Mar 9, 2021
Gas fee exceeds the standard. Can the new strategy of Vitalik Buterin solve the current dilemma of Ethereum?
According to the latest data, the average gas fee for mining on Ethereum is 83 Gwei. Although the current Ethereum gas fee is much lower than that on February 23, it is still relatively high for ordinary traders. This also makes the current Ethereum into a dilemma, which is the increase in gas fees.
The analysis shows that this was due to the throughput problem faced by Ethereum, which has not been effectively solved. Since the large-scale application of DeFi is good for Ethereum, it has promoted the increase in the price of ETH token, and the increase in the price of ETH has intensified the rise of Ethereum gas fees, forming a vicious circle, and thus restricting the development of Ethereum applications.
Faced with this problem, many blockchain developers and Vitalik Buterin himself began to pay attention and decided to adopt a series of strategies to solve this problem.
Regarding this issue, Vitalik Buterin believes that the best way now is to expand the second layer of Ethereum, which is to launch the Rollup. All Dapp developers and users use Rollup instead of the first layer.
Currently, the Rollup mainly involves two aspects, one is the security of the application, and the other is the security of the asset.
Vitalik Buterin believes that the security of current assets has been effectively resolved. A decentralized protocol can ensure that hackers or insiders will not attack or steal users’ digital assets. However, the Rollup is currently facing a big problem with the security of the system. This is because the current design of Rollup is relatively simple, it uses a server package block. If the server crashes, then Rollup cannot be used for a long time. In other words, if many users conduct transactions or use Dapps on the Ethereum Rollup, it is likely to cause the server to crash, which may lead to unavailability.
In my opinion, this may not be good news for users who want to conduct token transactions or use Dapp on Ethereum. Even if the gas fee of Ethereum has been partially reduced, it has brought users a relatively poor transaction or user experience, and at the same time wasted the users’ time and energy. Users worry about whether digital assets will truly not be attacked. So, instead of this, it is better to choose a safer blockchain which can support large-scale transactions.
In fact, the NGK blockchain has always been a good choice for many users. It uses distributed storage technology with large storage capacity to support large-scale transactions. At the same time, combined with graphene technology, it has high throughput and fast block production speed. The most important thing is that the NGK blockchain, like Ethereum, adopts a decentralized underlying protocol, which can effectively protect the security of users’ digital assets.
Currently, the NGK blockchain has launched the NGKEX, which supports the transactions of mainstream tokens on the chain such as NGK/USDN, BGV/USDN, SPC/USDN, and VAST/USDN. In the future, it will also support the transactions of sidechain tokens, becoming the best choice for users.
