Will competitors overcome ETH due to ever-increasing gas fees? - page 4.

fadil46

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Quote from: tarable on January 26, 2022, 02:36:02 AM

during this time or in the last few days have you made transactions through the ETH network so you say that the gas costs on ETH will remain the same.
the high cost of ETH gas because the price of ETH is also high among other altcoin prices. if the price of ETH is cheap, of course gas costs are also cheap.

What you are saying is very true because in the past when the price of ETH was still $100, the cost of Gas was very cheap even though the amount of Gas limit for transactions was not much different from today so what really feels right now is when the price of ETH continues to increase, then influence on the cost of Gas will also be there.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Developers are rolling organize overhauls, however gas expenses on ETH stay the same. It's exceptionally costly to perform exchanges on the Ethereum blockchain compared to other competing chains. The ETH 2.0 overhaul will lighten the circumstance but engineers keep postponing the same. Individuals are getting wiped out and tired of ETH's "slowing down" as expenses proceed to rise like there's no tomorrow. On the off chance that I'm not mixed up, engineers will delay the trouble bomb once more (by December) in arrange to drag out the PoW blockchain. The longer it takes for expenses to decay on ETH, the greater its competitors will grow.
Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

I don't think so.

There are a ton of ETH alternatives right now that offer lower fees, yet they have never achieved the market cap or dominance of the Ethereum chain.

It's not just solely about the fees, it's also about the utility and innovation that comes with the ETH chain that simply cannot be replaced easily.

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Quote from: topbitcoin on January 26, 2022, 02:23:53 AM

Overcome or vanquish maybe still need longer time, since ETH still be top of coins although people start to change to new coins, we can see although BEP20 network already launched for year but ETH still dominate and price still much more than BNB. I am not said that it is impossible to happen, but maybe need longer time than we expected.

Yes, so far ETH is still the king of all altcoins on the market, so in my opinion even though transaction fees continue to increase, it certainly will not make the price of this coin lose its value, because on the other hand ETH has become one of the most popular coins and many investors interested in investing with it so it will continue to help the price of the ETH coin become more valuable in the future.

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That will happen if ethereum is completely abandoned. Ethereum's high gas makes not all projects enter easily, now very few projects are published on the erc20 network but are highly qualified. Here is the challenge for ethereum competitors if they can get better than what ethereum currently has it will definitely rival ethereum.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

Ethereum still has the big advantage that they are the first mover in terms of smart contract functionality on the Blockchain. Without that idea all the stuff that is possible within the crypto space like NFT and especially Defi applications would not be possible at all without the inventions of the ethereum team. The problem is that the Defi applications create so much traffic on the eth chain, that the network itself can almost not handle it anymore. I really hope eth 2.0 comes soon and brings down the gas fees to a normal price level again.

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during this time or in the last few days have you made transactions through the ETH network so you say that the gas costs on ETH will remain the same.
the high cost of ETH gas because the price of ETH is also high among other altcoin prices. if the price of ETH is cheap, of course gas costs are also cheap.

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Quote from: Cornia on January 26, 2022, 01:34:04 AM

Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

ETH is not a coin that competitors will vanquish. If it had, it would have vanished long ago. ETH is a very popular coin. ETH developers are trying to reduce its gas price. Not only ETH network but other network fees are slowly increasing. However, for those who do big amount transactions, gas fee is not a big issue yet.

Talking about Ethereum I think almost everyone knows that Ethereum is one of the most popular coins and certainly promises that there is no doubt about it,
but indeed the transaction fees can be said to be very high and I think that is a separate obstacle for Ethereum

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Overcome or vanquish maybe still need longer time, since ETH still be top of coins although people start to change to new coins, we can see although BEP20 network already launched for year but ETH still dominate and price still much more than BNB. I am not said that it is impossible to happen, but maybe need longer time than we expected.

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well, people nowadays are looking for cheap transaction fees. It's very clear at this point ethereum is a very good coin. however, since the fee from ethereum has gone up, I rarely use it. in fact, not only me, but most of the other people are like that too.
IMO, currently there are a lot of new projects that are developing their projects on the BSC network, one of which is for reasons of cheaper fees than ethereum. Well, personally, I think this is an important fact. so, if this continues, ethereum will lose its users.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

ETH is not a coin that competitors will vanquish. If it had, it would have vanished long ago. ETH is a very popular coin. ETH developers are trying to reduce its gas price. Not only ETH network but other network fees are slowly increasing. However, for those who do big amount transactions, gas fee is not a big issue yet.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

