Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group. In my first article in this series, I explained why Ethereum and Steem haven’t been able to deliver a mainstream social decentralized application (DApp). In my second article, I explained how EOS attempted to combine features of both chains but it did so in a way that still required users to buy high-priced random-access memory (RAM) for accounts and smart contracts. In this article, I want to take a …

The infamous transaction fees of the Ethereum (ETH) ecosystem underwent a decremental phase from Jan. 10 to record the lowest average and median fees of $14.17 and $5.67 — lowest since September 2021. Data from Blockchair shows that the average transaction fee of ETH in January was $53.03, which at its peak was $70.83 back in May 2021. Just within a month, the average fees saw an almost 73.3% decline as evidenced by the following chart. Additionally, the resultant median transaction fee also witnessed an 81.02% drop from January’s $29.88. In the last six months, ETH’s median transaction fee was …

Scalability is one of the main hindrances within decentralized finance (DeFi) applications and has created huge barriers to entry. Closely linked to this has been the issue of high gas fees, which continues to be a major pain point for newcomers to the Web3 space. When Web3 goes mainstream, these gas costs will become minimal. For the user, the experience will become completely gas-less like how it is on Web 2.0 applications. As a result of the lack of scalability and network congestion, gas fees have skyrocketed, further preventing users from performing various transactions on the blockchain. According to YCharts …

What happens if you send Bitcoin to an Ethereum address? Technically, you cannot send BTC or Ether (ETH) from a Bitcoin wallet to an Ethereum wallet. Most wallets will warn you if you try to send Bitcoin to an Ethereum wallet or ETH directly to a Bitcoin wallet. Bitcoin transmitted to Ethereum wallets is frequently lost and unrecoverable. Before sending BTC, ETH or any other cryptocurrency, make sure the destination address is correct. Otherwise, you risk losing all of your funds. However, payment may be verified in unusual circumstances, such as when sending Bitcoin to a Litecoin (LTC) wallet. These …

Ethereum co-founder Vitalik Buterin has put his thinking cap on again in an attempt to improve the current fee structure for the network. The proposal titled “Multidimensional EIP-1559” was laid out in a blog post on Jan. 5 in which Buterin noted that different resources in the Ethereum Virtual Machine (EVM) have different demands in terms of gas usage. He added that there are different limits for short-term “burst” capacity as opposed to “sustained” capacity within the EVM citing examples of block data storage, witness data storage, and block state size changes. “The scheme we have today, where all resources …

Mintable marketplace announced its partnership with Immutable X, a StarkWare-based layer 2 solution for NFTs on Ethereum, to make over 24 million NFTs on Immutable X available for sale on Mintable. This integration will enable users to deposit ETH and ERC-20 tokens with instant confirmation and no gas fees. According to Mintable’s Twitter thread, Mintable and Immutable X share a vision to scale NFT marketplaces by offering access to NFTs to the masses. 1/We're thrilled to partner up with @Immutable X - the 1st & leading Layer 2 for #NFTs on Ethereum! All NFTs on Immutable X are now available …

Florida Governor Ron DeSantis has officially proposed the state government to allow businesses to pay state fees with cryptocurrencies like Bitcoin (BTC). The Republican governor announced the idea as part of his 2022–2023 budget proposal, released on Dec. 9. According to the official budget highlights, DeSantis proposed to provide $200,000 to the Department of Financial Services to offer Florida corporations the ability to “pay state fees via cryptocurrency directly to the Department of State.” “Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” the document reads. DeSantis additionally proposed allocating another $500,000 …

Layer-two (L2) solutions for the Ethereum network have become a popular topic of discussion and speculation on their associated tokens backed the massive rally seen in many of the protocols this year. The parabolic growth of the decentralized finance (DeFi) and nonfungible token (NFT) sector also led to a surge in the cost carrying out simple transfers and this prompted developers and investors to migrate to L2-supportive platforms. One L2 solution that saw its token price rise to new highs earlier in the year and now looks poised to make another breakout higher is Polygon (MATIC), a proof-of-stake blockchain protocol …

The Bitcoin network’s value settlement efficiency has been improving steadily recently, with more being settled for lower fees. Over the past week, the Bitcoin network has transferred or settled an average of $95,142 of value for every $1 worth of fees. The on-chain settlement efficiency has been gradually increasing since May as more has been moved around the network during the bull cycle. On-chain analyst Dylan LeClair made the observation using data from analytics provider Glassnode. The value is derived by dividing the mean transaction volume by the fees. Over the last seven days the #Bitcoin Network transferred an average …

Ethereum (ETH) co-founder Vitalik Buterin has proposed a new limit on the total transaction calldata in a block to decrease the overall transaction calldata gas cost over the ETH network. Buterin’s post on the Ethereum Magicians forum, EIP-4488, highlights concerns regarding high transaction fees on Layer-1 blockchains for rollups and the considerable amount of time to implement and deploy data sharding: “Hence, a short-term solution to further cut costs for rollups, and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum, is desired.” While the entrepreneur cited an alternative wherein the gas costs parameters could be decreased without further adding …

CEO and founder of hedge fund Three Arrows Capital (3AC) Zhu Su tweeted that he has “abandoned Ethereum despite supporting it in the past,” before making a U-turn on the statement. In the Nov. 21 thread, Su claimed that Ethereum culture “suffers massively from the Founders’ Dilemma,” and that “everyone is already far too rich to remember what they originally set out to do.” Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity …

The total value locked (TVL) on Ethereum layer two (L2) networks has surged to a new peak as gas fees continue to steadily rise. Layer 2 analytics platform L2beat currently reports that the total amount of ETH locked across various L2 protocols and networks has reached an all-time high of $5.64 billion. L2 scaling solutions provide much higher transaction throughput and lower transaction fees, and they have surged in terms of adoption in November which has seen the highest average gas fees in Ethereum network history. Hitting new ATHs in $ETH locked in layer2 pic.twitter.com/0971sAdS16 — Evan Van Ness (@evan_van_ness) …