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What would happen to Augur and Ethereum if transaciton volume surpasses what Ethereum can handle in the short term (before any sharding / Raiden)? Will it "break" Augur or Ethereum? Or, does it simply mean that some user transactions don't go through, gas fee rises until Ethereum/Augur usage falls to a level that Ethereum can support?

Assuming a $1k average transaction on Augur, and taking into account other apps that are using Ethereum, how much daily betting volume on Augur can Ethereum currently support before creating problems?

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Gas fees will increase as more and more people try to use the network. An equilibrium will be reached where the people most willing to pay for their transactions to make it to the chain get their transactions mined while others walk away. This is similar to Bitcoin and their current $25 transaction fees.

These reasons are why off-chain trading is a top priority for post-launch features.

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