Ethereum Passes EIP 1559 But What To Use Till Then?

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Yesterday I talked about NFT's it's one of the hottest things going on right now and it's fueling Ethereum mostly until other chains start to bring it on. You can read that full article here

What are NFTs and how to create your own

Ethereum Passes EIP 1559

EIP 1559 is now passed and confirmed to be rolling out on the Ethereum network. This EIP changes the way fees work on the blockchain.

Before it was miners dictating how much to charge for fees (gas) In order to make transactions flow through the system faster. However this has become a major issue yet again three years latter as the network becomes congested with transactions.

This new EIP changes it so there is a Base Fee standard for everyone and it means miners can no longer dictate fees.

While of course this will annoy some of them and perhaps lower the amount of miners most will most likely stick around simply because Ethereum and the profits are just that good.

However the biggest kicker is this update isn't suppose to happy until July and honestly is just a band aid on the major issue of scalability which has been around for the last 3 years and stifled the last hyper growth in 2017.

What to use in till then

There are honestly lots of updates happening across blockchains. I went over Polkadot in an article before that covers how it helps blockchains like Ethereum.

Polkadot Will Overtake Ethereum

That would be my first blockchain to possible increase in value during this time of waiting for the upgrade.

However one brand new one that just recently went through a hard for which is no complete has the same capabilities as Ethereum in terms of NFTs and capabilities with less fees and scabaility issues.

However the one big issue with it is because this hardfork just happened it's going to be a little time till it gets adapted into NFTs but it's seriously primed for major success if they end up doing this right.

I wrote about this blockchain and token 6 days ago before it went into it's hardfork which of course caused a bit of a sell off. But I now feel now is a prime time buy on this blockchain and cryptocurrency as it has a lot going for it! That blockchain being ADA or Cardano.

What in Cardano ADA

*The information in this article is not investment advice and for entertainment purposes only.

Posted Using LeoFinance ^Beta

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poshbot 3 years ago

0.00 BPC

natalia-irish 3 years ago

Although This Will Cause Miners to be angry but this is a must update,
The High fees will make all project to move to other networks permanently

pocketrocket 3 years ago

informative post, what is the price potential of Dot? I mean do we need to wait for dip or is it relatively cheap?

johnhtims 3 years ago

This will help fees but I doubt it will ever be as low as BNB, at least not until Ethereum switches partially to POS. This would probably never happen without competition from BNB though.

rob23 3 years ago

I like Cardano and Polkadot, but we can't overlook BNB. Well established as a trusted exchange, they are gathering a lot of interest and attention in their smart chain.