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RE: Understanding the DeFi Environment - Facing the Robinia Project (Part Two)
Hi @josevas217
For example, we can pay 0.2$ in BSC for a transaction, when in the Ether network it can be up to 100$ or more...
I could never understand why transactions in the Ether network are that expensive. Any idea?
Hi @crypto.piotr
For some reason the operating costs charged by Ethereum miners is previously set up to charge a lot, it's been that way since it came into existence. Apparently this is part of what they are going to change the new Ethereum, because it is TOO EXPENSIVE. I stay away from that blockchain basically for that reason.
@crypto.piotr,
Ethereum Blockchain is Proof of work Blockchain while BSC is proof of stake. Only few validators controlled by BTC validate transactions in BSC but in Ethereum a transaction is mined like its in Bitcoin Blockchain... a Block will fill up with transactions that need to be verified by miners who validate it using computing power by solving complex mathematical equations.
That's why... very low throughput in Ethereum TPS... might change with transition to ETH2 where proof of stake methodology to validate transactions happen...
Also in Ethereum ... nodes takes all past transaction data so its heavy, transactions don't happen parallel kind, with shading it will...anyway.
Point of issue for people with BSC is its centralised with few validators controlling the network, and all of them under the control of Binance...anyway!!
I love Ethereum for its a legend in introducing smart contracts but had blow fuse many times because of transaction fees... I use Polygon and did some DEFI there for a start, not explored much of BSC yet.
I just had a chance to read your reply @mintymile
Thanks for being so responsive and for taking the time to write your response. Knowing that you read comments makes me want to check out your publications and share my thoughts :)
Have a great weekend ahead of you,
Piotr