Consentium Case Study: Ethereum Network 嘉信案例研究：以太坊网络
Let’s dive into the reason behind the slow and expensive transaction happening on the Ethereum Network. 让我们深入了解以太坊网络上缓慢而昂贵交易的背后原因。
Rising congestion on the Ethereum blockchain has driven up transaction fees to an all-time high since 2018. To add salt to the wound, the scaling solution that Ethereum developers promised seems to be years away. That should not be the case for a cryptocurrency with such a major influence in the blockchain space.
ETH market capitalization as of July 2020 is around $27 billion, second to Bitcoin, but Ethereum dominates some of the recent trends within the blockchain industry, the automatic lending systems of decentralized finance (DeFi).
However, the sudden increment in transaction fees is raising concerns among some the cryptocurrency community who fret that Ethereum’s vision to be the world computer is still far from being feasible as there is no clear end in sight to the surging traffic.
Ethereum’s fees are calculated using a base unit called “GAS,” and are charged for any use of the network for activities such as smart contract execution or transactions. Under the rules of the Ethereum network, users can offer to pay a higher fee rate to get their transactions processed faster. So when there’s lots of activity, the fee rates incrementation is correlated to the activities within the network. On 27th July, we’ve seen GAS fees going up to US$10 for a single transaction. Any transactions below the highest fee will not be prioritised and this resulted in users waiting up to 24 hours in order for their pending transaction to be processed. Even Vatalik Buterin, the co-founder of Ethereum acknowledged that the fees are too high, causing an issue for the network to sustain. In case you forgot, this is not the first time we witnessed the same issue on the Ethereum network. Find out more about what happened back in 2017.
Consentium’s migration from ERC20 to CSM Chain
The Ethereum protocol is constantly changing. It has several network updates scheduled that are meant to improve the network as well as help it scale — the major update being the hard fork to Ethereum 2.0. However, the upgrade has been continually delayed and there is no certainty that ETH 2.0 will be successful.
The scheduled upgrades to the Ethereum network also make it challenging for any blockchain projects to build on Ethereum. It is not a justifiable idea to build a business idea with a protocol that is constantly changing.
Ethereum can’t scale, transaction fees are expensive and the network congestion issue will always be a threat to the entire ecosystem. Even BTC transaction fees are cheaper and faster than ETH sometimes.
CSM Chain is a faster and more scalable upgrade for Consentium ecosystem. Instead of using Proof of Work (PoW) like Ethereum, CSM Chain will use the consensus model called Delegated-Proof-of-Stake (DPoS). Furthermore, transactions on the CSM Chain network is FREE! Since the launch of CSM Chain, transaction time within our proprietary wallet took less than 20 secs. Based on community feedback, transactions between cryptocurrency exchanges and Consentium wallet only took an average of 2 minutes to be completed.
We apologize for the inconvenience caused during this swap period although it is not within our control to solve the Ethereum network issue. However, we are all glad that the Consentium community will no longer be facing this unnecessary problem anymore after the new CSM swap!
Don’t worry about the swap date if your transaction is still pending. We will extend the swap date if the Ethereum network is causing a problem.
If you have yet to deposit your old CSM (ERC20) into Digifinex for the swap, here are the steps and instructions for the Digifinex CSM swap.
1) Digifinex will resume CSM (ERC20) deposit on 27th July 2020, 11 am (GMT+8) for users to swap tokens. Withdrawal for CSM on Digifinex will be closed. Do remember to generate a new CSM wallet address.
2) CSM holders will be able to deposit their CSM (ERC20) into Digifinex and it will be converted to the new CSM. Swap period will only last until 2nd August 2020, 11 am (GMT+8). All CSM (ERC20) must be swapped within this period.
3) After the swap period closes on 2nd August, both withdrawal and deposit for CSM will pause for 2 days in order for the swap to be completed.
4) Deposits and withdrawals for new CSM will resume as per normal on 4th August 2020, 11 am (GMT+8). Do note that there will no longer be CSM (ERC20) trading on any exchanges.
