I've heard several times the need for cryptocurrency enthusiast to push for further adoption but I'm beginning to see the adoption most of these guys are pushing for is big corporations adoption. One major cryptocurrency I see pushing for mass adoption is BCH with different monetized forum.
Ethereum blockchain housed most crypto projects as it accounts for over 50% of tokens/coins presently tradeable on exchanges. Ethereum gas fee is absurd and designed to favor the big players and discourage small bag holders. The fee is discouraging many people as gas fee is not just taking away profits but also reducing trading capital.
How can you explain paying gas fee of almost $40 for a trade that's less than $30? What's the point? Conventional banks Crypto is meant to be better than won't charge you that much. The higher the price of Ethereum, the higher the gas fee.
Most low price/high volume ERC 20 tokens are the most affected by this issue of gas fee. Uptrennd, a blogging site took it's minimum withdrawal from 200 to 3000 1UP tokens and yet, it takes months before you get your tokens in your wallet. Why? The site in a bid to avoid paying high gas fee delays payment till when fee is favorable.
Recently bought Polygon(Matic) on Binance with $100, when I wanted to withdraw this coin to mycointainer wallet, I was charged $16.36 (100 Matic coin) on Ethereum chain and $0.29289 (1.79) Matic to withdraw on Binance chain. Choosing Binance chain over Ethereum network will save me close to $15 in gas fee!
This brings me to the main point of my post; Torum is my home, an emerging Crypto based ecosystem and more people are beginning to see Torum for what it represents as a Cryptocurrency enthusiast one stop shop. The native token of Torum, XTM is an ERC-20 token and looking at the present situation of Ethereum gas fee, what will Torum do to overcome this debacle?
How about giving people options on Torum by going Multichain just like Polygon? Is this possible on a Crypto forum? Yes, as I've seen it work on Swirge. Swirge is both BEP and ERC based tokens and you can convert between these chains with a smart contract. I believe as a dynamic and futuristic ecosystem we are, it's time we start planning on how gas fee will not affect XTM trading and discourage people from trading it.
With the present adoption rate even before listing on any exchange, I believe the success of Torum and XTM is guaranteed as I ask myself what the adoption rate will be when XTM trading starts.
Quoting Alwinnn, Co-founder, Project Manager and UI/UX Designer at TORUM, he said;
"Nuff said. Users are more likely to lean towards UX (User Experience) instead of decentralized, blockchain applications.
We still have a long way to go as the current tech isn't mature enough to provide such convenience for users.
Imagine using Torum today and we require Landers to sign for every single action, or even pay gas fees when sending #Gifts. I don't think the platform will survive in the long run".
Torum with a mission of furthering mass adoption as a matter of urgency must start planning on how to overcome the issue of gas fee so members withdrawals will not be delayed and we can have a better user experience with Torum and XTM trading .
Are you interested in joining Torum? I'll advise you come have a wonderful experience on Torum. You can sign up with my link and we both share 150XTM
https://www.torum.com/signup?referral_code=wumeepope
is this a new wallet for crypto or another block chain...educate me