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Title: ETHEREUM 2. is not the solution of high gas fees Post by: Investo20 on September 07, 2020, 09:59:08 AM Since last few months we all faced a problem, that is very high gas fees of Ethereum network. Even it increased so much that costs more than someone's trade value.
More or less we all are hoping that the upcoming Ethereum 2. will solve this problem. But many renounced de-fi experts are saying that Ethereum 2. will not be the solution. Let's discuss something. There is a specific coding for the Ethereum gas fees. The fees increase as the network congestion increase because the traders try to complete their transaction within time by paying high fees. And in last few months de-fi hype was on a peak. So transaction increases rapidly. As transaction increased the traders start giving high fee to make their transaction faster on this congested network. And finally the gad fees reach all time high. This is what happened. Now please analyse by yourself and think what if the de-fi experts are right then there will be two solutions of this. One, the upcoming projects can use any other network instead of Ethereum. Secondly, the Ethereum team should change their coding and algorithm which is very difficult. So, do you agree with those de-fi experts? And if you do then what may be the solution of this? Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: qwizzie on September 07, 2020, 10:19:18 AM People don't really understand that ETH 2.0 is a multi-year update with several phases of implementation.
It starts with phase 0 and it ends with phase 2. So far phase 0 has been delayed multiple times and is not designed to provide scalability through sharding, it is designed to implement a Proof of Stake sidechain (called the Beacon Chain) and it will focus on setting up Proof of Stake validators. This will not fix Ethereum network congestion or its associated high gas fees. And it most certainly not fix the much much higher fees that people get when interacting with the DeFi protocols (fees up to $100). Thereby trapping people within DeFi token projects. Only phase 1 & 2 will focus on implementing a scaling solution through sharding and those phases are still years away. Link : https://consensys.net/knowledge-base/ethereum-2/faq/ Quote Ethereum 2.0 is planned to be rolled out in at least three phases: Phase 0, 1, and 2. Phase 0 is planned to launch in 2020, with Phases 1 and 2 to be released in following years. Phase 0: In the first phase of Ethereum 2.0, the “Beacon Chain” will be implemented. The Beacon Chain stores and manages the registry of validators, and will implement the Proof of Stake (PoS) consensus mechanism for Ethereum 2.0. The original Ethereum PoW chain will continue to run alongside the new Ethereum PoS chain, ensuring there is no break in data continuity. Phase 1: The second phase of Ethereum 2.0 will likely roll out in 2021. The primary improvement of Phase 1 is the integration of shard chains. Shard chains are a scalability mechanism in which the Ethereum blockchain is “split” into 64 different chains, which allows for parallel transaction, storing, processing of information. At its most conservative estimate it will enable 64 times more throughput than Ethereum 1.0, but it is designed to be able to handle several hundred times more data than Ethereum 1.0. Phase 2: The third phase of Ethereum 2.0 will likely be launched in 2021 or 2022. This phase is currently less clearly defined than the above two phases, but will involve adding ether accounts and enabling transfers and withdrawals, implementing cross-shard transfers and contract calls, building execution environments so that scalable applications can be built on top of Ethereum 2.0, and bringing the Ethereum 1.0 chain into Ethereum 2.0 so that Proof of Work can finally be turned off. Many further improvements are planned for research and development after Phase 2 is complete. Vitalik provides insight into some of these improvements in this easy-to-digest diagram. There are some ad hoc solutions (solutions designed for a specific problem or task, non-generalizable, and not intended to be able to be adapted to other purposes) getting developed to address the high fees, but these ad hoc solutions will not be available to all users. Most likely only a select few token projects will implement them. So to summarize : ETH 2.0 phase 0 is not the solution of high gas fees. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Bubu9844 on September 07, 2020, 10:22:09 AM Yes it's too much to cover a transaction fees upto 15$ to 20$
I think Ethereum 2.0 is not a solution . I don't know in future still running this fees or not , Many project could be changed ERC20 to Other platform. Let see Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: bitkanu on September 07, 2020, 10:32:03 AM That needs the more time to do that as ethereum has massively used by a bunch of platforms but have you even read this article?
