Ethereum’s Tech Issues Hidden Behind New Highs
Ethereum is hitting all time highs after passing the $1,000 for the first time last week, and reclaiming the second largest blockchain by total value. Ethereum captured the second place spot a short time after Ripple took it over for the first time. Unfortunately ethereum’s price has caused a tidal wave of technical problems causing the token to be taken off of a major exchange this past weekend. Reports of the technical problems have been hush hush and briefly touching Reddit, Twitter, and ethereum platforms. One technical problem is a glitch in the software that determines how much a transaction should cost to send, known as “gas oracle.” The glitch in the software has caused a major inflation in user fees. The software glitch isn’t the only issue being experienced by ethereum newcomers, as computers that run ethereum are currently struggling to download a full history of its transactions.
Ethereum heavyweight Vlad Zamfir commented on current issues being experienced with ethereum;
(Ethereum is) still not safe or scalable.
One of the more concerning problems with ethereum’s algorithm is the fact that it is causing users to overpay up to 70% for transactions. The gas oracle which is used by popular wallets, calculates transaction costs for users based on fees paid in most recent transactions. While it is still possible to transact on the network at a low price, oracle has recently started to run increasingly high estimates.
Developers have also been noticing issues when attempting to get network nodes to sync to the blockchain. Any new node attempting to mine or run the blockchain as part of its own wallet is faced with long waits or failure to sync. Issues with syncing have been occurring for some time but has certainly worsened in recent weeks.
Moving forward it is important for these ethereum kinks to get worked out before scaling further. Issues with the blockchain have been occurring for some time but with an increase in demand for cryptocurrencies and a higher frequency in blockchain issues, newcomers to the blockchain will quickly get frustrated and abandon ship.