I don't think so, most of the existing networks will have high gas fees if the transactions are too congested, so people will still go for ETH if that's the case.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Developers are rolling organize overhauls, however gas expenses on ETH stay the same. It's exceptionally costly to perform exchanges on the Ethereum blockchain compared to other competing chains. The ETH 2.0 overhaul will lighten the circumstance but engineers keep postponing the same. Individuals are getting wiped out and tired of ETH's "slowing down" as expenses proceed to rise like there's no tomorrow. On the off chance that I'm not mixed up, engineers will delay the trouble bomb once more (by December) in arrange to drag out the PoW blockchain. The longer it takes for expenses to decay on ETH, the greater its competitors will grow.
Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

It's no longer called ETH 2.0. It's called consensus layer (ETH 2.0) and execution layer (ETH 1.0). Shifting from PoW to PoS won't have much affect on the gas price. It is going to be almost the same in the long run. Not sure about the TPS, but there probably won't be a huge difference. Data sharding is what everyone is waiting for. Sharding will reduce the fee on Layer1/Layer2 chains. For now, ETH is almost unusable for any small transaction or trades. It is the Layer 2 solution which is the future of Ethereum.

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Ethereum is indeed well-known as a network that has quite expensive fees today, there are even some transactions in purchasing coins that actually have fees that are more expensive than the price of the coin, and this is why now many cryptocurrency projects are starting to switch to using the BSC chain and also polygons, because the gas costs are much cheaper than eth, but even so, it will be very difficult for platforms like bsc and polygon to be able to beat ethereum at this time, because after all ethereum dominates smart contracts that are indisputable nowadays compared to BSC, besides that the nature of Since Ethereum has been completely decentralized for a long time, they are still believed to be the largest cryptocurrency chain that exists today.

In the past many Altcoins were built using smart contracts from Ethereum so that's what made Ethereum very popular and now BNB is also running this kind of thing through the BSC network by applying cheaper transaction fees than Ethereum so that Altcoin developers want to use it. BSC as a smart contract for their new token, as well as Polygon which has started to enliven this competition by implementing cheaper transaction fees from BSC so that new project developers will look at it as an extraordinary option at this time.

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Expensive transactions on the Ethereum network are a consequence of scalability problems. And at the moment when this problem is solved, and it will be solved sooner or later, alternative blockchains will lose their advantage, and with it users, for whom only the cost of transactions was important.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

....
Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

I don't think the current situation will change that much even if Ethereum 2.0 is delayed once again. Users are already "immune" to it and they have migrated a long time ago. New retail users will probably prefer other chains with cheaper fees but the larger liquidity will remain in Ethereum.

Mind you that some these competitors have been around for a long time already but they are still chasing until now.

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These competitors have also their bad description that others are seeing. I don't think that they'll be able to overcome eth just because of the fees.
Because if they have to overcome it, long time ago, they should already overtaken ethereum. But as much as we see in the market, still, there's no overtaking that's happening because eth is solid and still favorite of many despite the ouchy fees.

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It will definitely make a difference, but I do not think that it will get over ETH, just make them get closer. It is not easy to be second ranked coin in crypto, it is definitely not a thing that small time brand new things could do. I understand that ADA and SOL and BNB all tried, but unfortunately that second place is a very strong place to be.

I remember namecoin days, I remember litecoin days, I remember xrp days, I can see the ETH days now as well, and that's about it, nobody stayed more than 30 days aside from these coins. So do not hope that something else will take over that easily, it will take some time for them to do something like this. I believe it needs time and maturity to reach there.

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If ETH can’t address the problem, then most probably other network will take over who offers a faster and cheaper network. I see SOL to close enough for this, if the hype of ETH slowly gone I’m sure its competitor have a better chance now. We’ve been raising the problem since then but until now there’s no solutions ETH should aware of this, and assure the public that they are already working on this, unfortunately there’s no news about this.

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Quote from: South Park on January 25, 2022, 02:04:18 PM

Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

High gas fees are without a doubt a problem that the ethereum network has been dealing with for years and the developers have failed to fix the problem in a way that makes their community happy, however I do not think that alone is going to be enough for the competitors of ETH to surpass, it is enough so they get more popular and can become stronger competitors, but many more factors will be needed for ethereum to be surpassed by it rivals.

No one knows because community could really decide directly if they are done with high gas fees on erc20 which it did really last for long now and that alone isnt really appealing and wont really be a guarantee that it would really still make things alright.If people would find out other alternatives then one day we would be shocked that there would really be some switch up when it comes to recognition and this is why Devs should
really hurry up theirselves on finding some solution or else that time will really come if they wouldnt really make out some changes and honestly if we do tend to look up on the current market
then there are lots of considerable possible candidates for certain ranks and if the community decides then for sure there would be changes.

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Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.

High gas fees are without a doubt a problem that the ethereum network has been dealing with for years and the developers have failed to fix the problem in a way that makes their community happy, however I do not think that alone is going to be enough for the competitors of ETH to surpass, it is enough so they get more popular and can become stronger competitors, but many more factors will be needed for ethereum to be surpassed by it rivals.

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