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Author Topic: ETH 2.0 And High Transaction Fees..  (Read 1467 times)
lifeOK
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October 07, 2020, 03:50:51 PM
 #81

Hopefully on ETH 2.0 upgrade, the transaction fees will improved to the economic condition.
High fee on the blockchain is not favorable by the users because it will create more cost just for processing the transactions.
I have seen other blockchain than ETH which have low fee and fast transactions speed, better to use them if ETH fees stay high.
Not just you, there bunches of client disappointed by ETH high charges and to minimize their loss get include another platform. Things are slowed down until ETH takes care of the scaling issue, which has made the high gas charges. The moment that issue disappears ethereum will be back on fire. Sit back and watch..
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October 10, 2020, 02:38:36 PM
 #82

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.
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October 10, 2020, 03:44:49 PM
 #83

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.
I remember when people have said the same thing like you in the past and they are not yet moving from ethereum. Maybe the demand will decrease a little big compared with this time but it's clear that the ethereum 2.0 will bring something big for all of components in ethereum blockchain started from the scalability, consensus, passive reward, less inflation and many more.
It's quite impossible for ethereum to lose its demand just because the scalability problem is not yet fixed.




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October 10, 2020, 03:52:31 PM
 #84

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.
Ethereum is a pretty good blockchain project and as far as I know it will be pretty hard for the users as well as the organizations to move their smart contract to any other blockchain and with such secure code. So I think even if the fees isn't reduced after the ETH 2.0 goes live on mainnet then too the people will stick to it, although it will be sad for me also to see the high transaction fees in the ETH 2.0 as well, I used to arbitrage the coins on the Dexes but with the high transaction fees involved in these transactions it has become pretty hard to do so.

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October 10, 2020, 04:18:27 PM
 #85

Why engage in such a thankless task as fortune-telling in advance. What will happen, we will see later when there is this update. At least it won't get any worse and Ethereum won't go anywhere, no matter what they say. We will follow this process.
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October 10, 2020, 04:46:05 PM
 #86

Why engage in such a thankless task as fortune-telling in advance. What will happen, we will see later when there is this update. At least it won't get any worse and Ethereum won't go anywhere, no matter what they say. We will follow this process.
Well it's not a useless effort for these people to raise awareness that the high transaction fee is literally becoming a burden right now and the devs should put the concern regarding addressing the fee as the most important matter more than anything else when doing either update or upgrade.
Maybe by seeing so many people asking the dev to solve the problem it could probably sped up the devs work as more people might contribute.

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October 10, 2020, 05:52:44 PM
 #87

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)

I agree with you, because a few days ago we transacted from ether for only 0.2 ETH or 0.3  cents, but now it dolar 3 to 5 ETH to make a transaction. And in this way if continues, but I think all the people associated with cryptocurrency will find another opportunity ,,,, I'm new here so maybe I could not understand well, forgive me if I am wrong. Thanku all
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October 10, 2020, 07:22:08 PM
 #88

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 fees remain high after the ETH 2.0 upgrade (which is very likely to happen), then it'll be the partial death of ETH. It won't certainly die, given that it's the most decentralized smart contract platform in the world with a vast number of developers backing it. But its usage in the mainstream world will be reduced to a point where its competitors will gain the lead. The most straight-forward solution for ETH's high fees is to rely on a second-layer solution for scalability. Something like Bitcoin's Lightning Network for ETH will do the trick. Luckily, we have many solutions like the OMG Network, ZKSync, and more. It's up to dApp developers to use these solutions in order to reduce the burden on the main ETH blockchain. Otherwise, people will continue to face the problem of dealing with high fees on the network.

As it's said in the real world, "slow and steady wins the race". Ethereum's development team may be slow in scaling the blockchain, but the project may ultimately win the race. The number of dApps and tokens available on the ETH blockchain, speak for themselves. No other smart contract platform can compete with Ethereum in this regard. It will all come down to mainstream adoption than anything else. Hopefully, ETH will be able to experience lower fees as a result of new protocol enhancements (upgrades) over time. And once fees become the way they used to before, interacting with smart contracts will become practical again. Just my thoughts Grin

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October 10, 2020, 07:26:22 PM
 #89

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)
Well, if you follow the news, the founder of Ethereum network Vitalik Buterin has clarified this thing in an interview by saying that scaling through sharding is the basic part of phase 0 of eth 2.0 which simply means that they want to resolve scalability issues first than anything else so be happy and stay positive.

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October 10, 2020, 07:45:40 PM
 #90

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain.
I agree,, people will look for another affordable blockchain rather than eth for sending funds, however if people does that it will start to generate lesser fees due to less activity  Cheesy Besides, I doubt that the ETH  v.20 isn't a real upgrade, Vitalik talks about it as faster ETH network so we will experience a low transaction fees.

This cause the user of ether will decrease. One day ether will lose their user.
Ethereum has a brighter future to be adopted than bitcoin, due to smart contracts, it really is.

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October 10, 2020, 08:10:09 PM
 #91

High fees for a slower transaction, this will affect the project because the investor will have to look for a cheaper option.  If new updates work with a fee cap, that will be very good.  The next step for ETH is to determine.  Good coins with low fees are worth looking for, but ETH may be better, so be sure to keep those as well.

