So I’m going to be pretty blunt. I no longer use Ethereum. Not that I don’t like the tech. I mean it’s a great community. I still own some in my personal portfolio.
And I also mine it daily which is fun. Most of my ETH just sits in various wallets. Although it is not earning interest I’m still gaining some value appreciation. As we are all aware ETH has been on an absolute tear. HODLING has it’s perks and Ethereum is no exception.
Price appreciation aside Gas to make transactions is just ridiculous. Just the other day I wanted to move some ETH from my Trust wallet. It was a very small amount $5.25. Total cost for Gas: $23 😳
Now obviously no sane person would push this transaction through. Frankly, I was planning on erasing the Trust wallet from my device. And that is how I discovered the enormous “gas” bill. So that plan basically went out the window.
Yet, with popularity Ethereum has had some scaling issues. Bitcoin is no different in that regard. But for micro transactions of this sort ETH is basically alienating many small users. Not to mention the popularity of DEFI pushing gas fees even higher.
So what happens now is very simple. Like any free market people will always look for cheaper alternatives. Developers will also want to move to chains where fees aren’t so outrageous. Some Dapps may need hundreds of transactions. And at $23 a pop it is just not feasible.
Now I know success has it’s perks. Ethereum has been wildly successful. Many investors have made a killing over the last few years. Yet, the community must not forget where they came from.
Which leads me to the Hive ecosystem. Making many micro transactions on this chain is cost free. I love buying my cards for Dcity and not forking over my precious coins. And I can move whatever amount of value at will.
And since my favorite tribe Leo finance is in the Hive ecosystem no fee issues as well. It is truly what blockchain should be. Free and open to all without the costly gas nonsense.
I have also been hearing some chatter from some gaming Devs. Many are looking for cheaper alternatives to build. My answer is why not here. It’s relatively inexpensive compared to other chains.
And I’m sure most of us would welcome them with open arms. Remember it is truly the community that will take this ecosystem to the next level. But as a blockchain system things must always be evolving.
Now I don’t know what will happen in the future for Hive. Maybe someone more seasoned can discuss the future of resource credits/fees. However, as a user paying zero cost compared to $23 is winning trade for me.
Hopefully Hive can remember it’s demographic of smaller users before success visits us. Making things affordable for all people should be the mantra going forward. We can also learn from some of Ethereum’s mistakes going forward.
