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Ethereum soon gained the attention of gambling developers due to its small-scale ability to create gambling dapps. But fees have continued to hold back the blockchain, and a recent scary example of a $ 9,300 fee for a single transaction is bound to scare away more companies.
Reddit user “ProudBitcoiner” was the unfortunate victim of the commission. He explained what happened in a Reddit post.
“If you are curious to know what really happened … Metamask did not fill the” Gas Limit “field with the correct amount in my previous transaction and that transaction failed, so I decided to manually change it in the next transaction (this ), but instead of typing 200000 in the “Gas Limit” input field, I wrote it in the “Gas Price” input field, so I paid 200000 GWEI for this transaction and destroyed my life: / “
The error has an obvious combination of user error and sloppy code, as Metamask’s original error in populating a field was then compounded by the user error entering an amount in the wrong field. But a professionally built application would have avoided this mess. Those more professional applications aren’t here yet, as large companies don’t see the scalability they need to build a profitable business on Ethereum.
ProudBitcoiner hopes to recover some of the lost funds by going directly to the mining pool that processed the transaction. “I contacted Ethermine on Twitter, I contacted their CEO Peter Pratscher on Twitter, I wrote this post here, I sent an email to [email protected] and I [am] without ideas, “he wrote.
Although $ 9,300 is not the typical Ethereum fee, the average fee of $ 1.07 is still too much for any real application to develop on the platform. For iGaming use, where many users bet less than $ 1.00 per spin, having a $ 1 fee per transaction or the additional cost of having to run an entire trade outside of the blockchain is not feasible.
Thankfully, as we learned from a recent iGaming NEXT ONLINE panel hosted by Founding President of the Bitcoin Association Jimmy Nguyen, Bitcoin SV (BSV) is already providing a superior blockchain for business use and especially for gambling applications. . Companies like BitBoss are using BSV on a massive scale to make commissions of far less than $ 0.01, while building the entire operation on the blockchain, reducing overall costs.
