Ethereum News and Price Overview: No More High Transaction Costs And ETH Gas Crisis? Monday, July 9
Important Ethereum News
Buterin Voices Support for Decentralized Exchanges
The Ethereum founder, Vitalik Buterin has spoken up against centralized exchanges which he said have practically assumed the roles of “kingmakers” in determining which cryptocurrencies would become big and those that won’t, by charging listing fees ranging from ten to fifteen million dollars.
In an interview with Tech crunch journalist, Jon Evans on July 6, Buterin said, "I definitely personally hope centralized exchanges burn in hell as much as possible.”
The Etherum founder has been one of the vocal advocates of the decentralization and focus on utility instead of exploitation just to make money.
Decentralized exchanges (DEX) allow users to hold their cryptocurrencies in their own wallets unlike centralized exchanges that require that users deposit money in the exchange’s own wallet. These centralized exchanges are the ones that are usually hacked because they keep large amounts of crypto deposits.
The disadvantage of decentralized exchanges is that they do not have high liquidity like the centralized. However, Buterin gave strong reasons why DEX must be encouraged, saying for instance, that if someone puts a gun to his head forcing him to “write a hard fork patch” he’ll do it but few people will make the update and the losses minimal due to the power of decentralization.
Ethereum in the Midst of Gas Crisis
The high transaction cost on the Ethereum network is causing some concerns among users who spent 5,862 ether, or $2.7 million, to send transactions last Monday, an all-time high according to available network data.
The high cost of gas is the consequence of the actions of an exchange, FCoin which is operating a rare business model resulting in congestion of the network.
Gas is the transaction fee a user pays for their transaction to be accepted by the network. The ETH Gas Station tweeted "Gas prices not looking good right now," Eth Gas Station is a primary resource for ether gas metrics, on Twitter Monday, stating that users should pay $3.20 for a transaction to be accepted, or wait for periods of 30 minutes for that transaction to be accepted into a block.
ETH/USD Price Chart, Monday July 9th:
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