Vitalik Buterin, Ethereum’s co-founder acknowledges that high fees continue to pose a major challenge to digital assets, threatening the prospect of creating a decentralized economy.
In an interview with Time Magazine, Buterin commented that higher fees are misleading as Ethereum continues to use the Proof-Sharing Work (PoW).
“The fee for using Ethereum is a big issue, especially with the exception of a few financial applications that have dominated recently,” he said.
While showing concern about the high fees, Buterin expressed his frustration and also that now this is delaying the implementation of various crucial projects. At the same time, he expressed concern that fees could be reduced if sharding was undertaken.
He further added that:
“The main thing that prevents Ethereum from being used for cool stuff today is just the fees. It feels like a boring answer; there’s this big social problem in Ethereum and the biggest reason for it is one technical thing that hasn’t been done fast enough”.
Other than High fees, Buterin claims that the decentralized goal of the platform is being derailed by bad actors who are chasing after personal gains.
As per the founder, solving problems such as gas fees will turn Ethereum into a launchpad for socio-political change.
Although Ethereum has been criticized for its high fees, the data shows a change. According to reports, Ethereum blockchain transaction gas fees reportedly fell to a six-month low on March 9, which is the lowest level ever since August 2021.
Gas fees have recently risen, citing growing interest in non-fungible tokens (NFTs) and decentralized finance (DeFi).
Ethereum is also working towards creating a PoS with a planned merge. The expected Ethereum integration will help connect the existing Mainnet to the Beacon Chain PoS system.
Upgrading the Mainnet ensures that the Beacon Chain Proof protocol is secure when working simultaneously with PoS. Thus Typically, this will end Ethereum’s PoW and initiate its PoS conversion.
Here this statement of Ethereum Co-founder on gas fees is really a big indication that it is not going to fix because shift of the network from PoW to PoS is a formality and after that developers will work 4-5 years only on Scalability of the network.