Why have ETH gas fees been so high? It is a question on the minds of ETH users recently and it has led to many seeking for a viable solution.
The problem stems from the scalability of the Ethereum blockchain, where the increasing number of requests have resulted in the transaction fees becoming higher. Within the last 4 months, the ETH gas fee increased by 500%. In August 2020 alone, fees grew double.
Just imagine – a simple transaction of US$2 worth of ETH will already require US$10 in transaction fees. Ridiculous, right?
A solution for ETH users is theIncognito Blockchain, a trustless solution for sending and receiving ERC20 tokens. It is an Ethereum-friendly sidechain running in parallel with the Ethereum blockchain, allow users 2-way transfers of their coins.
In the Incognito Chain, the liquidity allows you to hold, send, receive and trade at gas fees of nearly zero. All you need to do is:
1. Download the app
Incognito is available on mobile apps for both iOS and Android devices. You can take your wallet everywhere at your convenience and keep your cryptos completely private.
Download the Incognito app here:
The Incognito app also offers you 4 super functions:
- A mobile crypto wallet: A wallet supporting Bitcoin, ETH, ERC-20 tokens, Monero, Zcash, Binance and many other currencies. This allows you to have all your cryptos in one wallet conveniently with full privacy.
- pDEX for any crypto: No need to transfer your tokens to other Exchange Platforms. You can now trade and invest your cryptos directly within the Incognito privacy Decentralized Exchange for cryptos.
- Provide liquidity For privacy and farming PRV: To support the privacy community, you can choose the coins to provide liquidity for and earn PRV rewards (up to 9% for BTC, 9% for XMR and 7% for USDT and USDC)
- Manage your pNODE device: pNODE (physical NODE) works as a witness server for the transactions to be validated within the Incognito Chain. You can read more about how to set up your pNODE to provide privacy and simultaneously earn PRV rewards here.
2. Shield your ETH or any ERC20 Tokens in Incognito blockchain.
Shielding is an action when you move your token from the outside chain into the Incognito Network. This action will help to protect your identity and information. This includes your balances and your transaction activities, giving you 100% privacy in your account. This mechanism works on the technology of zero-knowledge proof that is different from Zcash. The core IT team from Incognito built this from scratch to make sure users have the best experience in privacy and combined it with other tech, like ring signatures and stealth addresses, which is a technique to what Monero utilizes.
3. Enjoy privacy & zero gas fees for ETH
For your ERC20 tokens, any task that can be performed on the Ethereum network can also be done on Incognito – but with 100% privacy and very low gas fees. Please note that the aim of Incognito is to build a community together to share the importance of privacy, instead of profitability for any organization.
If you are interested and want to be part of this revolution, you can join the community in the following channels and share your ideas:
- Official website: https://incognito.org/
- Join our community and spread the privacy: https:// we.incognito.org