The problem is well known for Bitcoin; there are more transactions than miners can confirm. Now the shortage has reached Ethereum. Especially after popular ICOs, like Status’, the transaction volume is far beyond the network’s capacity. This problem could be easily solved. The miners, however, resist.
Actually, Status is not much more than an Ethereum wallet for a mobile system. You know it from Bitcoin. Further, Status aims to provide a messenger and interacts with Ethereum’s dapps. That’s nice, but not worth the fuss caused.
Like so many Ethereum startups, Status managed to integrate some kind of token in its business model somehow. Until now the “Status Genesis Token” was given out as a bug bounty and aims to reward the community for pushing the project forward. While a fleeting reading of some posts on Status’ blog does not explain, what you can do with these tokens, the ICO with which Status sold them on June 20 has been a record-breaking success.
Read more here: https://btcmanager.com/coming-to-your-altcoin-soon-lack-of-capacity-causes-congestion-on-ethereum/
Not that this stops me from buying the dips! Or hodling for that matter! ;) Worth considering nonetheless.
These are just the growing pains all these coins (BTC and altcoins) will suffer as they move upward in usage and utility.
Be careful @dexterdumb Ethereum is still experimental software...
More people geting on the train of getting it, more of a mess is going to happen till it all cathes up. But I'm looking foward for the future of all of this crypto.