What is FCoin and Why is it Clogging Ethereum?
If you’ve been trying to do Ethereum transactions lately you might have noticed they’re near impossible to get through. I know most of mine have failed.
It seems the Ethereum network is clogged again. Meaning, there’s too many transactions to handle.
The last time this happened the culprit was CryptoKitties, the blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats.
What’s going on this time around?
It seems the culprit this time around is a new Chinese crypto exchange called FCoin.
And FCoin has this practice where you can vote for a new coin to be added to the exchange. That’s where the problems start.
In order to vote for a new coin to be added to the exchange, users must deposit tokens to FCoin and spend at least 85 gwei per gas to ensure that their transactions processes. The coin with the highest number of cumulative deposits at the end of the voting period will be listed on the exchange.
Here’s a good Twitter thread from MyCrypto.com explaining it all.
Not more than two weeks ago I was paying 2 gwei on Ethereum transactions! According to ETH Gas Station the safe low price is 33 gwei as I write.
And you can see on the chart below from EtherScan that the average gas price is back up to CryptoKitty levels.
Ah, crypto problems.
Here’s to hoping FCoin ends its voting practice and/or Ethereum scales quickly!
and trade cryptos on Binance
ETH was clogged?Crypto is not even started to be mainstream,it's in his diapers.Do you see future in ETH if it can get clogged now?
That's bullshit.
The Internet had to scale too... same with ETH. Hopefully the issues now help it grow for the future.
Thanks for the explanation. Seriously concerned when I heard ETH was clogged. Now I know.
You got it. It's a nuisance, hopefully it gets fixed soon.
Excellent information, as always
I think Eth should upgrade their servers to smooth the process!
We need sharding!
Good read.
Thanks!
Welcome to crypto, where people think with their wallets instead of their brains. Where maximalists and miners rule with their undying and advanced techs.
Doesn't sound great for Etherium unless they sort it out quickly.
Thanks a lot for the information sir,have a great day.
This will solve on the way as software improves and more miners come into play
Yes I think that This was also occur For me when I do exchange and withdraw for instant exchange this error was occur.