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Ethereum, once regarded as a turning point for blockchain and cryptocurrencies, is currently under the weather due to its congestion and scalability issues. And the suffering does not seem to end while the data on Ether Scan show that the total pending transactions on Ethereum have exceeded the limit of 90K.
Are things going out of control for Ethereum?
The Ethereum blockchain is suffocating and things do not seem to be in place for the third largest cryptocurrency by market capitalization. The load of pending transactions on Ethereum blockchain is accumulating and Ethereum is seriously in need of an answer that can give it some quick solutions to its technical problems and scalability. According to recent data available on EtherScan, the pending Ethereum transactions have exceeded ninety thousand and are growing rapidly. While reporting the pending number it was at 90.855.
Source: Etherescan.io
The problem does not end here for Ethereum. Despite the new rising addresses, the overall transaction activity showed a downward trend. According to data released by Searchain.io, the new ETH address had increased by 8.24% and the active ETH address had increased by 5.56% to 30 November, compared to that of 29 November, however collection transactions decreased by 16.85%, and outgoing transactions decreased by 14.04%.
Moreover, due to the scalability obstacles, several ICO and Dapp projects are moving from the Ethereum platform to other emerging ones. Other decentralized platforms such as Tron, EOS and Stellar Lumes represent a formidable challenge for Ethereum at this time.
Recently, the Malaysian exchange PinkExc decided to move from the blockbuster of Ethereum to the blockchain technology of Stellar (XLM). The exchange wanted to use stellar blockchain technology because it meets the need for a transaction token of asset value faster, cheaper and more reliable. Even the cryptic collectible game, Blockchain Cuties has recently dropped off the Ethereum blockchain and is now moving onto Tron's MainNet. As stated by the company, Tron has better scalability and speed, a more delicate way to indicate the Ethereum issues that this game was also facing in its blockchain.
Ethereum needs answers and needs them very quickly or things are just about to fall out of reach. Let's see what Vitalik and his team of developers pull out of their hats here.
Will Ethereum be able to sustain this growing pressure or with the cryptocurrency in third place due to the market capitalization that has just vanished? Let us know your opinions on the same
Summary
Item name
Etereum congestion escalates when pending transactions cross the 90 km limit
Description
Ethereum, once regarded as a turning point for blockchain and cryptocurrencies, is currently under the weather due to its congestion and scalability problems. And the suffering does not seem to end while the data on Ether Scan show that the total pending transactions on Ethereum have exceeded the 90K limit.
Author
Nilesh Maurya
Publisher name
Coingape
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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