Since Ethereum’s Byzantium hard fork, the network has seen an influx of new users and transactions. This has caused some congestion, with transaction times and fees rising.
However, the network is still functioning and is working to scale to meet the demand.
The Ethereum network is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
The Ethereum network is Congested because of the Byzantium hard fork which happened on October 16th, 2017. The hard fork was implemented to help improve Ethereum’s scalability issues by making changes to the way transactions are processed on the network.
The influx of new users and transactions has caused some congestion on the network, with transaction times and fees rising. However, the network is still functioning and is working to scale to meet the demand.
Ethereum network congestion has led to an increase in transaction times and fees, but the network is still functional and is working to scale to meet demand.