Ethereum was launched in 2015, as the first smart blockchain contract. Earlier it costs about 1 cent to verify a transaction and as days pass by transaction fees are increased. As of now, crypto fans are moving towards alternate solutions as a result of Ethereum’s slow transaction speed.
Although this rise in decentralized finance (DeFi), has boosted the value of coins, adding with high gas fees and slow transaction speed. This frustrates the developers to continue using Ethereum.
Additionally, this disadvantage may stop the growth of Ethereum in the crypto world. Besides, the rise in gas fees shows no indication of subsiding until 2021 which may lead to losing users of Ethereum.
Regardless of the fact that Ethereum 2.0 offers no hope of improvement. Ethereum 2.0 would be the solution for scalability and speed issues.
In February, one crypto enthusiast stated a $74 gas fee for a $75 SushiSwap transaction. Although switching to UniSwap also resulted in a $37 fee.
— Ran NeuNer (@cryptomanran) February 3, 2021
Crypto users are being trapped in a situation to pay high gas fees or they should wait behind the flood of transactions. Consequently, each block in Ethereum takes 10-20 seconds which drives the developers to look for alternate solutions. And so, many prefer XinFin which has minimal fees and 2-seconds transaction.
No Hope of Improvement in Ethereum 2.0
The first block of Ethereum 2.0 was generated on December 1st, 2020, the platform’s full implementation is not expected to launch anytime in near future. Outside estimates currently place full-scale launch not before 2021-2022, according to Ethereum’s most recent timeline. Others, such as Bitfinex CTO Paolo Ardoino, speculated late last year that a complete transition could take three years.
With these issues on hand, users are dissatisfied and refuse to continue using it — particularly those working on cutting-edge projects that provide time-sensitive services, who have expressed deep concern about Ethereum’s congestion. Moreover, Ethereum 2.0 shows no signs of improvement as a result user are bound to alternate solutions.
XinFin, Polkadot, Tron — Alternate Solutions for Users
XinFin network uses XinFin delegated proof of consensus (XDPoS) protocol, which handles 2,000 transactions per section. It is an interoperable smart chain contract with low fees and transaction confirmation takes less than 2 seconds.
Instead of wasting time dealing with paperwork, the platform allows users to bid on and finance development projects in a seamless manner. XinFin is unique as they primarily focus on collaborating with government projects to fill gaps in global infrastructure. Besides, other than XinFin, other platforms are also being the solution for Ethereum’s issues.
Polkadot enables cross-blockchain transfers with interoperability and allows transactional scalability by distributing transactions across multiple parallel blockchains. It uses forkless and future – proof, which can easily adapt the new features.
Tron, which was launched in 2018, outperformed Ethereum, achieving 2,000 transactions per second. With no transaction fees, it competes with leading payment processors such as PayPal.
Ethereum 2.0 will face consequences in the crypto space unless significant improvements are proposed. If high gas fees and slow transaction speeds persist, Ethereum has a high possibility to get destined.