Problems on the Ethereum Blockchain: Let the Anger Games Begin By DailyCoin – Investing.com

ethereum blockchain problems anger games
Gulf
  • Date: 07/21/2021
  • Source: Investing.com
  • Sector: Technology
  • Country: Gulf

Problems on the Ethereum Blockchain: Let the Anger Games Begin By DailyCoin – Investing.com

Problems on the Ethereum Blockchain: Let the Anger Games Begin is facing network update delays that prelude its progression to the new Proof of Stake consensus mechanism. Miners are already protesting the upcoming EPI-1559 upgrade as it restructures their mining fee allocation. Transaction fees continue to be high on the network, despite Ethereum’s Berlin upgrade implementation. In its current state, scalability and lack of interoperability is Ethereum’s Achilles’ heel. As a result, smart contract protocols are limited in terms of mass adoption as they still present challenges for end-users. During the 2021 bull run, Ethereum transaction fees skyrocketed as DeFi became a financially high yielding blockchain product. Despite this, high fees caused users to seek alternative ecosystems such as Matic’s. All the while, Ethereum has been working on implementing the necessary steps to progress towards ETH 2.0. Proposed Upgrade After Upgrade! Ethereum 2.0, previously titled Casper, is Ethereum’s passageway to a highly scalable network. The network supports 10-15 TPS, whereas other protocols boast TPS rates in the thousands. Vitalik Buterin, Ethereum’s co-founder, highlighted in an interview that "we thought it would take one year to do the Proof of Stake, but it actually takes six years," emphasizing that the delays…