Yesterday was a strange day for Ethereum Network. We want to focus you on two “events”:
First: the new High ever on daily transactions. Like you can see in the image below yesterday 214216 transactions were processed on Eth Network!
This is the new high ever, but it’s a new record too, since this is the 61% of the daily transaction processed by Bitcoin! Like told before several times on this blog, the number of daily transactions processed on a network it’s a clear sign of the actual adoption and the value of the coin used by the network. Generally, more transactions = more adoption = more request = more service offered = more transactions and go on. At the moment, the value to beat is the number of Bitcoin’s daily transaction that is blocked at 300,000-350,000 transactions per day due to the block size problem. So, we (and everyone out there) use Bitcoin Network data like “unit of measure” for several things, like the price (ex. ETH/BTC), daily transactions etc. Like already said, soon or later (probably soon) Ethereum will surpass Bitcoin in daily transactions, and then in Market Cap (and, we can assure you, it will surpass BTC in price too).
Second: due BAT (Basic Attention Token) ICO the Ethereum Network was stuck. This was due the large amount of transactions tried to be sent to ICO address. For few minutes the situation was like the Bitcoin once: you send the transaction, you put a high fee to be sure that it’s broadcasted fast and then nothing happen. Obviously, since the Ethereum Network has a better scalability than Bitcoin, the situations came back to work smoothly after few minutes. But what does it mean? This “stuck of transactions” situation show that neither ETH could be a perfect substitute(or competitor) of Credit Cards. Actually, Ethereum Network can easily manage 700,000-740000 transactions per day (twice the Bitcoin Network). Please, pay attention, I said PER DAY: this means that for a large number of transaction made in a short period of time could easily block the network for some time. Can you imagine what could happen during a hypothetical future “Black Friday” where you can purchase directly on Amazon using your ETH? It will be a complete mess. Fortunately, the Ethereum Development Team is working now to improve the future scalability of the network, but nothing can be said until the project are released (“Casper”).
What can we say to conclude? Ethereum showed again that is more than an alt-coin with a nice design and a quite good scalability: it is a real competitor and soon (we think very soon) it could be the first crypto based on market cap and daily transactions. We hope that Eth’ Devs will be able to fix the scalability problems BEFORE the time. If they will, what will stop ETH?