Ready to start building Dapps? Dive deep into blockchain development. Is Bitcoin a Good Investment? Ethereum co-founder Vitalik Buterin discussed some of the scaling issues Ethereum is currently dealing with, the rising interest in Scaling bitcoin live rate in Asia and his thoughts on the ICO ecosystem in general.
In late May, developers from the Ethereum-based job market platform Ethlance introduced an issue its freelancers were struggling to deal with. 8 to set up their profiles. Ethereum led the community and supporters of Ethereum to express their concerns over the platform’s scalability. 05, close to the level Buterin described as absurd. Buterin to address some of these scaling issues Ethereum applications are currently dealing with, the rising transaction fees on Ethereum and the ICO ecosystem.
There are a lot of applications and contracts even now that are being built inefficiently. One major example is that there are a lot of applications that make one separate contract for each user which means that for every single user, it adds several kilobytes of data that cost a few million gas. Instead, Buterin explained that the same logic or contract is not required to be copied onto each other and replicated tens of thousands of times. There are more efficient ways to process smart contracts that can significantly reduce gas costs for users. He noted that by implementing efficient smart contracts, users can save anywhere from 50 to 90 percent in gas costs. However, these solutions can only last for the short and midterm. Buterin explained that, in the long run, the only way to maintain low gas or transaction fees is to scale the entire Ethereum network and blockchain proportionally as it grows in size.