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October 10, 2020, 08:39:49 PM
 #92

https://ethgasstation.info/index.php

Ethereum commissions dropped dramatically after interest in DeFi projects dropped.

In short, the situation around Phase 2 of Ethereum 2.0 raises many questions.
https://ethereum.org/en/eth2/

"Phase 1.5: mainnet becomes a shard
Expected: 2021

Up until Phase 1.5, the Ethereum we use today on mainnet will continue as a proof-of-work blockchain. Transactions will continue to be processed by miners. But in Phase 1.5, mainnet will officially become a shard and transition to proof-of-stake.

For end users and dapps, this change should be seamless.

Phase 2: fully formed shards
Expected: 2021+

In Phase 2, shards should be fully functional chains. Shards will now be compatible with smart contracts and they'll be able to communicate with each other more freely. Developers may even be able to design shards in their own ways.

Phase 2 is still very much in the research phase.
"

https://github.com/ethereum/eth2.0-specs
"Phase 2 is still actively in R&D and does not yet have any formal specifications."

I hope it is clear that we will not get phase 2.0 soon Cheesy

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October 10, 2020, 08:48:15 PM
 #93

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)
Well, if you follow the news, the founder of Ethereum network Vitalik Buterin has clarified this thing in an interview by saying that scaling through sharding is the basic part of phase 0 of eth 2.0 which simply means that they want to resolve scalability issues first than anything else so be happy and stay positive.

Actually phase 0 is PoS (Beacon Chain) and setting up validors for PoS (soft target end 2020)
Sharding is planned for phase 1 & 2 (2021 / 2022, which will most likely get delayed, just like phase 0 got delayed)

Source : https://consensys.net/knowledge-base/ethereum-2/faq/

ETH 2.0 phase 0 will not fix the high fees problem.

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October 10, 2020, 10:55:23 PM
 #94

ETH 2.0 it has been a very big concern on alt-coin transaction with a very high charge fee's, and if it keep moving this way with high gas fee charged is going to be something else, because the change fee really affect the system in difference way, in the crypto industries.
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October 10, 2020, 11:05:40 PM
 #95

Why engage in such a thankless task as fortune-telling in advance.
rofl . maybe they just like it but fortunetelling is not a thankless task due to its difficulty. you can get fame and even cash reward as long you guarantee that your predictions are mostly legit and can occur not just by co incidence .

Quote
What will happen, we will see later when there is this update. At least it won't get any worse and Ethereum won't go anywhere, no matter what they say. We will follow this process.
how do you know that it wont get worse ? you predicted it ? but you said your not a fan of predictions and you better wait for the actual team to announce the update but that can take a long time because its been a couple of times since they promise this eth 2.0 but till now they are still making a promise . thats why people are now trying hard of predicting and speculating by themselves because they are itching too
NoG-NoG
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October 11, 2020, 03:51:13 AM
 #96

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)
I think that thw developers of ethereum blockchain should look on it and make an immediate action as soon as possible because if the price fee is still high many of their investors and hodlers will definitelt boycott them and it will maybe the end of an era for the ethereum.
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October 11, 2020, 07:35:25 AM
 #97

The hype around DeFi projects is beginning to calm down, and the course of many tokens of DeFi projects has noticeably decreased. Today's commission at 30 Gwei pleases me.

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Insober
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October 11, 2020, 12:52:16 PM
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 #98

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.
Do you have any idea why there is such a large gas charge on the Ethereum blockchain?

Closer to the summer of 2020, a hype began around Defi projects, a lot of similar projects were created, after the resounding success of YFI. They were launched on the Ethereum blockchain, since it is very easy to do there, the network was simply overloaded, due to network overload, and there was such a high commission.

With the release of Ethereum 2.0, transactions should be performed even faster and the network should not lie down so easily, I think that this should not happen at all, at least for such a long time.

Now the hype for defi has already begun to subside, so the commissions have already begun to stabilize, a commission of $ 1 is already normal for me)

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October 11, 2020, 02:34:35 PM
 #99

As long as the transaction costs are not fixed, there is still a dispute over the transaction via auction to be sent out faster.
ETH 2.0 cannot fundamentally change the nature of ETH in transaction processing. They just make transactions faster. The ICO, DEFI projects will continue to take place and costs will continue to increase.

I don't agree here. Fixed costs will kill the competition for miners, make it another POS coin. Allow people to compete for fees, that's the way Bitcoin shows can keep miners in the game and incentivizes them to keep making the network more popular. Defi and ICO will become use cases but the hype we see now isn't lasting. Just wait.
When ETH completely moves to ETH 2.0, it also means that they will completely remove the miner from their system. So fixed costs are essential to maintaining network stability, and auction mechanisms are absent and potentially congestion, but no longer for static costs.
Miners will have to switch to other cryptocurrency mining. We need to accept the change and it is Vitalik's choice.

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October 11, 2020, 07:46:26 PM
 #100

A couple of months ago when the hype on DeFi was much, the cost of transaction fees on eth was really alarming, but since the DeFi hype has started fading away and there's no much congestion on the network the transaction fee has began to reduce drastically, the ETH 2.0 is expected to resolve this high cost of transaction fee issue,can't wait for it to be deployed tho, cus we can't continue paying a high fee for slow transaction, I just hope Vitali can pull this off, can't wait for eth 2.0  Grin.

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