Ethereum Scaling Capacity Debate Continues As Vitalik Defends Ether Users About Gas Prices
Afri Schoedon, an enthusiastic Ethereum user and an officer of the Parity Communications, went ahead to tweet on September 2018 that the Ethereum is actually at capacity; therefore, he went ahead to request the that the users in the market to stop creating new Dapps, decentralized apps.
Vitalik Buterin, who is the confider of Ethereum also went ahead to urge the users not to follow the advice that has been given. When we take a deep dive to the Ethereum network metrics it has indicated that the Ethereum is currently not at capacity; therefore, it has plenty of room for it to grow.
The Ethereum Transaction Volume
The transaction volume has been considered to be one of the easiest Ethereum network metrics that any person is able to understand. It is an evidence that the contrary argument that the Ethereum platform is at capacity. If we check out January 2018, the Ethereum was able to exceed 1.25 million transactions in a given day. And since then investors have seen the Ethereum transaction volume gradually reduce, and at the moment it is at 500,000 sales each day.
There was a time where the Ethereum was able to handle more than half than their current daily transaction volume, and clearly it did not cease to work then.
Additionally, the block size of Ethereum has peaked to about 34 KB, this is back in January of 2018, and from then it has consistently been below 30 KB. Thus, it is very clear that there is more room for transactions to take place on the Ethereum blocks. This also means that the transaction fees are currently low; thus, there is some space in the blocks for the extra transaction volume this is if the Dapp usage and the numbers increase.
Another measure that can be used on the capacity of the Ethereum is the gas price, which is the fee that is used in launching the needed smart contracts, which is essential to make Dapp function.
When we go back to January 2018, there was a crunch that was able to cause the gas price to rise and was as high as 96 Gwei. But this is not all as there have been several other chances where the gas price spiked in July and August of this year to the levels of 86 Gwei and about 57 Gwei respectively.
As a result, with this types of spikes is a clear indication that the Ethereum is at capacity or they are nearing it. But the gas prices have just been at a steady 10-20 Gwei most of the time since March this year also including September, and at times the price could get even lower. It is a clear indication that there is no persistent gas crunch; thus, the smart contracts will be able to be deployed without the inhibited fees, which means Dapp will be able to thrive.
A Better Perspective Of The Platform
To get a more subjective perspective the usage of Dapp has been declining sharply in 2018. The number of users on the platform dropped to about 56% from January this year; this is according to a study that was done by Diar. And from this, it is a clear indication that there is plenty of room for the current Dapps in the market to grow, and a clear indication that there is also plenty of room for the deployment of new ones in the market.