ETH 2.0 And High Transaction Fees..

[Fivestar4everMVP]

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)

[1714758415]

1714758415

[DarkbLue]

The base fee will reside at a set level, depending on network conditions, while the tip compensates miners for their work and can be increased to “skip” the transaction line – a nice feature of current blockchain networks that helps alleviate congestion.
Plus, there’s a fast-pass lane someone can pay for if they need to scoot in an emergency.

[passwordnow]

It won't be the death of Ethereum because if it fails to end the higher fees then it would just simply make another upgrade. An upgrade after another upgrade and that's going to be the next step if ever there's no seen improvement with 2.0.
But let's be patient and wait before we judge it and if there's really a failure with that upgrade, it's going to be the developers first who will take action on it.

[Lordhermes]

If it happens that ETH 2.0 fail to put an end to the network higher fee, the ethereum network would continue been on a good stream of services with high fee without crash on it. Currently now, ethereum fee on defi coins is extremely high while traders and investors are already acquainted with it, no matter any slight obstruction ethereum may cause, because of its stability in the crypto industry.

Every upgrade of any blockchain is meant to finalise and implement new features so I don't see the reason while ETH 2.0 will fail at some point, I can't imagine it not reaching it peak despite the fact that ethereum is the largest blockchain network, so its 95% that ETH 2.0 will succeed in coming to an end of incurring low transfer fee and other features into the network

[Yaunfitda]

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)

No, ETH will still exist and won't die, after all, it is the one of the prime movers in crypto, together with BTC. Perhaps new project will move to a new dapps, or existing one will do the same. But they have the leverage because they are first in the game. So we will have to wait what ETH 2.0 will bring and I'm sure the priority will be the high fees. Or maybe they will just create another off-chain mainnet to somewhat mitigate the network congestion.

[Coin_trader]

-snip

No, ETH will still exist and won't die, after all

Definitely ETH will still exist but its value will decay overtime since the only thing ETH holding is they are the first mover on this type of blockchain. But there are a lot of project that way ahead than ETH in terms of TPS which is the basis of the transaction fee on the blockchain. But I believe Vitalik will never let down supporters of ETH because he himself dedicates his life to this project.

If ever ETH v2.0 was failure, I'm sure that ETH will collapse this time.

[zasad@]

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)

If Ethereum 2.0 does not solve the problems, then all smart contracts will work on Ethereum 1.0.
Ethereum 2.0 has virtually infinite bandwidth and this capacity will depend on the number of shards on the network. It is planned to increase the number of these shards every year.
Ethereum is a global project and developers have no right to screw up.
Those who follow Ethereum understand that nothing is done quickly here

[blue Snow]

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?

If ETH 2.0 implementing EIP 1559 proposal, it makes fee rates cleared, the user doesn't need to pay expensive fees when price come to fluctuating. this was explained by vitalic on paper, https://github.com/ethereum/research/raw/master/papers/pricing/ethpricing.pdf

So this means, I don't believe eth will fail reducing fee when next updated.

[samcrypto]

A higher fees means a slower transaction and the project might be affected because investor have to find the cheaper option.

A higher fees is quiet the problem every time we see the price pump not just on ETH. If the new update works for the purpose of limiting the fees then it will be good, but if not its hard to tell the next move of ETH. Look for good coins now with a lower fees, but still ETH can be better so don’t forget to hold as well.

[LogitechMouse]

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.

[Teraboy]

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.

[TastyChillySauce00]

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.

[sheenshane]

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.

[skarais]

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.

[seoincorporation]

...
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.

[cabron]

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.

[jajorforce]

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.

[Tipstar]

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/

[cepot9]

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.

[Baimovic]

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.