Ethereum Transactions Are More Than Triple the Number for Bitcoin, Outpace XRP
The number of Ethereum transactions on July 17 totaled 701,292, more than triple the number of Bitcoin transactions which totaled 233,807, according to data by Bitinfocharts.
Ethereum also outpaced XRP transactions which stood at 513,450.
Ethereum and XRP have been trading places for the most blockchain transactions over the past several months, with XRP maintaining a wide margin in October of 2017 when it clocked 988,362 transactions compared to Ethereum’s 283,871 and Bitcoin’s 203,523. That gradually changed in December of 2017, when Ethereum and XRP began swapping positions.
Transaction volume can indicate utility and adoption, and also offer some insight into how users are choosing to utilize various blockchains and cryptocurrencies.
Bitcoin, for example, is well established as a digital asset that stores value, similar to gold, because of its limited supply and status as the longest running blockchain. That may change over time with greater adoption and the evolution of the Lightning Network, a scaling solution designed to make Bitcoin as easy to use as cash.
Ethereum is on top despite a network clog in recent weeks that led to slower transactions which triggered accusations that someone was trying to jam up the network on purpose.
The platform consistently maintains high transaction volume in part because of its ability to power decentralized apps. Ethereum hosts about 1,700 DApps on its blockchain with an estimated total of 100,500 token contracts, according to data by Etherscan. The number of DApps on Ethereum continues to grow after the departure of Tron, EOS, Vechain and Augur, among others, which have launched their own mainnets to build up their ecosystems and tackle scalability and security in their own ways.
As blockchain-based solutions and cryptocurrencies become more integrated into a number of industries including finance, supply chain logistics, governance and record keeping, they’ll represent an overview of how the technology can track transactions, transfer value and execute agreements.