Is it really that hard to make ethereum faster and cheaper?

H1N1

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Quote from: speedforce on August 23, 2021, 06:24:35 PM

Move to EOS, you will experience a cheaper (almost free) and faster network. You only need to pay some fee (buying ram) to create the wallet. Its a little bit complicated but a worth thing to do.

EOS is faster and cheaper than ETH indeed, but the price of EOS is still not surpass its ATH until now.
Im afraid if we buy EOS, the value will stay the same even in few years from now.
People in crypto often search for coin that have some volatility and growing value from time to time.

Melignya

newbie

Activity: 28

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I think you just need to be patient, there is a lot of hype around Ethereum and its update right now, it's not just for fun. I recently read an article about blockster, now it is more relevant than ever.
https://blockster.com/blockdesk/1374_a-guide-to-the-upcoming-ethereum-upgrades

kidbounty

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HELENA

With so many active Dapps residing on the ethereum network and high TPS, it's really hard to make them fast and cheap. ethereum has always had scaling issues and this is a major issue on the ethereum platform. maybe every time ethereum update, it will be resolved. but with time this problem will come back again. so don't expect cheap fees and fast transactions on the ethereum platform.

Psynthax

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Quote from: kurniawan05 on August 23, 2021, 06:47:44 PM

That's because the number of transactions per second on the ETH network is so large that it slows down the delivery execution process and the large number of transactions also results in the need for ETH for gas fees to increase so that the gas fee price is higher. This is a problem that ETH has to solve.

Not only that, the fee also related to the price of Ethereum which going up like crazy it make the price of gwei seem more expensive.
If there is many transactions per second on Ethereum, the fee price will double and the cost will become crazy too. This problem seem really difficult to solve, maybe Ethereum can follow binance smart chain or polygon so it can make fee cheap and fast.

cryptoknows

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It won't be possible to make ether faster and cheaper now. It is an overflowing coin inside great technology surrounded by greedy miners. The only way out now to help the Ethereum network is to use cross-chains! By running their own blockchains within the ecosystem
For example: Near, Solana, Matic.
It is possible to offload the crowded Ethereum network and use Erc-20 tokens within their ecosystems. You can study this question, it is very interesting and promising! But now, unfortunately, it is impossible to completely cure the disease of transactions and their cost.

Chuky92

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Yes it is true about the high Eth gas fee which have already returned and to be frank it is really frustrating. But let's go deeper in this issue, as it stands now, ETH is the only blockchain with loads and loads of projects on it, and this in a way contributes to the issues it is facing including speed, thus the reason for ETH 2.0. The team already understands the issues and are working on it, and it cannot be expected to be done as soon as possible when there are hundreds of projects on it blockchain, that is to say, it requires time and careful implementation in order not to endanger the security of the blockchain. I believe the team will deliver but more time is need to make it work successfully. And another truth is, some of these new blockchains, a time will still come when their gas fees will increase, it once happened with BSC, however it all depends on if they will last that long.

Argoo

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Quote from: odukoyaewatomi27 on August 23, 2021, 06:15:00 PM

I really don't think it is so hard to make ethereum faster and the transaction cost lower binance smart chain for example was built on the ethereum Blockchain but in a some way that projects built on the BSC has much lower transaction fees and are faster.
Swapping coins on Uniswap for example has been charging people too high for swaps and it needs to be checked

It is difficult to solve this problem very quickly. Issues like these cannot be resolved in a short line. Here, first, everything needs to be rechecked many times so as not to make mistakes. Better to upgrade the ethereum network as planned than massive disruptions. This update has been going on for about 9 months already. It is expected to be completed early next year.
BSC is a modified copy of ethereum and has a lot of flaws. Therefore, it is better to be patient for a while. Gas charges are already periodically falling to normal levels.

sirminesalot

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Quote from: kurniawan05 on August 23, 2021, 06:47:44 PM

That's because the number of transactions per second on the ETH network is so large that it slows down the delivery execution process and the large number of transactions also results in the need for ETH for gas fees to increase so that the gas fee price is higher. This is a problem that ETH has to solve.

If we look closely actually it's already solved and ETH gas fees and transaction speed is better lately compared to months ago when it's really high, people started moving to BSC network and right now people are starting to coming back to use ETH network again.
I heard from many source those big fees and network problem is due to preparation for ETH 2.0, when it all settled, everything will become better.

RussianEnglishTranslation

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Quote from: tumis on May 11, 2021, 10:12:50 AM

I understand large scale and large success.

But this problem has been around for a very long time.

All the time changes for the better but it is still a mockery and embarrassment.

With such a budget and with such a background it should have been done a long time ago.

This whole crypto world is one absurdity.

Projects collect billions for the witepaper alone

And when a project works out and earns trillions it still can't be done for 3 years as it should be done.

