We continue to answer frequently asked questions from our users. Today we will tell you why IQN digital assets may not come to your gaming account for a long time.
Often, the delay in IQN transfer happens due to decreasing throughput of the Ethereum network, which provides digital asset operation.
Ethereum ecosystem is one of the main drivers of the crypto industry. Blockchain is famous for its versatility, high speed and flexibility. In this regard, most of the new cryptocurrencies that appear almost every day are based on the Ethereum blockchain. And this vast amount of custom digital assets overloads the network.
In addition, there is a great demand for DeFi apps, which are mostly based on Ethereum technology. And such activity in the decentralized finance sector also contributes to network load.
It is important to note that due to the overflowed mempool with pending transactions, the commissions or the so-called GAS* also increase. Today the average fee on the Ethereum blockchain has reached $9.
*GAS is a unit of payment for transactions,
creation and execution of smart contracts in the Ethereum network.
The boost in the operation’s cost indicates a high demand for the technology and provides more income for the miners protecting the network. However, this is still a significant hindrance for conducting instant transactions by crypto enthusiasts.
What should you do if digital assets are frozen due to the heavy Ethereum network load?
The situation is unpleasant, although it’s not hopeless. There are two options for resolving it:
Today, many digital asset holders believe that high fees and long transaction processing is a real challenge for the cryptocurrency world. And, perhaps, its ultimate solution lies in the final transition to Ethereum 2.0, which will not only increase the number of transactions per second, but also provide a new level of scalability thanks to the Proof-of-Stake algorithm.
Stay with us and follow the news in the IQeon official Telegram community – there are many answers to interesting questions ahead!
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