How will the rising price of ETH gas affect the use, and popularity, of the platform?

in #ethereum7 years ago

If you are an "Ethereum Enthusiast", here's a very insightful take on the potential impact of Gas price/cost on the Ethereum Platform... what do you think?

"The problem is that there might be downsides to this increase in price and increase in attention. Namely, as the price increases, ethereum apps grow more expensive to use.(...) The details are a bit thorny. First off, it's worth noting that 'gas', 'gas price' and 'gas cost' all mean different things. (Even ethereum's inventor has mixed up the terms.) 'Gas' describes units of computational power in ethereum, while 'gas cost' is used to denote how much gas is required to perform an action on the platform. A simple transaction costs 500 gas, while storing data using ethereum costs 100 gas. These numbers are hardcoded into the software. Finally, the 'gas price' is how much each unit of gas costs in ether."

http://www.coindesk.com/ethereums-double-edged-sword-will-rising-price-hurt-users/

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