Social Media Sidebar


Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 


Peter Diamandis

Ethereum Now Handles More Transactions Than All Digital Currencies Combined

Posted in Software on 25th Nov, 2017 04:47 AM by Alex Muller

Ethereum, the young digital currency, now processes more transactions than all other digital currencies combined, including bitcoin. Ethereum currently processes 52.3% of all cryptocurrency transactions, followed by bitcoin at 33%.

More than half a million transactions were processed yesterday by ethereum, a level that is now becoming common for the platform, rising considerably since early last year when it stood at just 10,000.
While bitcoin is currently processing around 330,000 transactions, with no change in volumes for an entire year despite considerable growth and a claimed increase in capacity.
Bitcoin’s transaction levels have been moving very much in a straight line due to a limited 1MB capacity. Although segregated witnesses (segwit) claimed to double it, in effect it has added as good as no capacity since its activation in August 2017.
In contrast, ethereum’s transaction levels have continued to grow with the network able to handle probably double the current amount of demand without any congestion and at sub-penny fees.
Some suggest that much of this demand is due to dapps and tokens built on top of ethereum, but that may make the network itself more appealing due to increased network effects.
Especially at a time when bitcoin transactions are very difficult and quite painful to make due to considerable delays and occasional fees of as high as $10.
Ethereum hopes to avoid that completely with fees kept below 20 cent through two major network upgrades that are on the roadmap.
Firstly, a hybrid Proof of Stake (PoS) and Proof of Work (PoW) upgrade might be implemented as early as next year.
That might reduce transaction times below the current 15 seconds which in itself would increase capacity accordingly, but it may further increase capacity due to incentivizing nodes through staking, which can in a way be seen as earning interest for running a network node and for increasing decentralization.
Eventually the network will upgrade to fully PoS, when confirmation times might be brought down to as low as 2 seconds, increasing capacity by orders of magnitude.
Then, a more long term plan is sharding, which remains in conceptual development and may not be ready until after 2020. That aims to increase on-chain capacity to as good as unlimited.
For now, ethereum can still comfortably handle 1 million to 2 million daily transactions, but thereafter it may start struggling. Demand, however, is not at those levels yet. Once it rises there, the capacity upgrades might be ready, which may further be complemented with Raiden, Plasma and other second layer protocols.

Tags: ethereumonlinebitcoinsoftwarebusiness

Read original article » Back to category



Recent headlines

  • Posted in Hardware on 2018-03-21 20:44:48
    Study: Apple Watch Cardiogram app bested EKG band more
    Posted in Medicine on 2018-03-21 20:42:10
    The wearable brain scanner you can move around more
    Posted in Medicine on 2018-03-21 20:37:58
    Switching from unhealthy to healthier diet more
    Posted in Business on 2018-03-21 00:36:13
    China versus USA in AI more
    Posted in Business on 2018-03-21 00:31:37
    Anti-aging biotech Unity adds $55M as it preps more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs, more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target more

Recent Blog Posts

  • Posted by AlexMuller
    In five years quantum computing will be more
    Posted by AlexMuller
    Google partners with Johnson and Johnson to make lower more
    Posted by AlexMuller
    Electron holography microscope with spatial resolution down more
    Posted by AlexMuller
    Lower cost advanced Nuclear power could dominate future US more
    Posted by AlexMuller
    Why Hasn’t AI Mastered Language Translation? more

Login to your Account

Login to your PlanetTech Account here

Remember me

Create a New Account

You just need username and password

The following errors occured:
Verify password:
Remember me