Bittrex, the third largest digital currency trading platform on the global market after Binance and Bithumb, has temporarily suspended the issuance of new ATH addresses due to recent congestion on its blockbuster network.
Congestion in the network
According to statistics on the Etherscan website, the daily etherum network processes more than 1.2 million trades, equaling payments more than all other digital currencies and all the combined networks of cocaine including betquin. The etherium network finds itself forced to trade more than other blockbuster networks because it acts as a primary protocol for other decentralized applications. Applications such as CryptoKitties and EtherDelta put heavy load on the etherium network because they have many active users who request a lot Of trades every day. Bankex developers recently introduced the first practical application of the two-plasma solution proposed by Buterin:
"This project, which at first appears innocent, has now become a problem for the etherium system. These cryptoKitties multiply and are then sold, bought or leased to double again. In other words, they participate in countless trades, A significant 20% of Ethereal traffic. This slows trading that took a few seconds to 10 minutes or this could lead to the failure of these processes in full. "
The congestion of this ether network, due to the increasing popularity of decentralized application activity, may be solved by extending two-tier expansion and solutions such as Plasma, Sharding and Casper. But co-founder Joey Krug noted that the number of developers working on the primary etherium protocol was never sufficient. The co-founder of Vitalik Buterin also stated that this expansion currency could take 2-5 years.
Bittrex stops deposit
Bittrex has temporarily suspended Ether's deposit operations on its trading platforms due to the rise in Ether's trading fees. As shown in the table below and quoted from Etherscan, Ether's trading fees have risen significantly over the past week, forcing Bittrex to take an approach And then stopped the deposition of Al-Atheer on its platforms.
Bittrex said:
"The reason for stopping the addition of the ether and preventing the addition of any deposit addresses is because of the incredibly high prices of gas. As for pre-existing deposit addresses, they will never be affected and will work normally."
Gas is driven by decentralized applications in order to carry out operations. For example, users on CryptoKitties and EtherDelta pay the price of gas for trading electronic electronic catheter to conduct trading on the EtherDelta digital currency bank. If the price of gas increases due to overcrowding on the ether network, this makes the process useless, and it is also difficult for decentralized applications to function smoothly and handle millions of requests in a short period of time. For this reason, Bittrex has disabled the addition of a new ether Has prevented the addition of any new deposit addresses. While other digital currency banks such as Binance and Bithumb have maintained new deposit addresses and added new ones.
Bittrex is likely to keep its decision to prevent the addition of ether and to stop adding any deposit addresses for a relatively long period of time due to the many uncertainties on the ethernet network. The new cost of sending one ether from one address to another is about US $ 1. It is possible that the current rate of short-term trading charges will decline. But until then users will be on the banks and decentralized applications in a state of constant struggle.