Ethereum processes nearly half of all blockchain transactions, higher than 6 blockchain networks combined

Ethereum processes nearly half of all blockchain transactions, higher than 6 blockchain networks combined

January 17, 2018

Ethereum processed 49.3 percent of all blockchain-based transactions in the last 24 hours. Thus, more than does Bitcoin, Bitcoin Cash, Litecoin, Dash, BTG, and ETC blockchains combined.

This translates to about $29 billion worth of transactions in the last 24 hours.

But this is a drop when you compare to the 52.3 percent it processed sometimes in November last year.

In November, Bitcoin was the second, followed closely by Bitcoin Cash and Litecoin.

Transactions on the Ethereum blockchain does not only involve ETH transactions, but all other ERC20 tokens issued on this blockchain.

Compared to other blockchains, Ethereum is still more efficient and while the transaction fee on the blockchain is not the lowest (at around $2.50), it is much better than Bitcoin which averages at close to about $29. Also, the network can create a new block every 15-20 seconds, which is much faster than Bitcoin’s 10 minutes.

Bitcoin’s high transaction price has been a major concern for users although it is expecting that the problem could resolve this year.

In November, Bitcoin was processing around 330,000 transactions. It currently handles about a quarter million transactions.

Bitcoin also struggles with delayed transaction confirmations. The two problems make it unusable for smaller payments.

And although Ethereum is processing nearly a half of all transactions, scalability is still an issue. But that could be in its past giving progress being made for Ethereum 2.0. Since the implementation to achieve VISA-level scalability in the next three to five years.

Also, Casper is testing on the testnet. Casper will see the network implement a Proof of Stake consensus. It could also help bring down transaction confirmation times to as low as 2 seconds, which would further increase the number of transactions.

Many people argue that Ethereum has more potential than Bitcoin and will outgrow Bitcoin eventually. The network continues to attract more projects of all kinds including latest launched RPG Ethercraft game complete with a gaming marketplace.

However, it could take more time if Ethereum should outgrow Bitcoin because it also continues to innovate itself.

Original article and pictures take coinpedia.org site