Ethereum gas problem to be resolved in July - page 4.

Webetcoins

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Quote from: Ozero on February 23, 2021, 02:07:45 AM

Ethereum Improvement Proposal (EIP) 1559 is the most anticipated improvement along with increased scalability for the network since the launch of ETH 2.0.
We hope that the staggering popularity of Ethereum will not only recover, but also soar to an unprecedented level.
Link:
https://beincrypto.com/ethereum-developers-eye-july-gas-saving-eip-1559-launch/

I believe that EIP 1559 should come a lot sooner, July will be too late, 4 months is a whole lot of months in crypto, 4 months ago we were saying 10-15 dollars for gas fee was too much, now I have seen as much as 100+ dollars for network fee when you try to swap your coins, and as much as 40 dollars for sending them, that is really not acceptable levels.

If ETH keeps staggering around these levels and we do not end up seeing anything get cheaper, in 4 months we could have BNB being higher than ETH and nobody could do anything about it, because BNB is a lot cheaper.

You may say that BNB is centralized while ETH is decentralized but the reality is that the "team" that does eth 2.0, or eip 1559 gets all the votes they want anyway, so it is not fully decentralized as long as vitalik does whatever changes he wants on the coin itself. Long story short, they need to do it in spring, probably during or before April, to have a fighters chance.

jacafbiz

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I about not positive about the timeline you gave about Ethereum 2.0, July is almost here. I have a feeling that the Ethereum 2.0 solution will likely not count when it finally arrives because people would have welcome some of these L2 solutions we have in the space and any projects that is serious about their development need to start looking for the best L2 solutions they want to adopt for their project

wxa7115

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Quote from: Stanlo on February 23, 2021, 03:40:01 AM

I don't trust anything vitalik promised the world, that time might come and they will change their ways again, remember how many months we wait for PoS algo to get here in 2020? Nah I'm done with looking forward to what's coming.... Let's wait and see if this eventually become a reality, I heard some top mining pools are so against this EIP1559 but only the future holds the answer

I agree, for a long time the game developers have been making promises and they either delay those promises or they outright never deliver on their promises, first of all we will have to see if they are able to actually deliver that upgrade to the network on time and then we will need to actually see if it does what they say it does and finally will have to see how the environment around the network changes as it seems that the mining pools do not really like the next upgrade.

Personally I will not get over excited about this and it is possible that the problem with the fees solves itself during the next months as the price of ethereum has been decreasing significantly during the last days.

Ozero

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Quote from: TastyChillySauce00 on February 25, 2021, 03:52:41 AM

Quote from: reza7777 on February 24, 2021, 05:49:29 AM

My question is why do they have to wait until July? Isn't that still very long, while the expensive fees have occurred since a few months ago, they should have been able to work faster, besides in July we don't know whether the fee problem will be resolved or not

There's many things that need to be resolved and is outside ethereum developer power I guess such as the miners opposes the change and so on.
Though it's indeed intolerable for a coin that's supposed to be cheap for sending money and all but turns out it's ten folds more expensive than centralized service. I know there are dapps and all that further complicated the fee because it greatly burden the blockchain but waiting until july, the future looks grim .

From December 1, a long process of almost complete renewal of the ethereum network began. It is designed for about two years and has several stages that must be carried out in turn. That is why the individual stages of the update cannot be accelerated or solved out of turn. I think that the ethereum team would have long ago reduced the transaction fees on the ethereum network, if it were possible. However, we will have to wait until July.

TastyChillySauce00

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Quote from: reza7777 on February 24, 2021, 05:49:29 AM

My question is why do they have to wait until July? Isn't that still very long, while the expensive fees have occurred since a few months ago, they should have been able to work faster, besides in July we don't know whether the fee problem will be resolved or not

There's many things that need to be resolved and is outside ethereum developer power I guess such as the miners opposes the change and so on.
Though it's indeed intolerable for a coin that's supposed to be cheap for sending money and all but turns out it's ten folds more expensive than centralized service. I know there are dapps and all that further complicated the fee because it greatly burden the blockchain but waiting until july, the future looks grim .

