Ethereum Blockchain dominates global transactions

Ethereum processed $ 29 billion in the past 24 hours, more than the other six major blockchains combined.

Compare the two blockchains is absurd. Each Blockchain is unique in its own way and all have their own merits and demerits. But there are still some parameters, on the basis of which we can compare the different blockchains available today. One of them is the total number of transactions processed by a blockchain. In addition, the amount of the transaction processed gives a clear picture of the size and efficiency of the blockchain.

With that in mind, we can say that the Ethereum blockchain is currently dominating, as the network has processed more than $ 29 billion in the past 24 hours, more than the value processed by six other public blockchains combined - Bitcoin, Bitcoin Cash, Litecoin, Dash, Gold Bitcoin and Ethereum Classic.

But it should be noted that this number does not only concern ETH tokens, but also includes all ERC20 tokens. Due to the efficiency of the network, many emerging tokens such as Tron, even the USDT and the EURT issued by Tether are now based on the Etherum blockchain.

Although the total amount of transactions is attractive, the focus should be the total number of transactions that the network processes daily. Well, in this area too, Ethereum excels brilliantly.

Since the end of December, Ethereum has delivered over a million transactions on its network quite efficiently. For the market-leading Bitcoin Blockchain, this number is only 240,000.

The advantages of Ethereum
Although the growing number of transactions is a concern, compared to other public blockchains, Ethereum is still very effective. The network creates a new block every 15-20 seconds, which is much faster than Bitcoin, where it takes about 10 minutes. In addition, Ethereum's average transaction costs are approximately $ 2.50, compared to the average fee of $ 28.90 for a Bitcoin transaction.

This high price combined with the slowness of the network is a significant disadvantage for Bitcoin, as it makes the currency unusable for small payments.

The Etherum development team is also working to improve network scalability.

In November, Vitalik Buterin, founder of the Ethereum Foundation, unveiled the Ethereum 2.0 Roadmap that will address the scalability issue of the current network. It aims to reach the level of VISA in the next 3 to 5 years.

The development team is also working on introducing a proof-of-stake consensus with the "Casper" update. The update has already been published on a testnet.

According to many blockchain experts, Ethereum will surpass Bitcoin to become the largest blockchain. But since there is a difference of more than $ 100 billion in the capitalization of both, this is far from the case.