Ethereum problems
Ether blockchain is full, problems with launching Istanbul hard fork,
price rises and scalability problems of Ethereum
The blockchain of the second Ethereum cryptocurrency capitalization is almost full, and scalability is one of the most problematic areas. According to the founder Vitalik Buterin, the resources of the system are reaching maximum levels. This creates a serious struggle for the space for making payments among companies, which can rise by up to 5 times. The current system needs updating and scaling, but there are a number of problems that prevent Ethereum from transitioning into a better version (Ethereum 2.0). in this article wi will explain about the bomb of difficulty, the problems of the next fork in the Ethereum blockchain network. But first, let's recall once again how Ethereum works.

How Ethereum or the protocol works for all occasions.

Before launching Ethereum, all other projects needed to create a new blockchain for each application. Vitalik Buterin radically changed the situation. After the appearance of Ethereum in its blockchain, all computers are combined into one and represent one large computer. This computer performs certain actions laid down in smart contracts.
Such a system allows you to implement any projects based on the cloud. For example, to run some kind of decentralized application, the programmer simply writes the code and uploads it to the ether blockchain. And in turn, is doing decentralized work (that is, at once in several different nodes of the system).
Any new project working on network protocols is tied to an Ethereum coin, the number of which is conditionally unlimited.
Such an algorithm allows decentralizing almost any centralized project with its services. Ethereum smart contracts ensure the security of every transaction, protection from interference.
The Ethereum network, as conceived by the author, uses the Proof-of-Work (PoW) algorithm, when the profit in the form of ETH coins is distributed among the miners upon the fact of the work performed, in proportion to each person's contribution to the creation of a new block. With the development of the network, there will be a gradual transition to a hybrid PoW / PoS algorithm. And in the future - a complete transition to the Proof-of-Stake (PoS) algorithm, in which the main amount is what amount is on the user's balance. The larger it is, the more likely it is to receive a reward.
The bomb of complexity in Ethereum: smoke without fire.

In order to solve a number of problems that arise during the transition, the team has a plan known as the "complexity bomb". It is conceived in order to complicate mining over time. At first, the slowdown occurs gradually, but over time, the costs of mining the block will increase and, as a result, miners will receive less and less income. In the end, the network will simply become unsuitable for miners - the so-called "ice age" will come.
In any case, that was the plan. In fact, developers are constantly looking for ways to slow down the "timing of this bomb" before it explodes.

Ethereum Problems

The brainchild of Buterin is in high demand, but embedded algorithms can spell the end for the largest cryptocurrency by capitalization.
The acute problem of overloading the Ethereum network needs a quick solution. Currently, the second largest blockchain in the world is suffering from .an unprecedented overload. According to data, the Ethereum network is 90 percent full.
The problem in question is as follows: the Ethereum blockchain has limited bandwidth, that is, the maximum number of transactions. Recently, Tether (USDT) began the transition to the Buterin blockchain project and is already a leader in network resource spending. Because of this, the queue for transactions is growing, so it's more difficult to get into it. As a result, users are forced to pay a larger fee.
Recently, Buterin noted in the media that as of now, developers are actively working on solutions on the issue of scalability. Allegedly, this should solve the problem of costly transactions.
At the same time, the head of the project proposes to arrange a flash mob on the network:
Let's start a flash mob with a call to increase the gas limit. After all, as history shows, large mining pools tend to listen to the voice of the community. At the same time, upgrading the Istanbul network would allow for more transactions with the same limits.
Well, we'll find out later whether Ethereum can upgrade at the next hard fork. It is assumed that it will be activated in two stages. The first one will include all six changes (EIPs) and, according to the plan, should be launched on the Ethereum core network in October.
The second phase should be implemented in the first quarter of 2020. It will include changes that still require refinement and testing, including the new ProgPoW mining algorithm.
~
Raido Finance Cryptocurrency Exchange is registered in the Republic of Estonia and has all necessary licenses. As part of the implementation of European legislation, we request only the necessary information. 4 level of verification allows you to optimize the process of identifying and verifying customers.

We launched the merchant service that provides the fastest and easiest way to buy bitcoin with SEPA for reasonable fees.