One of the serious problems of most crypto currencies is scalability. When the number of network users increases, transactions are delayed and commissions increase. At the end of 2017, the number of daily...
One of the serious problems of most crypto currencies is scalability. When the number of network users increases, transactions are delayed and commissions increase. At the end of 2017, the number of daily transactions in the Ethereum network exceeded one million, which affected the speed of the payment system.
On January 17 Bitstream and KuCoin announced that they had to suspend the output to Ethereum due to overloads on the network.
The Bitstamp exchange resumed the possibility of withdrawal in 4 hours. The support of KuCoin is worse - experts of service could not consult some days. KuCoin even recommended users instead of Ethereum to withdraw funds using NEO. Some users suspect that KuCoin itself has some problems, despite the fact that the commission on the exchange is five times higher than on other services that are not experiencing problems with the delay of transactions.
One of the factors that influenced the increase in the number of transactions is the popularity of the game CryptoKitties. The first game with the use of the blockbuster instantly gained popularity in December 2017. Now about 180,000 players are registered who have already bought crypto-kittens more than $20 million, with at least 10 kittens costing more than $100,000 apiece.
The load on the network led to an increase in commissions for transfers, and delayed transactions to several days. Now fast operations requires commission fees of about $0.93.
Developers of many new cryptocurrencies promise a large network capacity and low fees. But with a real load they are likely to face the same problems as Ethereum or Bitcoin.
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