As MOS Lottery Token Takes Over The Ethereum Blockchain, Users Fear Congestion
A sudden activity in the Ethereum blockchain has attracted the interest of the development team and investors recently: smart contracts that belong to MOS Lottery, a lottery service and betting mechanism, has taken over the Ethereum gas station today. Because of this, the network ended up completely clogged.
This is not uncommon. On days of significant congestion, the Ethereum blockchain can have a single smart contract consuming up to 40% of the gas on the Ethereum network. While some transactions looked like spam in recent days, this one called the attention of the users because it looked considerably more concise, it was a single app that was only semi-successful instead of spam.
The community has already started to ask about the future of the blockchain, as a “semi-successful dapp” can clog the chain so much and spam can also do it.
MOSCoin (MOS) is a lottery token that has been under mass promotion recently as its project is currently during an Initial Coin Offering. At the day that the users started to notice, MOS used from 15.5% to 19.7% of the Ethereum gas station, which was consistent with the behavior of air drops.
On the moment, the token is still not publically traded, but it will be used to buy tickets and make bets in the future if the ICO is successful. The goal of the project is to allow the users to bet on stock market events and also to be able to host raffles.
It is important to perceive that this project is considerably lesser known than Augur (REP), which offers very similar betting services and was a very high profile ICO. Even being lesser known, it still almost clogged 20% of the network in a day.
The Ethereum Blockchain And Scalability
The Ethereum network is very active at the moment (as it normally is). It made about 700,000 transactions in the last 24 hours. According to data from Blocktivity, it was 762,564 transactions with a peak of 1.23 million transactions during the peak of the network so far.
ETH transactions have increased permanently during 2018, especially as airdrops accelerated. Other relevant motives include spam and organic purposes. Airdrops and token events have even been canceled because the network is too clogged by spam sometimes, which has become an issue.
However, the price of ETH is fastly decreasing recently, which has also diminished the transactions. ETH might be still one of the most traded tokens, but its price is only a bit over $410 USD at the moment and, as ETH offers lower returns than BTC, there has been no bullish bidding lately.