By Shelly Melancon (Switzerland)
Recent reports have surfaced claiming that the low transaction speed of ETH has prompted some investors to move to Xinfin as an alternative.
Xinfin is a cryptocurrency that has a hybrid blockchain devised to provide solutions to crypto users. Ethereum on the other hand is the pioneer blockchain platform launched about six years ago and it is also the number one altcoin globally. Lately, investors have complained about its relatively slow transaction speed in comparison with others and very high gas fees which has become a source of frustration for investors and developers.
What is wrong with the Ethereum Network?
Ethereum is a very popular blockchain network but lately, it has failed to meet the speed requirements of developers and investors unlike other networks. It has got investors and developers frustrated as they cannot carry out their transactions on time and still have to pay high transactional fees.
These gas fees were intended as an incentive for crypto miners to bring development to the network. Its 2021 and the gas fees are still very high. This has made investors reduce the use of Defi for ETH transactions.
Earlier in the year, an investor posted on social media, a gas fee that was as high as $74 for a Sushiswap transaction of $75 on an Ethereum platform, almost a 100% fee on the transaction. The Ethereum network has a very high number of investors and developers as it supports many projects and applications but that number is set to go down even more if there are no immediate improvement and changes on the network.
Transactions on the Ethereum network takes about 10 to 20 seconds compared to much lesser time on other networks. Also, transactions will not be completed without these exorbitant gas fees. It is because of these high gas fees that many investors have sought alternative platforms that are more convenient. Even the launch of an advanced Ethereum network Ethereum 2.0 which came with so much fanfare and excitement has not solved the problem of high gas fees and investors are still asked to wait for the launch of another later in the year or in coming years. The Ethereum 2.0 validator has hit a 17 month low as addresses with 32 ETH have reduced.
The Quick Solutions
Xinfin performs transactions under 2 seconds, approximately 5 times the average time to carry out transactions on the Ethereum network. This has attracted so many developers and investors to Xinfin as it also offers very low gas fees while performing about 2000 transactions per second. The Xinfin network is streamlined in transactions saving users a lot of time, assisting so many businesses with its speed transactions, liquidity and security.
Another alternative these investors have sought is the TRON network which also supports up to 2000 transactions. TRON has zero transactional pay which has elevated it to a leading payment platform in recent time.
The high gas fees and slow transaction time on the Ethereum needs to be fixed if the Ethereum network seeks to keep its users.
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