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Can we stop lying to each other? ETH fee problem cannot be solved easily without more centralization

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by COINS NEWS 588 Views

There's too much misinformation about gas prices and it's unproductive and misleading users giving them false hopes.

Everyone can see on their own that gas prices are beyond ridiculous. People are losing serious money on NFTs for failed transactions or paying more in fees than the actual value of transaction. Misinformation is not helpful.

Some people were giving hopes that EIP 1559 will fix gas prices but it does not do that. EIP 1559 tried to fix overpayment by making fee estimation easier. It's not a scaling solution or fee reducing solution.

There are posts now saying that ETH 2.0 will fix everything. That's once again wrong information. Changing to POS will not solve fees or scalability.

Sidechains like Matic can fix fee problem. EVM clones like BSC can fix it. But as you know these are completely centralized solutions.

Rollups can fix it. There's two types of rollups. One is zero knowledge rollup and other is optimistic rollup. Rollups execute transactions on separate chain, compress a batch of transactions and post it to main chain.

The difference between zero knowledge and optimistic rollups is on how they prove validity of a batch of transactions.

Zero knowledge rollups are very computational intensive. Optimistic rollups is based on trust and it can have vulnerabilities if the value of transactions is high enough for bad actor to take advantage.

ETH network is already centralized on first layer because of nodes and dapps depending on Infura. Even Metamask depends on Infura. Infura is a third party centralized service.

The reality is there is currently no easy fix for gas prices without adding more centralization and security risks. Let's try to be honest about it and stop spreading misinformation.

EDIT : Many defensive comments from r/ethereum. It's sadly more misinformation.

I want to remind you that ETH had this same fee problem 4 years ago. It's nothing new.

Plasma sidechain was touted as the scaling solution for ETH until last year. According to Vitalik, Plasma was going to achieve 100000 TPS. It was suddenly abandoned after many years of work.

r/ethereum is currently saying that rollups is the scaling solution and nobody even needs to use the main chain at all. Rollups also has major tradeoffs.

If users can only use second layer, then just like I said it's going to be fully trust based model like using Facebook apps. Where is any decentralization in that?

I request r/ethereum to not promote future proposed updates falsely like it will solve everything. How many times have you done it before?

ETH does not have a good record of delivering on roadmap. The plans are changed according to one person's opinion. Even ETH monetary policy gets changed repeatedly. Is that decentralized?

submitted by /u/BtcAnonymouse
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