Ethereum Co-Founder Vitalik Buterin has estimated that the current spam on the Ethereum network cost up to $15 million. Recently the Gas price on the Ethereum network has seen some significant increases, with the tx fees peaking above 200 Gwei before returning to relatively normal levels (currently 4 Gwei).
The congestion on the network is the result of thousands of what seems to be aimless transactions that are being sent out by smart contracts that don't belong to any project. Buterin calculated that the total amount of Gas spent with these spam transactions is already at $15 million, the equivalent of '5 million green teas, 75 lambos, 25 Coinbase seed rounds or 0,9% of the Telegram ICO.'
According to my estimates, the recent tx spam on the ETH network cost up to ~$15m USD (~= 5m green teas, ~75 lambos, ~25 Coinbase seed rounds, ~0.9% of Telegram ICO)— Vitalik "Not giving away ETH" Buterin (@VitalikButerin) July 16, 2018
Free market principles prevent me from being too upset at someone using the ETH blockchain as they wish, but wow.
'Free market principles prevent me from being too upset at someone using the ETH blockchain as they wish, but wow', Vitalik states.
In one of the theories on who or what is behind the mysterious spam on the Ethereum network, competitor EOS is blamed for the congestion on the blockchain. Ethereum dapp developer Justo said that 'myself, and many other high profile Ethereum application developers made a prediction that EOS would in all likelihood, attempt to attack the eth network gas prices to validate the launch of their platform.'
EOS creator Block.one has denied all allegations, with CTO Daniel Larimer stating in a Telegram post that 'I can assure you Block.one wouldn't be so stupid to spend our resources attacking Ethereum when all it takes is CryptoKitties. There are far smarter and more cost effective ways at bringing Ethereum down if that were the goal.'
However, in the Ethereum community they are still sure someone supporting EOS is behind the spam on the Ethereum network.
It's now clear EOS is behind Sybil attack on Ethereum that's why the gas price is almost 100 Gwei from r/ethereum