About Consentium
Empowered by the community, Consentium is a revolutionary platform that bridges the gap between social communication and cryptocurrency. Our integrated cryptocurrency wallet allows users to send and receive CSM, BTC, USDT and ETH. Within the same app, users can chat with friends and explore different groups of like-minded individuals. By integrating a cryptocurrency wallet into our chat app, users can now perform your transaction without the hassle of leaving the app.
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自2018年以来，以太坊区块链上日益严重的网络超载将交易费用推至历史新高。对于在区块链领域具有如此重大影响力的加密货币而言，这是个大问题。
截至2020年7月，以太坊的市值约为270亿美元，仅次于比特币，但以太坊主导着区块链行业的最新趋势，中心化金融的自动借贷系统（DeFi）。
但是，交易费用的突然增加引起了一些加密货币社区的担忧，他们担心以太坊成为世界计算机的愿景仍然不可行，因为流量激增尚无明朗的结局。
以太坊的费用是使用称为“ GAS”的基本单位计算的，并针对使用网络进行智能合约执行或交易等活动收取费用。根据以太坊网络的规则，用户可以提出支付更高的费用率，以更快地处理其交易。因此，在有大量活动的情况下，费率增加与网络内的活动相关。 7月27日，我们发现单笔交易的GAS费用高达10美元。低于最高费用的任何交易都不会被优先处理，这将导致用户等待长达24小时才能处理其待处理的交易。甚至以太坊的联合创始人瓦塔里克·布特林也承认收费过高，从而导致网络难以维持。万一您忘记了，这不是我们第一次在以太坊网络上看到相同的问题。
嘉信从ERC20迁移到嘉信公链
以太坊协议在不断变化。以太坊安排了多个网络更新，这些更新旨在改善网络并帮助扩展以太坊 2.0的硬分叉。但是，升级一直在持续延迟，并且不确定以太坊 2.0将成功。
以太坊网络的计划升级也使任何以太坊构建的区块链项目都面临挑战。用不断变化的协议来构建业务构想不是合理的构想。
以太坊无法扩展，交易费用昂贵，而且网络拥塞问题将永远威胁整个生态系统。甚至BTC交易费用有时也比ETH便宜和快捷。
嘉信公链是针对嘉信生态系统的更快，更可扩展的升级。 嘉信公链网络上的交易是免费的！自嘉信公链推出以来，我们专有钱包内的交易时间不到20秒。根据社区的反馈，加密货币交易所和嘉信钱包之间的交易平均只需花费2分钟即可完成。
对于在交换期间给您带来的不便，我们深表歉意，但是解决以太坊问题不在我们的控制范围之内。 但是，我们都很高兴嘉信社区在新的C币交换之后将不再面临这个不必要的问题！不再有ERC20，只有嘉信公链！
如果您的交易仍在进行中，请不必担心交换日期。如果以太坊网络继续引起问题，我们将延长交换日期。
如果您尚未将旧的C币（ERC20）存入D网进行互换，以下是D网C币交换的步骤和说明。
1. D网将于2020年7月27日上午11点（GMT + 8）恢复旧以太坊C币（ERC20）存款，以供用户交换代币。 D网上C币的提款将被关闭。请记住要生成一个新的D网C币钱包地址。
2. C币持有者将能够将其旧以太坊C币（ERC20）存入D网，并将其转换为新的C币。交换期只有一个星期，直到2020年8月2日上午11点（GMT + 8）。必须在这一周内更换所有C币（ERC20）。
3. 交换于8月2日结束后，C币的取款和存款将暂停2天，以便完成交换。
4. 新的C币的存款和取款将于2020年8月4日上午11点（格林尼治标准时间+8）恢复正常。请注意，所有交易所都不会再进行C币（ERC20）交易。
关于嘉信
嘉信是一个革命性的平台，弥合了社交交流与加密货币之间的缺口。我们集成的加密货币钱包允许用户发送和接收CSM，BTC，USDT和ETH。在同一个应用程序中，用户可以与朋友聊天并探索志趣相投的不同人群。通过将加密货币钱包集成到我们的聊天应用程序中，用户现在可以执行交易，而无需离开应用程序。
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