Ethereum (ETH) Transaction Numbers Are on the Rise
On July 17th, it was noted that the total number of Ethereum transactions executed successfully stood at 701,292. After taking a closer look at the other blockchain, it was noted that this number was more than three times the numbers transacted by the other cryptocurrencies.
Bitcoin stood at 233,807 and XRP at 513,450. In the last few months, XRP and Ethereum have been seen to change places when it came to the total number of transactions that had been executed. As of October last year, XRP had maintained a very wide margin over Ethereum.
This occurred when XRP managed to clock more than 900,000 transactions, compared to Bitcoins’ 203, 523 and Ethereums’ 283,871. However, this position started to change gradually in December when Ethereum started to slowly edge XRP out.
It was at this point that the two started to swap the number one and two positions. Transaction volume is normally used to indicate adoption and utility. It can also provide a glimpse into how crypto users are choosing to use the various cryptocurrencies and blockchain platforms.
For instance, bitcoin is one of the most established digital assets in the cryptocurrency world. Like gold, the cryptocurrency is able to store value due to the limited nature of its supply, as well as status as being the first and longest-running blockchain-based platform.
But this is something that is likely going to change in the near future. As users start to adopt the newer cryptocurrencies and blockchain platforms such as Ethereum and XRP, bitcoin may lose its foothold in the crypto market, although not with a wide margin.
Another factor that is likely going to cause a shift in the crypto market dynamics will be the evolution of what is termed as the Lightning Network. This is a scaling solution that has been designed to make it easier for consumers to use bitcoin. It will make using bitcoin as easy as using traditional cash.
Ethereum is currently leading the crypto market despite the fact that it has been experiencing a number of network clogs in the last few weeks. These are clogs that have made the execution of transactions slower and has led to some people making accusations claiming that there were people trying to deliberately jam the Ethereum network.
The platform has been consistent in maintaining a high transactional volume thanks to its ability to utilize decentralized web systems and applications. To-date, Ethereum has been able to host close to 1,700 decentralized applications on its blockchain.
These applications have an estimated sum of 100,500 token contracts, this is according to data provided by Etherscan. The total number of decentralized applications being hosted on the Ethereum network have continued to increase after the departure of Augur, EOS, and Tron, among other networks that have gone on to introduce their own mainnets in a bid to create their own ecosystems, which will make it possible for them to tackle security and scalability.