8 ms·

The move to rollups for cheaper transactions has begun but isn't fully distributed yet. You can use Arbitrum or Optimism for much cheaper transactions today. An

The move to rollups for cheaper transactions has begun but isn't fully distributed yet. You can use Arbitrum or Optimism for much cheaper transactions today. And transaction fees are free on Immutable X (NFT marketplace) and Dydx (perpetuals marketplace), which are zero knowledge rollups that leverage a clever compression technique to transact with 1/100th the cost or less.

pavel_lishin 5y ago
If I'm a regular human being who's trying to purchase an actual product with Ethereum, is any of this helpful to me?
- rvz 5y ago
  The translation from the GP comment is: No. You are better off using a different cryptocurrency that can scale and handle payments with extremely low fees better than Ethereum or failing that use something like Apple Pay. Even if you did all of those suggestions, you still need to pay the gas fees to put it on a layer 2 solution, or that rollup solution / zkSync contraption the web3 guys speak of in order to have 'less' transaction fees in the first place. After all of those steps, the gas fee will still cost more than paying for your groceries in the supermarket. Making it totally useless for paying for your food. One more thing: You better have enough to cover the gas fees for approving and transferring otherwise the transaction can 'fail' and is non refundable. No wonder the banks are still laughing at this 'payments' contraption.
  - Tenoke 5y ago
    >Even if you did all of those suggestions, you still need to pay the gas fees to put it on a layer 2 solution, or that rollup solution / zkSync contraption the web3 guys speak of in order to have 'less' transaction fees in the first place. Not necessarily. Exchanges are starting to support some of these so you can skip the Ethereum mainnet completely.
    - pavel_lishin 5y ago
      So the recent radical solution that the blockchain is empowering is moving off the blockchain and relying on a centralized store of information?
      - Tenoke 5y ago
        Exchanges have always been the most common onboarding method, nothing recent or radical there. Of course, you can also always go p2p and buy directly. One way would be to use localmonero and then use bridges through cheap networks while avoiding Ethereum mainnet or use bridges directly if you have crypto already.

pavel_lishin 5y ago

If I'm a regular human being who's trying to purchase an actual product with Ethereum, is any of this helpful to me?

rvz 5y ago
The translation from the GP comment is: No. You are better off using a different cryptocurrency that can scale and handle payments with extremely low fees better than Ethereum or failing that use something like Apple Pay. Even if you did all of those suggestions, you still need to pay the gas fees to put it on a layer 2 solution, or that rollup solution / zkSync contraption the web3 guys speak of in order to have 'less' transaction fees in the first place. After all of those steps, the gas fee will still cost more than paying for your groceries in the supermarket. Making it totally useless for paying for your food. One more thing: You better have enough to cover the gas fees for approving and transferring otherwise the transaction can 'fail' and is non refundable. No wonder the banks are still laughing at this 'payments' contraption.
- Tenoke 5y ago
  >Even if you did all of those suggestions, you still need to pay the gas fees to put it on a layer 2 solution, or that rollup solution / zkSync contraption the web3 guys speak of in order to have 'less' transaction fees in the first place. Not necessarily. Exchanges are starting to support some of these so you can skip the Ethereum mainnet completely.
  - pavel_lishin 5y ago
    So the recent radical solution that the blockchain is empowering is moving off the blockchain and relying on a centralized store of information?
    - Tenoke 5y ago
      Exchanges have always been the most common onboarding method, nothing recent or radical there. Of course, you can also always go p2p and buy directly. One way would be to use localmonero and then use bridges through cheap networks while avoiding Ethereum mainnet or use bridges directly if you have crypto already.