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[LutherKing]

Ethereum founder has said over the years countless system has been developed that failed and users still lost funds everyday till now

He said we need a simple system with single transaction approval and three guardians approving the transactions Atleast

Thanks :-)

 

[Rollerkid]

The ethereum platform would have been the best in the cryptocurrency market considering it features but the gas fee is the only obstacle. The platform allows developers to create their own cryptocurrency and it would be traded in the crypto market. They are called ERC-20 Tokens.

The high transaction fees of ethereum and its based token is now a problem for people. Sometimes, transaction fees could cost as much as $1000 per transaction. It seems their fees are fixed regardless of how much you are transacting. Binance smart chain provides cheaper fees and coins switching binance smart network.

 

[darasimi]

Well the continuous added of mor projects under the ethereum network is making ethereum more in demand and causing more traffic in the ethereum network. The lightning can't be use in this way as ethereum will be switching to a proof of stake consensus soon and lightning network isn't really compatible with that, besides the reduce security of the lightning feature could endanger alot of smart contracts of the ethereum network

That's another important point there. The gas fee associated with the ethereum network need be addresses as it's one of the best way could do right now. This is what is really not making the Ether meet up with the bitcoin in terms of the market value. The market capitalization isn't any way near the bitcoin market cap.

 

[microunit]

That's another important point there. The gas fee associated with the ethereum network need be addresses as it's one of the best way could do right now. This is what is really not making the Ether meet up with the bitcoin in terms of the market value. The market capitalization isn't any way near the bitcoin market cap.

Actually the ethereum devs are already addressing it and their solution is the launch of ethereum 2.0 whereas switching to the proof-of-work consensus to proof-of-stake, this will give the network more power and less energy to spend than the proof-of-work consensus, they said the launch could be next year transitioning little by little we could probably expect reduction in fees next year

 

[darasimi]

Actually the ethereum devs are already addressing it and their solution is the launch of ethereum 2.0 whereas switching to the proof-of-work consensus to proof-of-stake, this will give the network more power and less energy to spend than the proof-of-work consensus, they said the launch could be next year transitioning little by little we could probably expect reduction in fees next year

That's quite informative. I know that the proof-of-work may slow down the transaction process. I don't really have a good knowledge on how the proof-of-work or the proof-of-stake operates. I just understand that they are for security purposes. Could explain to me in clear terms, the meaning of proof-of-stake and proof-of-work.

 

[microunit]

That's quite informative. I know that the proof-of-work may slow down the transaction process. I don't really have a good knowledge on how the proof-of-work or the proof-of-stake operates. I just understand that they are for security purposes. Could explain to me in clear terms, the meaning of proof-of-stake and proof-of-work.

Well with proof-of-work consensus the power in the network comes from the power provided by the real life miners, they are the ones who processed the transaction in the network blockchain, while in proof-of-stake those power comes from the staked coins so its like making your coins work for the system and you get rewarded in return for the percentage of your contributed power, kinda like replacing the miners with coins for providing power

 

[darasimi]

Well with proof-of-work consensus the power in the network comes from the power provided by the real life miners, they are the ones who processed the transaction in the network blockchain, while in proof-of-stake those power comes from the staked coins so its like making your coins work for the system and you get rewarded in return for the percentage of your contributed power, kinda like replacing the miners with coins for providing power

That's an incisive explanation. I think i would throw my weight behind you. The proof-of-work derives power from the miners to process transactions while the proof-of-stake gets power to process transactions from the staked coin. This is indeed a very incisive analysis and I think that the proof-of-stake would be better.

 

[Jack / 47 F1]

i have been saying the same in other threads now for ages. btc & eth are too expensive & slow at times, to use for massive transactions continuously. there has to be a new coin / token that takes over as the best, most reliable, the most secure, cheapest & fastest, for payment purposes. even the founder & inventor of eth is admitting that eth is flawed & never designed to be used so extensively.

that is why ada & matic are so promising. they are offering solutions to all these problems. they are the best contenders until this moment. maybe even shiba. ada, matic & shiba are part of my investment portfolio for these very same reasons. who knows, maybe it will be 1 of these coins, it might be a new 1 that hasnt come yet or might be a combination of these 3.

 

[microunit]

That's an incisive explanation. I think i would throw my weight behind you. The proof-of-work derives power from the miners to process transactions while the proof-of-stake gets power to process transactions from the staked coin. This is indeed a very incisive analysis and I think that the proof-of-stake would be better.

Yep, the thing with ethereum with proof-of-work is that when ethereum launched the proof-of-stake wasn't really in the blockchain picture yet as it was just being developed I think the first one with the proof-of-stake consensus could probably be the tron network although I could be wrong with that anyone could feel free to correct me, transitioning from another consensus takes alot of work, although it is much faster to just create a new network with the new consensus although ethereum would be risking thousands of project already working under it that's why it's quite a complicated and lengthy process for them