- Concept review:
On the ETH network, all transactions or smart contracts require payment for each instruction executed by the program.
The ETH Virtual Machine [EVM] uses an internal pricing system to bill the commands running on the ETH network.
The amount of Gas corresponds to the complexity of the EVM (Ethernet virtual machine) actually performing the operation.
The simpler the operation, the lower the Gas is needed. Conversely, if a lot of complicated instructions are needed during the transaction, Gas will go high.
It means how much ETH you are willing to spend for each Gas. Gas Price is set by the trader to set the price. Gwei is generally used as a unit.
1 Gwei = 0.000000001 Eth. When you set Gas price = 30 Gwei, you are willing to pay for each Gas: 0.00000003 Eth.
The higher Gas Price is set, the more Eth will be paid.
If the price setting is too low, the miners will refuse to help you pack and help you forward the transaction.
If the price is set too high, it will increase the transaction cost, which is not cost-effective.
ETH Transfer Fee (Tx Fee) = Actual Cost of Fuel (Gas Used) x Price (Gas Price)
For example, a trading volume requires 50Gas and Gas Price is 3 Gwei.
The handling fee for the entire transaction = 50 * 3 = 150 Gwei = 0.00000015 Eth.
Gas Limit (fuel supply cap)
The upper limit of the Gas in the transaction refers to the maximum amount of Gas spent in the transaction.
Since the complexity of the transaction is different, the ETH network can calculate how much Gas it costs after completing the transaction.
Therefore, the ETH network requires the trader to set a Gas cap for the trade before issuing the trade.
If the trade has not been completed and the consumed Gas has exceeded the trader's Gas Limit, the trade will be cancelled. The transferred ETH will be returned, but the fuel fee will still be deducted and used to reward the miners.
And if the transaction has been completed, and the consumed Gas does not have to reach the Gas Limit, then only the actual consumed Gas will not be counted.
- Event passing
On July 15th, the team of the decentralized application platform Just posted on the website Reddit, accusing EOS of manipulating the price of Gas on the ETH network.
The team claims that ETHGas prices have soared and are related to EOS-funded robot accounts, calling them "enterprise-level cyber attacks."
The post also claims that 40% of the ETF's network volume is used by a smart contract called IFishYunYu. This caused the price of Gas to soar to nearly 100 gwei. In the past 24 hours, IFishYunYu spent nearly 50 ETH's Gas, and all tokens were sent to the FCoin exchange. The smart contract created 5 billion Ifish and distributed the token to 10 major accounts, which were then further distributed to more than 500 accounts.
IFishYunYu transaction details on July 14, 2018 || Source: Etherscan
In addition, the team also claims that one of the accounts that received ETH belongs to an EOS crowdfunding account. The EOS crowdfunding account address, the last transaction shown is 122 days ago.
EOS crowdfunding account is accused of funding IFish tokens to send fraudulent transactions to block Ethereum blockchain|| Source: Etherscan
Reddit user Josshem replied in the post: Due to the limited network capacity and high transaction costs, all low-income users will be introduced to the market.
Reddit's other netizens further added: This is not an attack, but someone is playing around with the market.
In other communities, most people think that EOS is the direct cause of the increase in Gas prices, because they believe that ETH is the biggest competitor of EOS in the market.
In the telegram, EOS Chief Technology Officer Daniel Larimer said:
"I can assure you block one wouldn’t be stupid to spend our resources attacking ETH when all it takes is CryptoKitties. There are far smarter and more cost effective ways at bringing ETH down if that were our goal."
Translation: "I can assure you that block one is not stupid enough to use your own resources to attack ETH. If we want to attack ETH, there is a smarter, more efficient way."
- Alice's point of view
Eth is blocked, isn't it the most important thing to do?
Gas price increases, the most need to solve the problem to make Gas prices fall?
Why do community members, the first thing they do, jump out and blame EOS, and it’s still a blame? Can an EOS crowdfunding account represent block one?
Business world, bad place, you can improve quickly, and iterate!
Instead of crying to blame others!
ETH commercial, a long way to go! Community members, please mature!
thanks for reading!