Golftech

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Its a good news for mostly all the crypto enthusiasts that are using ethereum blockchain and investing/hodling token under ERC20 token because it has been a burden to us seeing how high the gas fees. If this ETH 2.0 will fix all these problem it will be a game changer to the ethereum blockchain.

They need to work this out or developers will be forced to use alternative chain and left them,
It's indeed a good news to all ERC token holders, as they can now trade their tokens and pay
lesser fees after this implementation. Just looking forward that after this event the value of
those assets are still closer to their desire value.

Snappycoco

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Nice to hear that. I am very much annoyed with that high gas fee. Some bounties are not even distributed due to this problem. I hope this solves everything in Ethereum network. Kudos.

MishaSER

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Quote from: TastyChillySauce00 on February 24, 2021, 02:15:03 AM

Quote from: MishaSER on February 23, 2021, 10:20:16 AM

I hope these miner pools come to their senses and will not mind (EIP) 1559. Currently, the public is not aware of (EIP) 1559.
Probably, governments will intervene because this is an organized conspiracy due to which millions of people suffer.

Hoping government intervention is as good as hoping the government gonna intervene to the whole cryptocurrency world which I hope won't happen. This problem that ethereum has regarding miners opposition against EIP 1559 must be resolved by the whole ethereum community itself, miner for the most part only cares about profit so I doubt they gonna change their current stance.

In any society, even in cryptocurrency, there should be regulatory authorities. I think this is correct because sooner or later someone will start pulling the levers, and in this case they are miners, without laws and rules we will not survive.

arifteguhr

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I just wish we will get the solution. That’s weird. I’ve never had to deal with fees like that with Etherium on this network. Ethereum gas must be cool down. Anyway, Is there any accurate information regarding the gas fees has been figured out.

Even though many people say Ethereum 2.0 is a settlement, if the ethereum price itself increases like now I think it is also difficult to get a decrease in transaction fees, especially now that there are so many transactions on Ethereum with people who trade on Dex trading. This cost may decrease slightly but it will not be normal like before

Clement Kaliyar

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Quote from: makishart on February 24, 2021, 06:38:30 PM

The people can't send or spam the network with the gas that exceed the limitation. How much low and high limitation for the gas is not yet determined.
It's not weird coz everything needs process

The expectation is the EIP1599 proposal will sort the gas issue and it is hard to predict whether it will sort the problems if you look at the issues and think that spamming the network is the reason for these backlogs and network congestion as no one in the right sense will be spending money to harm the network. There are many shit coins in the market and the deFi craze has created these situation rather than someone deliberately spamming the network.

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Quote from: republicrypto on February 24, 2021, 03:43:05 PM

i hope so, because if the gas problem do not resolved, ethereum network will only for the rich peoples with huge amount of eth not for small investors
and maybe a lot of project will move from ethereum network to other network
regards

The best network right now is BSC and I’m sure ETH sees this one as a big threat and that’s why they created this timeline so they can give hope to the ETH community which I think they really have to address as soon as possible. We have to wait and see for this update, better to monitor this one closely especially if you’re transacting money. ETH is still a good network and many says they can’t control the fees totally, but they have to do something for this.

makishart

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I just wish we will get the solution. That’s weird. I’ve never had to deal with fees like that with Etherium on this network. Ethereum gas must be cool down. Anyway, Is there any accurate information regarding the gas fees has been figured out.

If you are reading the thread carefully and we are discussing the solution for ethereum. So many times people already mentioned EIP1599 and this proposal already brought a new mechanism for the transaction gas. There will be a limit for the low and high gas.

