The cryptocurrency market currently seems to be dominated by the bear. Within the top 20 cryptocurrencies by market capitalization, there are currently only a few currencies in the green zone. Only Ethereum has gained 11 percent in the last 24 hours and 51 percent in the last 7 days. Thus, the Ethereum course defies not only the current bear market, but also the current technical problems within the Ethereum network.
The Ethereum Price has reached an all-time high in the last few days. At present, the price (at the time of writing) is around 1,135 euros. Thus, the price, which at the beginning of December was still below € 400 per ETH, almost tripled in the last month.
Technical problems in the ethereum network
However, what seems to be drowning in the euphoric over Ethereum at the moment is the technical problems developers are currently facing. These have already made it so far that Bittrex, one of the leading American exchanges, Ethereum exposed the actions of Ethereum on the weekend.
Due to incredibly high gas prices, we're preventing new ETH and asset deposit addresses from being created. Existing deposit addresses will work as normal.
— Bittrex (@BittrexExchange) January 6, 2018
Probably the most serious problem at the moment is the calculation of the “gas” by the “Gas Price Oracle”, which is responsible for the automatic calculation of transaction fees. This currently calculates relatively high fees. The cause, according to core developer Nick Johnson, is that some users simply pay more than they need to use the Ethereum blockchain.
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Leading wallet provider MyEtherWallet, or the Shapeshift Stock Exchange, are using the Gas Price Oracle to provide users with a proposal for transaction fees. The calculation algorithm takes on the transactions of the last blocks and calculates the median of the gas price of these transactions.
However, few users know that they can change the gas price themselves. Since the automatic calculation is based on the latest transactions and many users simply use the automatic price, the price of a transaction currently appears to be rocking unnecessarily.
Furthermore, there are currently difficulties in certain constellations with the synchronization of the network nodes with the blockchain. Any new node that wants to mine minerals or blockchain as part of their own wallet faces this problem. The problem leads to longer waiting times or termination of the process.
However, Ethereum’s active community of developers believes we can resolve the issues in a timely manner.
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Original article and pictures take digitalbodha.com site
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