go up again.

Tipstar

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Lower transaction fees is one of the goal for ETH 2.0. The new version of the coin would be using a new concept called shrading. I'm not an expert on it but as I understand shrading would make a transaction cheaper and quicker by making it happen with confirmation form just a few number of nodes and not the entire chain. For a detailed knowledge of how shrading would help solve the scalability problem of Ethereum, I'd recommend this article https://blockgeeks.com/guides/what-are-ethereum-nodes-and-sharding/

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

Like Atomic wallet ERC-20 token, so many projects were switched to Binance chain or other blockchain then results were low transaction cost. For Ethereum 2.0 News, Ethereum use cases are increasing more than we expected. After Ethereum 2.0 transaction per second will be increased to 100k. That's how transaction cost will be low because ETH 2.0 will have a big data capacity.

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I wouldn't wish for it to happen but it would be an epic to see how they will react to provide solution to it. Vitalik is surrounded with great brains though, the plans for back up could have been very much ready for it as well. ETH will still have a ton of users gong to keep congesting the network.

But is kitties still a thing today? I think its all forgotten now that Defi is the new sensation.

seoincorporation

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

...
My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

If we had learning something about the high fees is that they don't kill the coins, people start complaining hard but they keep spending their coins. We learned that when bitcoin reaches $20k, in that moment the fees were epic.

And about ETH 2.0, there are tons of projects depending on ETH, it can't just die. If it dies then Tether and other important tokens will die too. That's why it will not happen.

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Quote from: TastyChillySauce00 on September 25, 2020, 11:15:01 AM

The thing is, if the high fee still unresolved after 2.0 and people slowly leaving eth, the high fee problem will solve itself and the fee will become normal again since there's no traffic. What we expect from ETH is to somehow come up with a solution to solve the scalability problem for mass adoption but whether ETH 2.0 gonna solve it or not one thing is for sure that ETH not gonna die.

The scalability issue had to be resolved quickly by ethereum developers as it would never be good if the price of gas was too high to be charged to sender for every transaction. Ethereum V2 may be a solution that can minimize gas prices, but the expansion of the defi project will continue to affect the network and will make it even more congested. The same thing might happen, congestion and expensive fee.

Ethreum will not be abandoned by users as an investment and trading asset, but as an altcoin that can be used as a peer to peer payment instrument, I think it will slightly affect its function.

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Quote from: TastyChillySauce00 on September 25, 2020, 11:15:01 AM

The thing is, if the high fee still unresolved after 2.0 and people slowly leaving eth, the high fee problem will solve itself and the fee will become normal again since there's no traffic. What we expect from ETH is to somehow come up with a solution to solve the scalability problem for mass adoption but whether ETH 2.0 gonna solve it or not one thing is for sure that ETH not gonna die.

How sure about this you are? Eth will not die just because of high fees.

Yeah, the most anticipated event on Eth that most investors awaited is the version 2.0. But everyone was shocked when they saw that the transaction fee was so high just like Bitcoin. My theory is this, it goes the same network with Bitcoin. Due to the continuous expansion of Defi projects, the Ethereum network has become congested which makes fee higher that can able to pay miners in order the transaction gets confirmed.

Different arguments I had heard about the Ethereum fees, IMO, a fact that Ethereum and the smart contract that most likely Defi's project used are the technological foundations that people used for the payments and money transfer in a term of Decentralized Finance.

TastyChillySauce00

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The thing is, if the high fee still unresolved after 2.0 and people slowly leaving eth, the high fee problem will solve itself and the fee will become normal again since there's no traffic. What we expect from ETH is to somehow come up with a solution to solve the scalability problem for mass adoption but whether ETH 2.0 gonna solve it or not one thing is for sure that ETH not gonna die.

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

It will not death as there will be more EIPs will be implemented if the ethereum 2.0 didn't meet the expectation to solve the scalability problem in ethereum. you can't say that will be dead instantly. Remember this problem exist since a few years ago when ico bubble happened in 2017.

People can also use the alternative chain for this too.

LogitechMouse

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Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

Remember when Bitcoin's transaction fees has been surging to its ATH last 2017.
Yes they declaring Bitcoin dead at that time but it isn't because of the fees but because they just want to say it. In short, high fees of Bitcoin at that time doesn't mean that it is dead.

It is also the same with Ethereum. Having high fees doesn't mean that it will no longer be used since there are still many projects that are under the Ethereum blockchain. You can say that it is dead if they fail at its current development which is the ETH 2.0. Failure of the development means disaster for the coin itself.

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