XinFin provides a solution for frustrating Ethereum’s slow transaction speeds. XinFin is a hybrid blockchain technology firm optimized for international trade and finance. Its native token is XDC.
According to CoinGecko, the XDC price trades $0.05, at the time of writing.
On adding the gas, the ETH’s transaction speed could be expedited to stimulate miners. This could be a good move during high network congestion. The gas fees continue to increase with no end over 2021, dealing a significant blow to the ERC-20 potential projects to operate.
Developers who work on cutting-edge projects provide huge concern at ETH’s congestion. However, they are forced to pay gas fees or wait.
Kadena Co-founder Stuart Popejoy adds,
“a deluge of transactions to serve the latest craze, simply because it is attracting more users than your app.”
ETH 2.0 will offer the solution for the issue regarding scalability and speed. ETH 2.0 generated on Dec 01, 2021, the complete implementation of the platform is expected to launch soon anytime. ETH 2.0 could achieve over 100,000 transactions per second.
Solution to ETH’s Slow Transaction Speeds
XinFin offers a fantastic solution that helps XDC holders to stake over 108 master nodes. XinFin supports over 2,000 transactions per second and allows Ethereum smart contracts to run with instantaneous transaction confirmation.
Xinfin offers the best alternative solution for ETH and also the project aims of liaising with the government in order to reduce worldwide infrastructure gaps. The motive behind the project is to enable investors to finance infrastructure projects in an efficient way, rather than wasting time on paperwork.
Added to this, other blockchain projects also serve as an alternative solution to Ethereum’s issues. TRON is a blockchain-related operating system, however, its mainnet was launched in 2018 which enables blockchain to reach 2,000 transactions per second, this far exceeds the speed of ETH.
Moreover, with minimal transaction fees, TRON stands on par with leading traditional payment firms like PayPal. With no transaction fees, Tron already stands on par with leading traditional payment processors like PayPal.
Polkadot is an open-source sharding multichain protocol that offers the cross-chain transfer of any information thereby making a wide range of blockchains interoperable with each other. Moreover, Polkadot can process up to 1000 transactions per second. This is 10 times the speed on ETH.
Projects like Tron, XinFin, and DOT make developers think twice about waiting for ETH 2.0. More so, the high gas fee and slow transaction times continue to increase with no end in sight. Moreover, the creative nature of the crypto world might continue to doom ETH’s future prospects if huge changes are not made to ETH 2.0’s timeline.