What is the Gas Consumption of Ethereum (Ethereum Efficiency)
What is the Gas Consumption of Ethereum? Why is there such a high computational
What is the Gas Consumption of Ethereum? Why is there such a high computational power and how high are its costs?
According to Etherscan data analysis, the average block time for miners on the whole network is currently 3 seconds, and the network consumes about 1.3 billion gas per hour (equivalent to 50,000 blocks per day). So what is the gas consumption of Ethereum? Today, let’s briefly discuss this issue: What is the concept of gas consumption in Ethereum?
Ethereum Efficiency
Editor’s note: This article is from ChainNews (ID: chainnewscom), written by Ryan Watkins, a researcher at the Ethereum Foundation, translated and proofread by:
In the past few weeks, we have seen more and more discussions about efficiency, which are now categorized as “decentralized” or “economic incentive mechanisms”.
Although this technology can be scalable and infinitely scalable. But currently there is no system that can achieve this-this situation is changing. For example, if every node in the blockchain network wants to receive the same number of block rewards and verify its transactions through voting, it will not be possible to achieve this goal; on the contrary, over time, the algorithm will lose its entire value. This is why people think that the Ethereum blockchain is more efficient than Bitcoin.
For those who do not use public computers, they may not understand the importance of smart contracts-because when you have a smart contract, your account may be restricted-and if you are an active user and a miner, you will encounter such a problem. Therefore, in order to keep this project running, some other factors are needed, such as network capacity, gas consumption, and proof of work. However, if we consider whether the largest scale users of Ethereum will benefit from it, the answer is simple-even the most powerful applications on Ethereum cannot fully utilize the existing infrastructure to process data. And this is a major reason for efficiency. (Note: that is producing more than 10,000 transactions per second, which is a goal that no single cryptocurrency can achieve) What is efficiency? According to a new survey from the University of Cambridge, 80% of people believe that Ethereum has the ability to solve current solutions. However, there are still some people who question because they believe that Ethereum has reached an “outdated” level. In fact, only about 15% of researchers know either to store files with hardware wallets or to back up private keys on their own servers. In addition, many experts criticize Ethereum for its significant delays, especially when it becomes more complex or when it starts to become congested. However, due to the performance of Ethereum, Ethereum is still far from the transition stage. As we described in the previous article: “Compared with Bitcoin, blockchain is more cost-effective. In other words, if we only invest resources in it, we can create greater income.”
Of course, there is another important argument here: if Ethereum wants to be part of a successful blockchain ecosystem, how can Ethereum enter the next generation internet as soon as possible?
The first is to improve efficiency-in the traditional IT field, high fees mean that Ethereum must pay more to maintain its success. But if Ethereum wants to ultimately prosper, it must lower gas prices.
Second, due to the high costs,
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