Ethereum Gas Fees : One of A Number Of New Rising Criticisms Of The Ethereum Blockchain Ethereum Blockchain has been all the rage recently. Firstly, the price of Ethereum has skyrocketed this year. Secondly, the adoption of the ethereum blockchain has been widespread. There already exists a considerable mass of users in the Etheruem blockchain environment.
But it is not perfect.
Ethereum has several notable drawbacks to making it the clear blockchain winner over time.
Ethereum is turing complete. When we read goedel (1930s) we can realize that that might not be great at all times. As a result, it is probabilistic consensus based on proof of work or PoW which means it is environmentally more unfriendly than other smart contract platforms.
In addition Ethereum has high gas fees. So Ethereum thusly renders itself useless for low amount transactions. Moreover, gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. “Gas limit” refers to the maximum amount of gas (or energy) that you’re willing to spend on a particular transaction.
Additionally, ethereum suffers from MEV or miner extractable value which means validators can systematically take advantage of the common user. But, again let’s not forget it has an amazing community already. And that is very valuable.