Best Way to Tackle Rise in Ethereum 2.0 Gas Fees

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Best Way to Tackle Rise in Ethereum 2.0 Gas Fees

• Pulsehyip

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• Since the beginning of the year, there has been a
  rise in the Gas fees of Ethereum Platform. The
  development in the worlds second-largest
  Blockchain protocol in which the miners have
  voted to increase the gas limit from the value of
  10 to 12.5 Gwei.
• Ultimately there has been an increase in 25 per
  cent of miner fees and a total of 75 per cent
  rise to-date this year.

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• A data from Glassnode shows that the gas fees of
  Ethereum Platform on the 1st of January was
  130.66 and 229.14 on 20th June.
• Ethereum Gas Fees
• The users in the Blockchain network usually pay
  the gas fees in order to add their transactions
  to a block. The size of the Block in Ethereum is
  based on the amount of gas being spent on a
  Block. The feature is said to be one of the major
  difference among the Bitcoin and the Ethereum as
  the former has a fixed Block Size. The block size
  of Ethereum is determined by miners, that is,
  they publish the gas limit for the most recent
  block.

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• Definitely there will be a question about the
  amount of gas! And the gas amount is based of the
  computational complexity of the transaction in
  question. Normally, the gas used in executing a
  smart contract will be more than the gas used in
  a simple transaction. Simply it can be put as,
  the simpler the transaction the lower the Gas
  Fees.
• It is to be noted that, in a Blockchain protocol,
  the gas fees is a measure of economic activity.
  The rise in the gas fees points to the increase
  in usage of Ethereum network. In a report, Delphi
  Digital has explained that the high usage is the
  result of mix of USDT transactions and Defi
  application with some scam/ Ponzi schemes
  sprinkled in. This has resulted in the increase
  in transactions fees thus, generating high income
  for miners of Ethereum platform.

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• Definitely there will be a question about the
  amount of gas! And the gas amount is based of the
  computational complexity of the transaction in
  question. Normally, the gas used in executing a
  smart contract will be more than the gas used in
  a simple transaction. Simply it can be put as,
  the simpler the transaction the lower the Gas
  Fees.
• It is to be noted that, in a Blockchain protocol,
  the gas fees is a measure of economic activity.
  The rise in the gas fees points to the increase
  in usage of Ethereum network. In a report, Delphi
  Digital has explained that the high usage is the
  result of mix of USDT transactions and Defi
  application with some scam/ Ponzi schemes
  sprinkled in. This has resulted in the increase
  in transactions fees thus, generating high income
  for miners of Ethereum platform.

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• There is a mixed reaction to the increasing gas
  in the platform among the Ethereum community as
  the network targets for the Ethereum 2.0 upgrade.
  The Upgrade is also known as the Serenity that
  presents the fundamental shift in Ethereums
  architecture and economic model. This Update
  will take place in several phases, will allow the
  Ethereum platform to move from a proof of Work to
  Proof of Stake Mechanism(PoS).
• Presently several Popular Blockchains use Proof
  of Work mechanisms such as Bitcoin and Litecoin.
  Huge amounts of computational energy and
  electricity are used to solve puzzles in order to
  mine the next block. Even though the Blockchain
  network is secured, the PoW blockchains suffer
  from the scalability issues which is why the
  Ethereum is moving towards the PoS. When the PoS
  goes live, the scalability issue of the Ethereum
  Blockchain can be solved by Sharding. Validators
  replace the Miners in the network and they stake
  the Ether in order to maintain the network and
  Create new Blocks.

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• Gas fee and Game theory
  
  
• The Ethereum Community is now divided because of
  the increasing gas fees. The Miners do not care
  for the long term health of the network nor about
  the DoS attacks. Many others urge that increasing
  miner fees can be explained in terms of game
  theory. In any of the Blockchain, the miners look
  out for themselves. Miners try to maximize their
  profits before they become obsolete when the
  upgrade is implemented.
  
• There is a limitation in the rising gas fee of
  Ethereum platform, as it does not allow small
  transactions as it only cost a small amount.

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• Future of Ethereum
• The Ethereum upgrade is one of the most awaited
  updated of the Ethereum Network. This upgrade
  will also address the decentralized challenge by
  allowing more validators to participate and
  receive a return for maintaining the network.
  Currently, the PoW mechanism favours entities
  with large capital to set up profitable mining
  operations. The PoS will maximize and level the
  playing field.
• How to Tackle the rise in Ethereum Fees?
• Many of the Ethereum network users, either HYIP
  or MLM members pay a hefty amount in order to
  carry out the transaction. If the transaction is
  to be carried out for 5 ETH, a minimum of 15 ETH
  is to be paid as the gas fee. This itself acts as
  a huge drawback for those MLM members who would
  like to gain a good return with minimum
  investment. So, one can go for alternatives such
  as the TRON MLM, BTC MLM etc. Since many DApp
  based MLM platforms is being developed in the
  TRON platform that charges comparatively a low
  amount of gas fee, one can easily switch over to
  such networks. If you are an entrepreneur and
  would like to develop Dapp based MLM, Dapp based
  HYIP then feel free to connect with us!!

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