The Ethereum network is not only known for pioneering smart contracts but is also named as one of the key enablers of the decentralised applications (dAPPs). This quality has enabled the platform to emerge from obscurity while the digital token it develops has been able to score higher against the dollar.
Unfortunately for the Ethereum platform, pioneering innovative ways of utilising the blockchain network is not enough. Alt-coins that have come up much later after Ethereum are doing quite well and adding meat to their value. According to Coininvest, there are reports of scalability issues with the platform; a factor that has greatly dimmed the lustre of the platform. This ability to manipulate software or a blockchain platform has enable networks like Stellar to jump the queue. Currently, Stellar is doing quite well as compared to Ethereum.
Hoarding the gas on the Ethereum network
The Ethereum platform has been victim to many smart contracts, some of them malicious that have had a lot of activity on the network. In mid May, there were reports of the network experiencing ‘severe transaction congestion’ which resulted from traffic that was suspected to emanate from spam attacks. In a tweet, Vitalik Buterin, founder of the Ethereum network said that the spams had “originated from thousands of transactions from ERC20 smart contracts that were backed by no projects.”
According to recent news by Cryptovest, there are reports of another congestion that has been occasioned by a smart contract that has been suspected to be a mimic of FOMO3D. This is a lottery game that is based on the Ethereum network which “encourages the purchase of new keys that can give users a chance to win an Ethereum jackpot.” Cryptovest has reported that the smart contract has at some point hoarded the Ethereum network’s gas to the tune of 34.5%. This, according to reports, has cost Ethereum about $15 million in profits.
Other reports have quoted some Ethereum developers lamenting the airdropping of Ethereum tokens by rival platforms. The “airdrops” have been blamed for frequent congestion of the platform. According to the developer, since the launch of the EOS platform, there have been many cases of token airdrops.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:
The Next Big Thing In Biotech?https://journaltranscript.com
Get our top rated alerts on the biotech sector
Miner Stock About To Explodehttps://www.journaltranscript.com
Investors are flocking to this stock like no tomorrow !
Traders Need To Know This Nowhttps://journaltranscript.com
WallStreet is loading up on this stock. Find out why