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Ethereum now handles more than 50% of Bitcoin's transactions


Ethereum's transaction volume has reached about 161,000 transactions a day, up from about 100,000 this month, signaling a growing use of the utility network has appeared in nearly two years. present.

On the other hand, trading volume on Bitcoin is equal. Yesterday it handled about 319,000 transactions, but the change was made up and down due to its transaction backlog which could force the user to no longer trade.

That means that Ethereum is now able to handle more than 50% of Bitcoin's transaction volume, a transfer of nearly $ 2 billion yesterday without being blocked or backed up by the often-traded Ethereum transaction. In seconds.

  The increase in trading volume corresponds to a significant increase in prices, the Ethereum electronic currency yesterday increased from $ 87 up to $ 122 indicating the correlation between transaction levels and prices.

  However, Ethereum's market capitalization has not reached 50% of Bitcoin's value, currently at 36% of Bitcoin, as both are rising, Bitcoin is currently reaching $ 2,000 higher. Twice as many months ago.
  Ethereum has a lot of recent news, but it is unclear why the number of Bitcoins is increasing. Its backlog has fallen to about 200,000 transactions continuing on Wednesday, with high fees as well as some businesses forced to move to other chains. Do not see any new or new projects to overcome Bitcoin transactional bottlenecks

  It could be due to WannaCry's Bitcoin ransom attacks. Meanwhile, Ethereum has drawn more attention because many new projects have been launched as well as the Ethereal Summit yesterday.

Can Ethereum transaction volume handle?

  Ethereum's market penetration rate is quite noticeable with trading volumes far higher than any other digital currency except Bitcoin. Some merchants have even started accepting Ethereum for the trade but apparently most of the trading volume comes from the smart deal.


  At this rate of growth, Ethereum could pass Bitcoin's trading volume, or no less, because Bitcoin is no longer able to handle the transaction volume. Unlike Bitcoin, it will continue to operate normally but in the next year or 2019 Ethereum may begin to need more capacity to handle the ever-larger trading volume.

  That plan will be given in two ways. One is Raiden, a two-layer protocol similar to Lightning Network that can be used by smart contracts and repetitive payment businesses. It was in the alpha project last year and it plans to launch at any time.

  The second extension method is to connect with Vitalik Buterin, they say that there are plans to use "the combination of split plans, random sampling, using the Merkle proof and asynchronous invocation to increase Potential trading potential from about 10-20 transactions per second to more than 100,000 transactions. "

  That should be more productive if achieved with a plan to increase it through stock evidence and sharding. So the network will be able to handle demand with its current version that can perform well at 1 million transactions a day while future versions can handle one billion or more.

 
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Published by Peter Thomson