On Saturday, the swap to eth at uniswap/1inch cost again 600 USD (worth of tokens 1000 usd)

the greedy one loses twice

frustrated

Aurora on NEAR already scales Ethereum to 2k TPS and unlike sidechains, it uses ETH to pay for transaction fees. It also allows cross chain contract calls and there are no withdrawal delays like most L2s. It's the best scaling solution for Ethereum.

kurniawan05

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KUWA.ai

That's because the number of transactions per second on the ETH network is so large that it slows down the delivery execution process and the large number of transactions also results in the need for ETH for gas fees to increase so that the gas fee price is higher. This is a problem that ETH has to solve.

mu_enrico

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The problem is they designed a bicycle and want to change it to become a motorbike. They can't just change the system design so radically and expect no problem. Migrating from PoW to PoS and then sharding, is so radical, that even if it works, there must be a lot of bugs waiting for them.

speedforce

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Move to EOS, you will experience a cheaper (almost free) and faster network. You only need to pay some fee (buying ram) to create the wallet. Its a little bit complicated but a worth thing to do.

odukoyaewatomi27

member

Activity: 536

Merit: 15

I really don't think it is so hard to make ethereum faster and the transaction cost lower binance smart chain for example was built on the ethereum Blockchain but in a some way that projects built on the BSC has much lower transaction fees and are faster.
Swapping coins on Uniswap for example has been charging people too high for swaps and it needs to be checked

KimmyF

sr. member

Activity: 978

Merit: 250

Quote from: tumis on May 11, 2021, 10:12:50 AM

I understand large scale and large success.

But this problem has been around for a very long time.

All the time changes for the better but it is still a mockery and embarrassment.

With such a budget and with such a background it should have been done a long time ago.

This whole crypto world is one absurdity.

Projects collect billions for the witepaper alone

And when a project works out and earns trillions it still can't be done for 3 years as it should be done.

On Saturday, the swap to eth at uniswap/1inch cost again 600 USD (worth of tokens 1000 usd)

the greedy one loses twice

frustrated

All types of altcoins have different transaction processes. From where the development team works to develop projects. Suppose if your base is weak, how can you develop more on that base? You can compare Bitcoin and Ethereum transaction time. Definitely BSC couldn't handle all of the cryptocurrency transactions in the next 5 years.

cabron

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https://www.betcoin.ag

$600 for swapping $1000 worth of coins LOL that's the reason why I also have not tried swapping the $400 worth of token I have. Worse is that its not listed anywhere but in Uni and 1inch.

The analogy was that and this is just what I have heard on the youtube video. ETH is a running car, its hard to make it faster because you would have to change the old engine to new one while its running.

Danslip

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Leading Crypto Sports Betting & Casino Platform

Quote from: crzy on May 11, 2021, 03:52:12 PM

Every time there’s a price pump, ETH fees also rises and even if they said that it is because of the traffic they should really solve this problem since then but it looks like its getting worse. Last Month the fees became cheaper but right now, it goes back to a crazy fees for just a small amount of transaction. I don’t know how hard it is, but hopefully ETH can solve this problem as soon as possible.

ETH is one of the best currencies and people most prefer investing in ETH, this year ETH has reached its own ATH and it seems this coin will keep price increasing till the end of this year. However as you said the transaction fee is getting up day by day, it is the really bad side of ETH. l hope it will be solved in the near future, if this problem will be solved people will be more interested in investing in ETH.

crzy

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Every time there’s a price pump, ETH fees also rises and even if they said that it is because of the traffic they should really solve this problem since then but it looks like its getting worse. Last Month the fees became cheaper but right now, it goes back to a crazy fees for just a small amount of transaction. I don’t know how hard it is, but hopefully ETH can solve this problem as soon as possible.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

It is not, that is why they are making it cheaper and faster because they can and it is simple. If you haven't heard about it, you can google "eip1559", I can't really talk about it in lengths because it does many things but the simple explanation would be that it will be cheaper and faster because it will get rid of the excess amount to get to front by the rich people who made it this high at the start.

Right now it is much lower, it is not as bad as it used to be, but whenever it gets lower there are tons of people who go back in, make some transactions and then increase it all over again, then people slowly go away again and then the fee drops and then everyone gets back again, this happens in cycle. In July 14th the eip1559 will start and that will take it much lower, and in a year or two we will have eth 2.0 which will make it even cheaper and faster.

Review Master

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Quote from: Zotak337 on May 11, 2021, 11:59:04 AM

That's from the ethereum fan boys and ETH millionaires around the globe lol, I have some ETH up to 50$ in my wallet and I can't even send out to exchange because of transaction fee is way too big, ETH won't fix this gas fee issue because of PoW algorithm and miners, that's my own believe even the upcoming EIP 1559 won't solve this issue

It's not about any fan boys , it's totally about ido projects and investors as many projects are launching LBP on balancer which is running for at least 72 hours. BTW, gwei price becomes skyrocket when any projects are having ido or LBP on any platforms because whitelisted users want to invest faster than others as FCFS is the main rules to buy in those sales. As a result, gwei price suddenly starts to increase a lot even within a second. If anyone thinks that whales are manipulating , than those are wrong as we already have L2 solution and polygon (previously known as Matic) is the best for launching projects. But projects didn't chosse that at first place. Recent hardfork already reduced the high gwei price compare to previous rates and hoping to see lower gwei price when EIP 1559 will be done in July by London hardfork. Lets see it'll change this PoW system or not. Wink

btc_angela

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Yeah, same here, I can't swap because I'm going to lose, the fee is more than the amount of my token, and I'm thinking that I should swap already, at least the cost is not that big only a few hundred and I should be earning thousands of dollars now.

But in any case it is still a problem that needs to be should by the ETH dev, now it's not only BTC that has this problem. And it seems to be the these 2 prime movers are going to face this issue, specially BTC. But at least ETH can remedy it with their latest iteration, hopefully.

Topic: Is it really that hard to make ethereum faster and cheaper? (Read 271 times)