https://education.district0x.io/general-topics/ethereum-scaling/introduction-to-ethereum-scaling/ There three solutions that will be implemented to fix the scalability solution. I personally didn't agree with those defi experts. It's better if you read that article first and for me it looks like those defi experts didn't understand about what will be implemented by ethereum. The traders need to puts very high tx fees to make their tx will be included into the next block. Look at this https://blockchair.com/ethereum/charts/transactions-per-second The problem is ethereum can only processing up to 15 tx for a second that makes traders must pay more fees for that. When it can reach at least 50k TPS and traders didn't need to compete to pay the more fes. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: masterrex on September 07, 2020, 10:55:16 AM Because of the recent spike of the Ethereum transaction fees that quite a sky-high cost I'm sure many are doubting now on Ethereum 2.0 upgrade including me, IMHO, I think it's wiser for new projects to look for another alternative smart-contract provider I'm sure that some platforms out there can give the same services that were offered by Ethereum I'm not saying that they should leave Ethereum totally but just to try other alternatives. just saying!
Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Investo20 on September 07, 2020, 10:57:19 AM That needs the more time to do that as ethereum has massively used by a bunch of platforms but have you even read this article? https://education.district0x.io/general-topics/ethereum-scaling/introduction-to-ethereum-scaling/ There three solutions that will be implemented to fix the scalability solution. I personally didn't agree with those defi experts. It's better if you read that article first and for me it looks like those defi experts didn't understand about what will be implemented by ethereum. The traders need to puts very high tx fees to make their tx will be included into the next block. Look at this https://blockchair.com/ethereum/charts/transactions-per-second The problem is ethereum can only processing up to 15 tx for a second that makes traders must pay more fees for that. When it can reach at least 50k TPS and traders didn't need to compete to pay the more fes. Yeah, In Ethereum 2. version the transaction per second will increase many times and this will help a lot. But will it be sufficient to anticipate the growing de-fi hype? Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Ucy on September 07, 2020, 04:19:03 PM Unfortunately, many of us don't know exactly what fee solution eth2 has that the "DeFi experts" are not agreeing with.
By the way, I thought the fee was raised by the miners or something few months ago? Is that contributing to the current problem or not? I think I remember thinking/writing back then that part of the problems of the fee issue is the suppression of the progressive price increase or taking away of one of the important feature of crypto (deflation), which also helps incentivize miners/verifiers and keep things profitable, fairly sustainable and decentralized. A cryptocurrency has to be allowed to keep increasing in price as it attracts lots of users(esp sustainable and useful/valuable users). I think the people/things that are responsible for suppressing prices (most likely through manipulation) are partly responsible for this problem. So, increasing fees wrongly must have contributed to the worsening of the situation. They seem to want "free market" to determine the fee price. I suppose it's not the right/good free market that was applied Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: jacafbiz on September 07, 2020, 05:17:21 PM I have read about this in a number of publications and some Ethereum critics have pointed this out, but if indeed this si not a permanent solution to this high gas fees, what about all these scaling solutions being thrown around. I believe this will converge and they will come to a solution but can't put a timeline on it, and gain there are some good promising projects out there that shows great potentials and people should start looking into them
Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: optimisticcm on September 07, 2020, 05:39:29 PM Since last few months we all faced a problem, that is very high gas fees of Ethereum network. Even it increased so much that costs more than someone's trade value. Even if Eth 2.0 is not a complete solution for reduction in fee and faster transactions but still be sure that the issue will be significantly resolved for few more years atleast and developers will be working on next solutions till then so i am positive about the outcome of all these things going on for ethereum.More or less we all are hoping that the upcoming Ethereum 2. will solve this problem. But many renounced de-fi experts are saying that Ethereum 2. will not be the solution. Let's discuss something. There is a specific coding for the Ethereum gas fees. The fees increase as the network congestion increase because the traders try to complete their transaction within time by paying high fees. And in last few months de-fi hype was on a peak. So transaction increases rapidly. As transaction increased the traders start giving high fee to make their transaction faster on this congested network. And finally the gad fees reach all time high. This is what happened. Now please analyse by yourself and think what if the de-fi experts are right then there will be two solutions of this. One, the upcoming projects can use any other network instead of Ethereum. Secondly, the Ethereum team should change their coding and algorithm which is very difficult. So, do you agree with those de-fi experts? And if you do then what may be the solution of this? Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: contraband on September 07, 2020, 07:21:50 PM ......from the Ethereum ANN topic Ethereum developers are turning their focus back to the current version of the network after months of focus on the upcoming Ethereum 2.0 release to address exponential fee growth. https://www.coindesk.com/ethereum-fees-soaring-congestion-developers-buterin Looks like whatever they are doing is working because the fees dropped significantly. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: qwizzie on September 07, 2020, 07:25:32 PM ......from the Ethereum ANN topic Ethereum developers are turning their focus back to the current version of the network after months of focus on the upcoming Ethereum 2.0 release to address exponential fee growth. https://www.coindesk.com/ethereum-fees-soaring-congestion-developers-buterin Looks like whatever they are doing is working because the fees dropped significantly. lol, they did not do anything but introduce a proposal / EIP : Quote In a bid to ameliorate soaring fees, Ethereum co-founder Vitalik Buterin released his Ethereum Improvement Proposal (EIP) 2929 Tuesday that proposes making certain heavy contracts more expensive by a factor of three. Contracts affected would be those that update the Ethereum state, including some applications. Quote Approving this proposal, however, requires consensus from the Ethereum community, a process that can take weeks or months. Other broad-brush scaling solutions like EIP 1559 or sharding remain on the distant horizon as well. This will take time and it will break certain smart contracts. Quote This repricing proposal could break some smart contracts already operating on Ethereum, Buterin wrote. He added that developers “have had years of warning” about potential changes. Also i wonder if those heavy contracts are DeFi contracts and if yes what it will do to those very high (up to $100) DeFi fees if those DeFi contracts are made more expensive. Will it make those DeFi fees even more expensive ? :-\ Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: articlecity on September 07, 2020, 08:59:12 PM As far as i know sharding is also part of Eth 2.0 which aims to improve the network efficiency to reslove the scalability issues. So if that is not enough what else will be the solution for the scalability issues and if they are working on those solutions already?
Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: judaspriest on September 07, 2020, 10:04:37 PM everyone is waiting for Ethereum 2.0 to be launched soon, and if Ethereum 2.0 is not a solution for expensive transaction fees,
obviously this is a mistake for Ethereum, I became uncertain about the future of Ethereum, many people are also now doubting, and turn to Tron Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Wingo on September 07, 2020, 11:18:21 PM Since last few months we all faced a problem, that is very high gas fees of Ethereum network. Even it increased so much that costs more than someone's trade value. More or less we all are hoping that the upcoming Ethereum 2. will solve this problem. But many renounced de-fi experts are saying that Ethereum 2. will not be the solution. Let's discuss something. There is a specific coding for the Ethereum gas fees. The fees increase as the network congestion increase because the traders try to complete their transaction within time by paying high fees. And in last few months de-fi hype was on a peak. So transaction increases rapidly. As transaction increased the traders start giving high fee to make their transaction faster on this congested network. And finally the gad fees reach all time high. This is what happened. Now please analyse by yourself and think what if the de-fi experts are right then there will be two solutions of this. One, the upcoming projects can use any other network instead of Ethereum. Secondly, the Ethereum team should change their coding and algorithm which is very difficult. So, do you agree with those de-fi experts? And if you do then what may be the solution of this? Very informative, I really thought the upgrades are the solution to this problem. Ethereum blockchain is not good whenever there is an increase traffic like way back 2017 during the ICO craze which I had a hard time with doing transactions on DEXs. Current and future startups will surely find an alternative blockchain with better speed and fees, more scalability as it will matter most in the long run. Doubts on ethereum blockchain might start a downfall for this DeFi craze right now. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Fakhrulenclix on September 07, 2020, 11:20:52 PM Nothing I wanted of ethereum except fee reduction feature, and a lot of people are looking forward to ethereum 2.0 but if ethereum 2.0 can't provide a solution to it, maybe this is one of the reasons some people will leave. And I think that in the future there will be many developers will choose into Tron, Waves etc blockchain than the ethereum blockchain
Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: bryant.coleman on September 08, 2020, 04:04:45 AM everyone is waiting for Ethereum 2.0 to be launched soon, and if Ethereum 2.0 is not a solution for expensive transaction fees, obviously this is a mistake for Ethereum, I became uncertain about the future of Ethereum, many people are also now doubting, and turn to Tron As per the original timelines, Ethereum 2.0 was supposed to be launched many months ago. The date was postponed multiple times, because the developers were unable to finish their tasks on time. Also, it was supposed to be rolled out in a single phase. The current plan for multi-phase rollout was necessitated because the team could not get rid of the security issues and bugs on time. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Yogee on September 08, 2020, 04:47:11 AM ..... By the time eth 2.0 phase 2 or phase 1 is completed, the DeFi hype is probably long gone.Yeah, In Ethereum 2. version the transaction per second will increase many times and this will help a lot. But will it be sufficient to anticipate the growing de-fi hype? I have read about this in a number of publications and some Ethereum critics have pointed this out, but if indeed this si not a permanent solution to this high gas fees, what about all these scaling solutions being thrown around. Gas fees are connected to ethereum network's scalability problem. We all know if it's congested, gas increases too. It is projected that the upgrade could boost eth's TPS up to 100,000. If that number is true, I don't think anyone in their right mind would be willing to spend $5 or more fee for their transaction to be immediately added on the next block. BUT yea, anyone is still free to set their desired fee. They can ramp it up to $100 even if $1 is good enough.Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: ampu on September 08, 2020, 06:00:41 AM Ethereum is revolutionizing by rewriting its code for more optimization in blockchain transactions, blockchain scaling, and minimizing costs.
Writing in an advanced language like Go makes the workload more complicated. As far as I know, they're starting over. Try to fix the bug and build on it. I find Ethereum 2.0 difficult and time-consuming to develop. The truth is they have not been able to launch Ethereum 2.0 for three quarters of this year. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: lepbagong on September 08, 2020, 06:10:22 AM e most important thing now is how ethereum gas can be made cheaper and back in its time, because with a small income but gas still does not change so that it can calm the hearts of fans.
want ethereum 2.0 to be released or delayed, of course, another thing that is needed is that it looks small but very significant. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: meanwords on September 08, 2020, 06:15:13 AM Secondly, the Ethereum team should change their coding and algorithm which is very difficult. So basically the solution is Ethereum 2.0 then? Because that's what they are doing right now which is still far from being done. Ethereum 2.0 will most likely takes years before it is implemented so I kind of agree that Ethereum 2.0 will not solve the current gas price but will help in the future. As a user, we could only wait for the gas price to subside as there's really no other solution to this. Now please analyse by yourself and think what if the de-fi experts are right then there will be two solutions of this. One, the upcoming projects can use any other network instead of Ethereum. In this case, some projects are actually using Tron, Waves, and even NEO for launching their projects because they are faster and cheaper than ETH. Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: Kotone on September 08, 2020, 06:21:08 AM everyone is waiting for Ethereum 2.0 to be launched soon, and if Ethereum 2.0 is not a solution for expensive transaction fees, Its not about eth 2.0 release. Gas often lowered if thr network is not congested. Actually eth foundation can have an easy solution on this issue. Even without eth 2.0 they can solve this like what happened when the gas fee cool down. Its a matter of management. Maybe people from eth are too focused on thr next phase and dont see the problem with thr current situation. obviously this is a mistake for Ethereum, I became uncertain about the future of Ethereum, many people are also now doubting, and turn to Tron Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: slaman29 on September 08, 2020, 10:03:13 AM Dude you know ETH 2.0 isn't here yet right? What we have now is a lot of testnet issues but that's precisely why it's all done in testnet now. If ETH2.0 comes, and it will, delays or whatever, fees is a big part of the fix.
That's me, NOT a fanboy of ETH;) Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: hrunya102 on September 08, 2020, 10:08:32 AM In ETH 2.0, I think the problem of high fee will be solved, they should understand how much high fee are currently in the network.
Title: Re: ETHEREUM 2. is not the solution of high gas fees Post by: budi691 on September 08, 2020, 01:14:10 PM The delayed ETH 2.0 launch plan has everyone waiting for what ETH does, everyone hopes the ETH 2.0 launch can solve the high gas costs, if successful everyone will go back to ETH but if it fails everyone will switch to another.
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