Ethereum Dominates Transactions Around the World

With $29 billion processed in the last 24 hours, Ethereum has traded more than the other six leading blockchains combined.

Comparing the two Blockchains is nonsense.. Each Blockchain is unique in its own way and each has its own advantages and disadvantages.. But still, there are parameters by which we can compare the Blockchains available today.. One of them is the total transactions executed by Blockchain.. Also, the amount of transaction executed gives a clear picture of the size and efficiency of the Blockchain.

With this in mind, Ethereum’s performance is higher than any other as network transaction volume has exceeded $29 billion in the last 24 hours. We can say that it is dominant, which is more than the value combined by the other six Blockchains – Bitcoin, Bitcoin Cash, Litecoin , Dash, Bitcoin Gold and Ethereum Classic.

However, it should be noted that this number is only ETH tokens, but also includes all ERC20 tokens. Due to the efficiency of the network, many major tokens such as USDT and EURT issued by Tron and even Tether are now on the Ethereum Blockchain.

Even if the total amount of transactions is attractive, the focus should be on the total number of transactions the network handles daily.. In this area, too, Ethereum dominates the rest.. For the market leader Bitcoin, this figure is just 240,000.

Ethereum is still very efficient when compared to other blockchains, although the increasing number of transactions is worrying.. The network creates a new block every 15-20 seconds, which is much faster than Bitcoin, which takes about 10 minutes to create a block.. Also, Ethereum’s average transaction fee is $2.50 compared to the average fee of $28.90 for Bitcoin transaction.

This is high price and slow network

Etherum’s development team is working hard to make the network more scalable.

In November, the Ethereum Foundation Vitalik Buterin, founder of Vitalik Buterin, unveiled the Ethereum 2.0 roadmap to address the scalability issue of the existing network. It aims to achieve VISA-level scalability in the next 3-5 years.

The development team also agrees to secure the network with the ‘Casper’ update. The update has already been released on a testnet.

According to many blockchain experts, Ethereum will eventually surpass Bitcoin to become the largest blockchain. However, this is highly unlikely as the market cap of the two is more than $100 billion.

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