High load on the Ethereum Network makes playing Crypto Games ten times more expensive
Recently, the transaction costs of the Ethereum network have exploded and have not since returned to the previously low level. These so-called gas prices have increased approximately tenfold for a standard transaction.
If a typical action in a crypto-game (e.g. buying an item or growing a new CryptoKitty) before the price explosion cost e.g. 0.4 US dollars, you now have to pay 4 US dollars to execute the same action on the Ethereum network! In many blockchain games it is necessary to perform numerous actions to be able to play the game effectively…
In the new Eth.Town game Moon Factory, for example, the costs of transactions are so high that they exceed the value of an average total investment in the game after a short time. Unless you have very high values in Moon Factory, the only sensible move at the moment is not to play at all.
This also applies to other crypto games. Player numbers have dropped dramatically accordingly:
While CryptoKitties had about 400 players per day before the transaction cost explosion, there are currently only about 100 gamers per day playing in CryptoKitties game actions at all.
Voting of a Chinese Exchange as Cause for the Overload
Since Ethereum is an open, transparent network, the reason for the overload was no secret: A very new Chinese crypto currency exchange called FCoin initiated a survey on the Ethereum blockchain. Participants can vote which coins are to be listed on the Exchange. The voting works as follows: If a small minimum amount of a coin is received by the Exchange, that coin receives one vote in its favour. As a result, the publishers of small crypto currencies send thousands of their largely worthless coins in thousands of transactions through the Ethereum network to obtain a listing on Exchange FCoin.
Technical solutions to make the Ethereum network more efficient have been under development for some time. Unfortunately, a short-term solution is not to be expected.
FCoin does not make any arrangements to end its voting and has not announced a date for its end. So if so many transactions continue to be carried out in this voting process, crypto-gaming could remain very expensive fun in the near future……