it’s an NFT to blame but there’s an elephant in the room

One of the great problems of Ethereum, and in general of all successful blockchains, is the cost of transactions. The call gas pricewhich in recent days has risen to very high levels, reaching 8,000 gwei (the unit used to measure the price of transactions in Ethereum).

The complaints have been multiple, as this has made the Etherneum network unusable. Transactions that normally cost a few dollars ballooned into the thousands of dollars, and people interacting with the network couldn’t afford to do so anymore. What has been the cause?

A metaverse NFT

The problem with all this has been that the company Yuga Labs launched this past weekend a new NFT, the BAYC. And by putting them up for sale and being based on Ethereum, plaintiffs were increasing demand for online transactionsraising the price of gas.

This meant that other users participating in the network had to compete with the buyers of the new NFTs to make the transactions prosper and of course the complaints did not wait.

The truth is that the code that deployed the new NFTs in Ethereum by Yuga Labs could have been more efficient, using less of the network and therefore raising prices less. But the conclusion is clear: there is an elephant in the room.

The elephant in the room

The elephant in the room, both in Etherneum and Bitcoin, is the poor scalability of the network. As soon as there is a peak of transactions both networks are unusablethe costs to operate on their blockchains skyrocket.

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The solutions that are proposed are always precisely to get out of the block chain. Increasing the capacity of it is a complicated technical solution. It’s much easier to move to layer 2 solutions like Lightning for Bitcoin or others for Etherneum, but is strictly operating outside the blockchain although with a guarantee of the transactions agreed outside, they end up inside when there is a sufficient accumulation of the same.

However, this is a problem, without a doubt: if the solution for the congestion of a blockchain is to operate outside of it… what a solution. Bitcoin and Ethereum are still in their infancy and its capacity is saturated. Events like this weekend point to how difficult it is to have distributed consensus algorithms without a central authority and still have enough room to grow.

Source: El Blog Salmón by

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