Transaction costs are an integral part of the crypto para ecosystem. At the same time, it is also obvious that this is one of the worst concerns of the best currencies. According to the latest information, Ethereum's gas prices have risen again.
This development, which will make transactions much more expensive, comes from a new stock market that focuses primarily on ERC20 tokens.
Ethereum's gas fee problem
Most crypto-currency enthusiasts know very well how Bitcoin transaction fees have risen over the past few years. There is general concern about how this will affect the attractiveness of crypt money. Unfortunately, when Ethereum was concerned, similar problems began to emerge.
Over the past two years, there have been significant increases in the Ethereum transaction fees. These costs are expressed as "gas" or "gwei". As the ICO madness of 2017, the Ethereum network has been influenced by high prices many times in rapid succession.
Still low compared to Bitcoin: But the danger bells are ringing
As we prepare this story, the average Ethereum transaction price is $ 6,668. This is not overly expensive compared to the highest fees registered for Bitcoin in the past twelve months, but it is not a positive development at the same time. The vast majority of transactions are currently being sent at a gas price of 50 gwei or more, while the recommended gwei price for fast processing is now 71 to 99 gwei.
It is clear that this high Ethereum transaction costs should be a reason. At the moment there is a lot of speculation about Ethereum Blockchain sending a new exchange spam. Indeed, it can lead to a significant increase in the number of processes and can lead to the need for a scalable Blockchain. If this continues, high gas prices will create more problems.
Fortunately, Ethereum will have its own major scalability solution in the near future. Known as sharding, this new technology will make batch operations easier and keep gas prices at a minimum. Although it is possible to expedite the analysis into the market this year, it remains uncertain when it will enter into force.