I came across some articles about gas fees which I am trying to get my head around.
This article was interesting: Ethereum Gas Fees Skyrocket: What Does It Mean For Investors? — TradingView News
While it seems ETH has upgraded their network to lower fees it seems to be not working as I understand it.
So my question is:
Is this the case
How ICP differs
Can the same happen to IC
Does the IC have outsiders that ensure transactions or does this happen in house?
The absence of a fee market in the internet computer ensures that transaction costs cannot surpass the protocol’s predetermined rate. Nevertheless, if demand surpasses the internet computer’s capacity, it may face difficulties and possibly cease functioning due to the lack of a fee market to deter users from competing for blockspace. Fortunately, the internet computer’s design makes such a scenario unlikely as any surge in demand for a particular application will likely be restricted to the subnet or subnets it operates in. To address the issue, expanding the network by introducing new subnets may be a swift solution to augment an application’s capacity and accommodate the increased demand.
The ckBTC token states fast transaction speed and low fees but gas fee would still apply on the BTC in the wrapped ckBTC as would ckETH which I thought was being developed but I don’t see it on the IC.
Is this the case and would then network problems still exist from an outside network issues.
ckBTC transfer only happen on the IC. The fees only matter if you want to turn ckBTC back into BTC.
ckETH is not released yet as we’re still waiting for ETH integration to be completed. Not sure if ckETH will launch with ETH integration phase 1 or 2.