The people can't send or spam the network with the gas that exceed the limitation. How much low and high limitation for the gas is not yet determined.
It's not weird coz everything needs process

republicrypto

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Keep it Simple guys :)

i hope so, because if the gas problem do not resolved, ethereum network will only for the rich peoples with huge amount of eth not for small investors
and maybe a lot of project will move from ethereum network to other network
regards

leatutz

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Quote from: Ozero on February 23, 2021, 02:07:45 AM

Many of us are deservedly outraged by the high gas price that has recently been paid for moving ERC-20 and ethereum tokens. However, the solution to this problem is already approaching. In July, in about four months, as part of the improvements to Ethereum 2.0, it is expected that high gas prices will go away, if not forever, then for a long time.
Ethereum Improvement Proposal (EIP) 1559 is the most anticipated improvement along with increased scalability for the network since the launch of ETH 2.0.
We hope that the staggering popularity of Ethereum will not only recover, but also soar to an unprecedented level.
Link:
https://beincrypto.com/ethereum-developers-eye-july-gas-saving-eip-1559-launch/

Still Ethereum 2.0 feedback and Feature is much good, which is enough to recover Ethereum blockchain transaction problem. I didn't take any challenge form binance smart chain, but this blockchain TPS was the high as Ethereum. From Decentralized exchange withdraw fee are more 30 USD.

zasad@

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The maximum gas limit for each block is 12,500,000. Each block contains 100-300 transactions. If we use the lower value, then the current TPS(Transactions per second) is 15.
Gas optimization using smart contracts will not significantly increase the TPS. EIP 1559 will reduce the miner reward, but not increase the TPS.
The only way to increase TPS now is to increase the gas limit in the block.

menoiazei

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Meanwhile eth loses ground with this and people are wondering why gas is so expensive

illnino

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I really hope for the update, I believe the Ethereum developers know what they are doing. After the upgrade, the network will be available again and will be in demand for a long time.

Ethereum is already losing customers due to its large commission. If the update does not solve the current situation, Dot, which follows Ethereum in the footsteps, with its network and long-term plans, may become more popular than Ether.

Dot has many attractive ideas. But fortunately this is only guesswork. In the meantime, it only remains to wait for the update.

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Quote from: reza7777 on February 24, 2021, 05:49:29 AM

My question is why do they have to wait until July? Isn't that still very long, while the expensive fees have occurred since a few months ago, they should have been able to work faster, besides in July we don't know whether the fee problem will be resolved or not

On the other article which appeared on coindesk - https://www.coindesk.com/ethereum-core-developers-mid-april-berlin-hard-fork. They will have the so-called Berlin Hard fork this coming April and it stated that there will be optimizations for contracts including gas efficiencies. So maybe, they will already address the high gas fees on this event. And no need to wait for July to see the reduction of gas fees. Let us see...

kindbtc

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Quote from: Ozero on February 23, 2021, 02:07:45 AM

Many of us are deservedly outraged by the high gas price that has recently been paid for moving ERC-20 and ethereum tokens. However, the solution to this problem is already approaching. In July, in about four months, as part of the improvements to Ethereum 2.0, it is expected that high gas prices will go away, if not forever, then for a long time.
Ethereum Improvement Proposal (EIP) 1559 is the most anticipated improvement along with increased scalability for the network since the launch of ETH 2.0.
We hope that the staggering popularity of Ethereum will not only recover, but also soar to an unprecedented level.
Link:
https://beincrypto.com/ethereum-developers-eye-july-gas-saving-eip-1559-launch/

We are in 2nd month of this year and july is the 7th so still it is 4 to 5 months away but atleast this news has given support and relief to longterm holders of eth as the network is under stress and critic because of high gas fee but the news of end of all this in july is a really positive thing.

ice18

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Quote from: OasisDre on February 24, 2021, 05:44:32 AM

I doubt that this so called solution to eth gas fee will be put to work in the end, ethereum mining algorithm has a big role to play in the life of ethereum project, getting rid of miners will end up hurting the project itself, instead the team should focus on better solution that won't hurt the miners and will also make transaction cheap for adopters

This is really a good proposal from @econoar and you are right it may hurt the miners since this proposal may mostly burn eth fees and not rewarding for miners but it will most likely reduced gas fees as what I read about eip 1559, actually this is all we are waiting for to all defi and eth lovers once implemented, Its really disgusting how high eth fees right now I hope it will be implemented very soon.

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