The Creator of Ethereum told how to solve the problems of cryptocurrency. The community doesn’t mind

The Creator of the second market capitalization of cryptocurrency , the Ethereum Vitalik Buterin said that to raise the limit on the gas the entire unit during the next upgrade of the network Ethereum community needs to heavily advertise the coin on the Internet. He believes the active promotion of Twitter and Reddit , will help to force the big mining pools to increase the limit of gas in the block, which in turn will lead to solving the problem of network congestion.

Important point: we are talking about the limit of gas of the entire unit, which will increase the amount of information in it. According to yesterday's number, the rate of gas per day slightly exceeds 8 million. If you do not quite understand the essence of this term, be sure to read the detailed article about the gas in Ethereum.

The average daily gas limit in Ethereum. Source: Etherscan

Acute problem of network congestion Ethereum needs a quick solution

The second largest block in the world in the last couple of weeks suffering from an unprecedented overload. According to the Ethereum network is 90 percent occupied. A few days ago Vitalik Buterin already warnedthat the growth of network usage may lead to increase in transaction fees. In turn, this may deter potential corporate and institutional users of the technology of Ethereum.

The meaning of the following problems: the Ethereum blockchain limited bandwidth, i.e. the maximum number of transactions. Tether USDT recently started the transition to the blockchain of the project Baterina and is already a leader in the expenditure of resources in the network. Because of this turn of the transaction more so and get to it harder. As a result, users are forced to pay larger commissions.

This is today’s data on the ETH Gas Station. The standard price is 5 Gwei that five times the base cost.

Source: ETH Gas Station

In one of the social news network Reddit about the influence of the Tether on the Ethereum network Buterin explained that right now the developers are actively working on solutions scalability. Supposedly this should solve the problem of increased cost of transaction in the network of Ethereum. However, as long as these solutions are worked out, the only salvation is to increase the gas limit of the entire unit. And since a large part of the community of Ethereum called for it, the founder of the project called for the launch of the online campaign.

Let’s start a flash mob with a call to increase the limit of gas. After all, as history shows, major mining pools tend to listen to the community. At the same time the upgrade of the network of Istanbul would allow more transactions with the same limits.

Read on: Istanbul. What to expect from the following important updates Ethereum?

Mining-pools F2Pool and Sparkpool, which account for about 40 percent of all miners Ethereum, too, support the idea of increasing limits. It remains to obtain the approval of at least one pool, and then network capacity will be enough for decision about the increase. Says Buterin, most will, if you can convince pools Ethermine or Nanopool. In this case the Creator of the cryptocurrency says no rush, and better to approach this issue consistently.

A quick look at the last couple of blocks shows that about 40 percent of the computing power trying to increase gas limit at the moment. Need more than 50 percent to increase.

Recall update Istanbul was planned for early October, but had to be postponed for another month due to problems with the implementation of Parity — one of the most common clients of Ethereum.

Recommend on the topic: How to mine Ethereum? Profitability and details of the production of ETH.

Now Ethereum is ranked second in the world by market capitalization, which exceeded $ 19 billion. The price of the cryptocurrency to date is 178 USD per ETH. Source: Coinmarketcap

What do you think, should I increase the limits of gas now or wait use the upgrade option, Istanbul, as proposed by Vitalik Buterin? Let’s discuss it in our cryptodata millionaires.

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